Posts Tagged ‘U.S. taxes’

The United States can afford higher taxes

June 14, 2011
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When President Obama told Republican leaders that taxes are lower now than they were under President Reagan, they rolled their eyes as if he were crazy.  But in fact, it is true.

Balancing the budget and ending the deficit is supposedly the nation’s highest priority.  How can you do this if taxes are at the lowest level within memory of most living people?  Even tax breaks for special interest are out-of-bounds for discussion.

I don’t like paying taxes any better than the next person.  But if we need to pay higher taxes to maintain essential government services, I’m willing to do my share.   I’d rather pay a modest increase in taxes than cut back schools, libraries, school lunches, medical care for poor people, highway maintenance, and everything else that has to be done to keep taxes abnormally low.  And I’d certainly rather increase taxes moderately on the super-rich than voucherize Medicare or privatize Social Security.

There is, of course, a better way to increase revenues.  That is to re-create the kind of full employment economy that existed in the 1950s and 1960s, and move people from being tax consumers to tax payers.

Click on Ten Charts that Prove the United States is a Low Tax Country for a summary of the facts by the Center for American Progress.   Some of the charts are below.