On Oct. 11, a front page article featured taxation as seen by two wealthy men. Why?
No one believes the United States or any state could exist without taxes. The economic distress we’re currently experiencing was not caused by too much taxation. Nine years ago there was a major reduction in taxes, benefiting mainly wealthy corporations, soon followed by a massive increase in governmental spending financed by massive borrowing.
Then came he collapse of the real estate and financial industries through poor business practices bordering on criminal activities. This led to a drop in the stock market threatening the profits of many businesses, causing them to fire large number of workers to protect their profits.
With fewer people able to buy, businesses had more losses leading to more layoffs, and the cycle continues to turn.
In spite of bailout money and the recovery of the stock market, those with the money are keeping it for themselves and not hiring. If those individuals and businesses with the financial means will not keep enough workers employed to maintain the economy, then the government must use taxation to support the economy or watch the end of democracy.
The tax must be on the wealthy in a form not easily passed on for others to pay.