April 15th is Tax Day, the day that our tax returns are due to the Internal Revenue Service. As we perform this annual ritual it is important to take a look at how much we are paying to the government and what it is being spent on.
Our nation has been struggling to recover from a severe recession and the solution proposed by liberal Democrats is to increase federal spending to staggering levels and have the government take over the private sector. It’s amazing how little regard the Administration and its supporters in Congress have for the power of the American marketplace to create fulfilling, long lasting jobs for our citizens. The federal government should provide an environment of economic growth through limited, common sense regulations and a reasonable tax structure. Instead, we face a crushing volume of burdensome regulations and a tax structure that discourages growth and prosperity.
In less than two years, the Obama Administration has increased non-defense discretionary spending by 84 percent! The Congressional Budget Office predicts that under the President’s spending plans, the deficits over the next ten years will total $9.8 trillion. Furthermore, the President’s FY2011 budget raises taxes by $3 trillion and increases federal spending by $1.6 trillion over the next ten years. If enacted, this budget would increase the 2010 deficit to more than $1.5 trillion, and leave a deficit of more than $1 trillion even after an assumed return to peace and prosperity. Overall, the President’s budget will double our national debt over the next decade.
According to the independent Tax Foundation, the average American must work from January 1 until April 9, just to pay federal, state, and local taxes for 2010. If taxes were high enough to cover deficit spending, this day would not arrive until May 17. By these figures, public sector spending will consume nearly forty percent of Americans’ income through debt and taxation this year.
Taxpayers shouldn’t have to work into April to pay for this irresponsible spending. More spending and high taxes are not the solution for America. Our government should allow companies to keep more of their profit and ease some of the onerous regulations so that they can reinvest that money and allow for job growth. Costs would go down, consumers could keep more of their money and our economy would stabilize. This will not happen under the weight of higher taxes and regulations.
On top of all of the tax and spend policies, there are several tax cuts set to expire at the end of this year, increasing the tax burden even further. That is why Congress must pass legislation that will provide meaningful tax relief for families, individuals and businesses. We must enact policies that eliminate the marriage penalty tax, the death tax (or estate tax), and the Alternative Minimum Tax (AMT) and I support a balanced budget constitutional amendment to force the federal budget to spend within their means like family households, businesses and state and local governments are required to do.
If we fail to implement a fiscally responsible budget, our children and grandchildren will inherit a legacy of debt. They face the very real possibility of less prosperity than our generation. What the majority in Congress is doing to them is unacceptable. We cannot stand by and allow that to happen. As you fill out your tax form, ask yourself how your money is being spent, and if you don’t like it, let your congressman, senators, and president know. We still have the power to change the direction of our great Nation.
The views expressed by guest bloggers on the Foundry do not necessarily reflect the views of the Heritage Foundation.