Democrats want to raise your taxes (by letting the Bush era tax cuts expire) while Republicans want to keep your taxes the same or lower them by keeping the Bush tax cuts. Democrats argue that raising taxes is necessary to cut the debt. Republicans argue that cutting taxes will increase jobs and cut the deficit since all tax cuts have resulted in increased revenue.
Here is a novel idea. Instead of cutting taxes or raising taxes let’s optimize taxes. That is, let’s figure out what tax rates produce the most income without removing incentives to work and earn money. And lets implement a tax rate that encourages folks to make more money.
How many times have you heard somebody (usually in the service sector) say they did not want to work overtime because “the government gets all of it any way.” That should never be in the vocabulary of Americans.
We need a tax structure that encourages success instead of penalizing it. The worker should be saying “I’ll gladly work that overtime” or “Hey if I take on a part-time job or start a small business I’ll just make (and keep) more money.”
What say yea? Makes sense doesn’t it? An optimized tax system that encourages you to make more money! That is novel, innovative, and certain to create more jobs and get folks working while also cutting the debt.
