One of the issues that doomed the old Articles of Confederation (precursor to current Constitutional Government) was the lack of taxation power.
Obviously both Federal and State Governments have lots of taxatin power now, but according to this article from The Heritage Foundation fewer and fewer of us are paying Federal Income Taxes.
According to the Tax Foundation, in 2008 we saw that 36% of returns filed owed no taxes. In addition to this statistic, we now find that a family of four can earn up to $51,000 and still owe no taxes.
Even more alarming, "the average recipient of government aid received over $26,000 in assistance in 2008 – a record high."
What can we conclude from these statistics? Well, this from the Heritage Foundation, The growing dependency on government and shrinking number of taxpayers is troubling and will lead to an even faster rise in unsustainable government spending unless the trend is reversed. Congress should start by ceasing the expansion of refundable tax credits. It should then reform entitlement programs like Social Security and Medicare before baby-boomers start collecting benefits from them and dependency on government explodes even further. If Congress starts soon perhaps it won’t be too late to stop the impending fiscal implosion.
No comments:
Post a Comment