Posted by: Middleclass Search | December 17, 2012

Fiscal Cliff

The ‘fiscal cliff’ debate is an opportune time for those who signed the Norquist’s Tax Protection Pledge many years ago to rethink the value of this pledge to the nation. Many elected officials have hidden behind his pledge instead of looking at each issue as to whether it would add to the value of the nation. Certainly the debt issue and big government are problems but big corporations and the nation strengths (as measured by the education, health and well-being of its citizens) are also problems; the two need to have a balance. The Tax Protection Pledge does not allow for this balance and has become outdated – if it ever did have a place in government.

The issue of raising taxes on the wealthy argument is also outdated. The argument that if taxes were raised on the wealthy they would not invest in job creating opportunities might work in a national economy but in a global economy where investment do not necessarily remain in the nation the logic is flawed. The second error in the logic is that much of the investment is in financial instruments and not in job creating opportunities.

Adam Smith argued that the wealthy should pay more taxes since they have more to lose if a government fails.

American needs policies that will allow it to grow for everyone especially the middle-class


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