Sorry, but I do not agree with that approach! If revenues through taxation are increased, the legislators and president will just look for more things to spend it on! No one in D.C. seems to be serious about actually reducing our debt!.Giving more money in taxes is the same as rewarding any other form of negative behavior; you don't give a drunk more booze, or a compulsive gambler more chips. A lot of us are on fixed incomes and have watched the price of everything increase, in my opinion, raising taxes is not the answer! Genuine and meaningful spending cuts must be part of any effort to reduce the debt.
Geez, our sales tax is already at 8.25% ! Raising any more taxes and businesses and people will go broke ! Even with that raise, we haven't seen any difference. The real way to help get us out of debt, is to cut out a lot of wasted committees and and make the politicians pay their share and take less money till we come back to normal!
Simply raising taxes 7-9% to help our debt is the equivalent of putting a Band-Aid on a broken bone. We are close to $17,000,000,000 in debt. We could raise taxes on the top 10% income earners and that would be enough to fund our government for a month at our current spending rate. Not to mention how can the low and middle class families and people afford to lose 7-9% more of their earnings when most are struggling as it is? The only way to fix our mess is to stop borrowing money to spend when we can't even pay off our interest right now. That leads to how on earth is borrowing more money-- adding debt to pay off interest off current debt going to work? Our politicians have a serious spending problem and the only way to get out of this is to budget.
I think, less than 4 trillion of the 17 trillion dollar debt is owed to offshore bond holders, the rest is owed to bond holders within our Country. We have time to start paying down the debt, as the chance of all bond holders cashing in at the same time is practically non existent. But we have to stop spending where possible, and create more revenue through taxes. To think higher taxes on the wealthy would make even a dent in our debt is ridiculous. We all have to pay more now. Our children, and grandchildrens children, should not have to pay all our debts.
The government will take every dollar we give them, borrow more, and spend it all. Giving government more money is not the solution. Cutting their spending is. Why isn't it done? Because it's hard to do. If it were easy, we would not be 17 trillion in debt.
The government could tax every working citizen 100% of their income for about 100 years and we still wouldn't be able to pay off the 17 trillion debt (and raising) that we are in the hole for. And it's not the government that owes the debt. It's the American people.