Disclaimer: the author of this blog posting is neither an economist or a professional politician. What I AM, is pissed off!
Since the self-appointed “financial gurus” have been exposing just how vulnerable the world economy is today, I’m thinking that I’ve stumbled on a pathway out of this debt ceiling mess: how ’bout we try “COMMON SENSE?”
First, let’s quit trying to solve this problem with something non-existent: money from lower-income citizens. Poor people have no funds and therefore, are not the answer. Now, we have half the problem solved-we know what NOT to do! Remaining in the pool of potential solutions are: 1) highly profitable companies; and, 2) wealthy citizens.
Fact: Any corporation that makes over 370 billion dollars in ONE QUARTER, of after-tax profits, is not in need of ANY tax breaks! I’m referring to Exxon, Mobil and Shell financial records recently released. Each of these corporations continuously report similar earnings-year after year. Why do they pay taxes at a rate less than the checker at your grocery store? Gigantic drug manufacturers and Wall Street institutions are also totally skating past the IRS, and I would submit that the wealthiest of our private citizens should be paying an equitable tax rate, as well.
I don’t even pretend to know exactly how to apply a fair tax rate to wealthy citizens and corporations–I simply know this fact: THAT is where the answer to our dilemma lies-in the hands of those that DO have the funds necessary to solve the problem.
…it’s just a thought.