TODAY’S WORRY
With one destructive hurricane behind us, one on the way, and who knows how many more possible, it may be time to consider some way to pay for all the rebuilding necessary. I understand that the administration does not want to raise taxes and that “Operation Offset” is a way that some in Congress are proposing to try to pay for reconstruction. Some of their ideas are to freeze funding for the Peace Corps, the Global AIDS Initiative, and U.N. peacekeeping operations. They would eliminate the EnergyStar program, grants for state and local energy conservation, federal subsidies for Amtrak, funding for new light-rail programs and the hydrogen fuel initiative. Also eliminated are grants for safe and drug-free schools, and teen contraceptive programs. They’d probably also cut funding to the Corporation for Public Broadcasting and the National Endowment for the Arts.
I agree that it is time to take a good hard look at where we are spending our current tax dollars but rather than just take a bludgeon to programs that help people, don’t you think that the American people would agree to a one time surtax to help their fellow citizens? If individuals and corporations paid this one time surtax, we could rebuild people’s lives and businesses without increasing an already bursting federal deficit. I would think that Congress could find out how much tax revenue was expected for this year, get a good estimate of reconstruction costs, and pass a bill for the percentage of surtax needed. 1%, 2%, 4%? Americans have shown that they are incredibly generous and caring. Perhaps it is Congress that is being small-minded.
Even if our elected officials don’t have the nerve to propose something like this, I wonder if there could be a citizen’s movement to voluntarily pay more taxes than legally obligated to. Of course, what would be needed would be the ability to designate where you want your overpayment applied. I’ve often thought this would be an interesting concept. There would be a basic rate that covers the costs of what federal gov’t was originally designted to be responsible for. Then there would be categories that people could make surplus payments to…kind of the “put your money where your mouth is” tax plan. I think i remembered reading that MA has two state tax rates and you’re allowed to pay the higher rate if you want to. I think it came up because of Kerry being from MA and he chose the lower rate. I don’t remember ever hearing about that option when we lived there but I can’t imagine we would have chosed the higher rate since we didn’t overly bond to the idea that we were MA residents and plus, it seemed like property taxes were plenty high and we were paying a goodly share.
Anyway, I like your idea. I’d also love to see the presription drug benefit scaled back and be more tied into need. Jeez, I hate political pork and vote buying.
I don’t think I ever heard of a two tiered tax rate when we lived in Massachusetts but I’d like to think I would have been generous. I think we sell our fellow citizens short. Perhaps if it was all explained and the government appealed to everyone’s higher instincts then a one time let’s rebuild America surtax might be possible. If everyone just gave a little. (But I guess we would really need to feel that the government would use it responsibly.)
What about the idea of goverment Relief Bonds? I’d rather see the goverment in debt to US citizens than the Chinese or some other foreigners. The interest on the bonds could be so low that they wouldn’t really appeal to others as an investment because that wouldn’t be the point of them. Rather, buying them would be a way for a citizen to help carry the load…kind of like the war bonds during WW2.
I was trying to think of ways to avoid more debt. But if it we are going to borrow money for the hurricane damage better that it would be at lower interest rates from the American people. Though I wonder if it is turned into an investment type proposition whether people would accept a low rate of return.