[tarpit]

IMHO, the biggest problem facing our nation is the unsustainable debt. This has to be fixed. We can blame Congress all day long, but that does not fix the problem. Sure, we can elect new leadership, but that does not fix the problem. Somebody had better get this under control quickly or the US will be a third world country.

Serious budget cuts (and ending govt subsidies) are necessary. Taxes will have to be raised. The only question left is which taxes? Increasing the rate for those households that actually do pay federal income (about 53% of all households), will not be enough.

So they looked at a national sales tax (supported by some national group of accounting firms), but that would not be politically good for democrats. Now they are looking at implementing a Value Add Tax.

We were headed towards this crisis for some time. We just arrived real early because of Wall Street. So, IMHO, cut spending, minimize govt subsidies, and implement a Financial Instrument Trade tax.

[ExTxMarine]

I agree that the single largest problem facing the US today is our unsustainable debt. But, the problem is that, just like in Europe, taxes do not go away! Nor do they shrink! And even if budget cuts are instituted, as soon as the “fix” money stars hitting the coffers, the idiots who have been running this country (Dems & Reps) are going to start spending like drunken sailors - it isn’t pretty, I have seen in up close and personal!

Europe has been trying to tax their way out of debt for over 40 years and all they have done is kill their own economy and extend benefits to the “poor” because they can’t get decent jobs - oh, because the taxes are killing the company.

It’s the old brick wall, strike head, get headache, repeat syndrome! We CANNOT tax our way out of this problem! We need to GROW our way out of this problem! We need to CUT taxes across the board, cut the US government budget by AT LEAST 40% and then we need to require a constitutional amendment for a balanced budget/deficit reducing budget going forward!

We will never be able to tax ourselves out of this debt! NEVER! It cannot be done, ask ANY country in Europe!

[ExTxMarine]

Every single tax dollar pulled out of the American worker’s pocket, even those designed to reduce deficit, are dollars that do not go back in to growing our economy.

It’s like pulling money out of your left pocket and putting it into your right pocket - then exclaiming that you now have twice as much money! No, you do not!

Until you make MORE money and CONTROL your spending, you are going to continue to be broke.

That is the problem with this entire administration! You cannot make one part of society rich, by stealing from the other part of society! You have to grow the economy across the board and allow everyone to be lifted!

[schu]

What you say makes sense. America's middle class, however, is going to have a BIG problem paying a lot more taxes after big business (AIG, GM) and the banksters got their free bailout.

Those banks and companies were TBTF, now raise taxes on the middle class and small business to pay for it? Get real. Sorry, I just think when they get around to voting on this it will be worse than HealthScare. There will be blood.

Bush, Bam, Congress, BB, Paulson, Turbo Tax Tim have made the biggest mistake in history if you ask me. By bailing out Wall Street and leaving the people hanging they have insured a depression and lined the banksters and their own pockets. We will not stand for it. They picked the wrong side ....

schu