Tuesday, February 02, 2010

US Needs a New Tax Source to Resolve Fiscal Issues

Don't see how any budget proposals in the next few years are really going to resolve fiscal deficit/debt issues. The country is going to need a new source for taxes. For my two cents, I would like to see a progressive value added tax in combination with a rework of the tax code. Otherwise, don't see how the US is going to get fiscal issues in check. If that does not happen, I don't even want to think about where the country and global economy are going to be within 5 to 10 years. Pretty scary stuff. We are starting to see the consequences of unchecked deficits via Japan and their sovereign debt downgrades. Time is quickly running out to do something about the US debt.


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