Due to outstanding economic times we now face a federal budget surplus. This surplus is the first one since the mid sixties. Before now we have been in a federal deficit. Because our good situation we are face with a tough decision; what do we do with the extra money. Some people think we should put the money in government programs others think we should give it back to the people who gave the government the money. Giving the money back to the taxpayers appears to be the most logical thing to do with the surpluses.
The government has a moral obligation to give the money back to the taxpayers. The government does not have anything to spend the money on now. Just because we have the money doesn’t mean we have to spend it. We do not need to search for programs to spend our money on. Therefore we must give back the money while we still have it. Tax rates are at an all-time peacetime high.
When President Clinton took office, federal Taxes consumed 17. 8 cents out of every dollar earned in the United States. Now the federal Government’s take is 20. 6 cents out of every dollar. (USA Today) Budget projections indicate that over the next ten years, the federal government will have huge budget surpluses totaling about $3 trillion. If we have a surplus at a high tax rate, why can’t the government take what it needs and lower the tax rate? We need to lower taxes to a rate where the government does not take more than it needs.
The Term Paper on Federal Reserve Money Government Banks
Greenspan and the Federal Reserve: Methods and Resources The United States of America was founded as a capitalist nation dependent on independent trade by privately owned businesses. This system of economics stays as far away as possible from a centralized government controlled economy. However, as generations of economists, politicians, and businessmen carried out the principles of the ...
An example of how these types of practices are unheard of anywhere else is as followed; If I were to go to a bank and ask for a car loan of $10, 000 and the car only costs $8, 000 the bank would demand that I lower the loan amount to $8, 000. Then I might say, “I can find other things to spend the $2, 000 on.” The loan officer would laugh and say, “I’m sure you could but I can’t give you more that you need.” The people who oppose cutting taxes clearly believe that the money generated by federal taxes actually belongs to the federal government. Many of us who want the government to give the money back to the people believe that the money belongs to the people who paid the taxes and if they are paying more than we need to run the government, we should give it back. Why should we give the government more than it needs, so the can squander our money away? Besides the money being ours. We have democratic rights.
We live in a country where the people rule. If this is the case then according to a political poll done by Pew research center, only 34% of Americans polled are against giving the money back to the people, opposed to 53% who want the money back in the hands of the tax payers. Our country was founded on the idea of the people ruling. Although we do not live in a full democratic country due to the impossibilities of everyone voting on every issue, the government needs to hear the voices of the people and what the are saying. The people are demanding their hard, earned money back in their pockets and that is what they should get. It comes down to political ideas.
Most democrats want to spend the money on government programs while many republicans feel that a majority of the surpluses should go back to the people who supplied it. In a time where our economy is expanding a fast rate, such a fast rate that some economist are concerned about inflation. We must slow the economy down a little bit to ensure future growth. Starting new government programs like building highways, bridges, or even expanding the military will require jobs. We are almost at full employment. If the government plans to hire it must pay at an unprecedented rate.
This kind of frivolous spending can cause inflation. By lowering taxes and slowly giving the money back to the individual taxpayer over a course of a decade or more. Inflation is less likely and people will be better equipped to save for retirement with the extra income. Retirement with social security alone is impossible if one plans on being above the poverty level. When a young child is given money it wants to spend it right away. The child walks to the candy store and spends all of the money on unneeded candy.
The Essay on Middle Class Money Government People
... United States of America giving my money to the poor countries. The government is giving these people my money for which I worked hard. The ... are slim. Meanwhile, these immigrants are getting my money. While my money is being spent on non Americans, I might be living in ... If the immigrants were not taking our tax money then there would be more money for our people. Who is going to help me? ...
We cannot blame the child, because he doesn’t know better. But the government is made up of some of the most educated people of the world. We cannot allow them to waste our money on government programs just because they have the money. The government has a hole burning in its pocket, but the money is ours.
If they don’t need the money it should.
