Government closure over reducing US debt

To the Editor:

Again, the Republicans are planning to close the government to force spending reductions that will bring down the budget deficit. I agree with deficit reduction and eliminating government waste. Here is a guiding principle that could help Republicans and Democrats negotiate a bi-partisan agreement that is good for the country.

Match every $1 in spending reduction that Republicans propose with $2 increase in taxes half of which goes directly to reduce the deficit. A significant reason for the current spike in the budget deficit are the Republican tax cuts that favored the well-to-do and rich corporations. Let them pay a fairer share of the country’s expenses.

Here are other places where taxes could be raised:

1. Reinstate the luxury tax and make it progressive. Jewelry over $10,000, might be 10 percent; Cars over $100,000 might be 25 percent. Mega-yachts and other expensive, non-necessary things (toys) over $500K would be 75 percent. Even houses over 4,000 square feet could be considered. Second houses?

2. Restore the windfall profits tax for corporations.

3. Add to the cost of guns and ammo a tax that reflects their true cost to society.

4. Excess corporate management salaries bonuses, perks and golden parachutes.

The principle of matching spending cuts with revenue increases would provide a bi-partisan framework where both parties could claim a win while achieving maximum deficit reduction and lower government spending while funding beneficial programs.

Ted Schaefer

Fairmont