A taxing time
For Release April 16, 2024
By Cal Thomas
Tribune Content Agency
Was it as bad for you as it was for me? Sending Washington money we earn, but Washington doesn’t, I mean?
It’s not just being part of half the nation that pays taxes while the other half doesn’t that bothers me. It’s the waste and unnecessary programs and agencies that have long outlived whatever usefulness they once had (if they were ever necessary). And still President Biden wants to raise taxes even more without proposing a single dollar be cut to reduce our unsustainable $34 trillion debt.
As The Washington Times reported: “(Biden) wants to impose a 25% minimum tax on all income not currently taxed — including unrealized gains on assets — for Americans with a net worth of $100 million. Mr. Biden has also urged Congress to raise the corporate tax rate to 28% up from 21%.”
No American should be forced to endure the annual torture of compiling records and filling out tax returns. Many other nations have far simpler systems. Even the instructions for filling out forms for the IRS need instructions to understand. It is why so many must hire tax attorneys, who fulfill the role of language translators.
Just one example: Enter your gross farming and fishing income reported on Form 4835, line 7; Schedule K-1 (Form 1065), box 14, code B; Schedule K-1 (Form 1120-S), box 17, code AN; and Schedule K-1 (Form 1041), box 14, code F. See instructions.
Got it?
The Congressional Budget Office predicts the U.S. will add an average of $2 trillion in debt annually for the next decade. That’s more than $5 billion of debt daily for the next 10 years. We borrow more than $200 million every hour. That’s $3 million every minute, $60,000 every second.
If that’s not enough to make your blood boil, consider a tiny fraction of the misspending that occurs in Washington. For the past nine years, Sen. Rand Paul (R-KY) has published a “Festivus Report” exposing outrageous examples of unnecessary federal spending. In his latest report he writes: “I am highlighting a whopping $900,000,000,000of waste (emphasis his), including an NIH grant to study Russian cats walking on a treadmill, Barbies used as proof of ID for receiving COVID Paycheck Protection Program funds, $6 million to promote tourism in Egypt, and $200 million to ‘struggling artists’ like Post Malone, Chris Brown, and Lil Wayne. No matter how much money the government has already wasted, politicians keep demanding even more.”
There’s much more. Google Festivus Report and be aghast at what we are doing to ourselves. Ultimately, this is the fault of voters who won’t restrain politicians and don’t select people who will restore America’s financial future and balance the budget, as was so recently done during the administration of Bill Clinton.
If too many voters keep fueling the gravy train, the only option will be an Article V constitutional convention, provided by the Founders for such a moment we are now facing.
If a future Congress refuses to attack the debt an Article V constitutional convention will be the only way to balance the budget and return power to where the Founders originally intended it – to the people.
Nineteen of a required 34 states have already passed resolutions calling for a Convention of States. Other states have passed it in one legislative chamber, and still others have it under consideration.
Our current oppressive tax system can be analogized to Dracula, who is never satisfied with the blood he sucks out of one victim, but must constantly look for new sources to bite. We must drive a stake in the blood-sucking government’s heart, or we will end up driving one in ourselves and the country we have known and loved will be no more.
Readers may email Cal Thomas at [email protected]. Look for Cal Thomas’ latest book “A Watchman in the Night: What I’ve Seen Over 50 Years Reporting on America” (HumanixBooks).
(C) 2024 TRIBUNE CONTENT AGENCY, LLC.
