Tax Perspective
by admin on Aug.15, 2011, under ECONOMY, POLITICS, RANDOM THOUGHTS
Glad to see Warren Buffett step up with his recent comments.
http://www.bloomberg.com/news/2011-08-15/buffett-urges-congress-to-raise-taxes-on-coddled-billionaires.html.
While I do believe in tax cuts directed to the middle class here in Canada, the tax system in my birth country has become completely out of whack.
It is heartening to see such a prominent business leader clearly explain using his own tax situation as an example of how disproportionate the American tax burden has become.
Don’t throw me in with the Robin Hood tax the rich crowd either though. I believe in a balanced,
progressive approach, where sufficient funds are raised for the good of society while still providing incentive for wealth accumulation.
Striking that balance requires trust. It is lost when tax dollars are not spent in a judicious manner and are directed toward items that are no longer seen by the majority as being in the public good. A lack of trust on behalf of the electorate that money will be spent wisely causes a natural knee jerk reaction to cut taxes.
What voters need to do is look beyond the rhetoric and see what programs they want and what they are willing to spend to run them. Those jurisdictions that have spent beyond their means and accumulated debt, most also factor repayment in their equation.
As Canadians we shouldn’t be too smug about our fiscal situation compared to the U.S.. Ours is certainly better at the moment. But at least the U.S. is finally starting to have an adult conversation about what they want to pay for and how much they are willing to spend. 2012 should be an election of significant consequence in America’s future.
When was the last time we had one of those in Canada?
