I believe the U.S. government does not have a tax problem, but a spending problem. The federal debt is more, much more, than the $16 trillion we keep hearing about. When you add in the net present value of unfunded liabilities for Medicare ($42.8 trillion) and Social Security ($20.8 trillion) you get a total present value debt of $79 trillion or more than five times our annual gross domestic product.
If the government confiscated all individual earnings that exceeded $66,193 per year and all corporate taxable income it would only raise an additional $6.7 trillion per year, or less than ten percent of the total owed.
When a business or a family finds itself over its head in debt the first thing it does is prepare a budget that cuts unnecessary spending. The U.S. Senate, under Democrat control, has not passed a budget of any kind in four years. Washington State's Sen. Patty Murray holds a leadership position on the Senate budget committee. It is time for her constituents to let her know that continuing to force the federal government to operate without a budget is not acceptable behavior.
James N. Frederick