Congress has wrestled this week with an issue affecting all Americans: taxes!
The question has been whether Congress would allow much higher taxes to be imposed on Americans in 2011. But in the midst of an economic crisis and high unemployment, this is no time for any kind of tax increase.
Tennessee’s fine Sen. Lamar Alexander said, “A tax increase on anybody when unemployment is 10 percent would make it harder to create jobs … .” He noted that the possible increase in 2011 would be “the single largest tax increase in history, dollar-wise.”
That’s why he and Chattanooga’s excellent Sen. Bob Corker were among the majority of senators who voted 81-19 Wednesday to prevent a Jan. 1 income tax increase.
The bill to block big tax hikes then moved to the House, where it was to be voted on late Thursday.
Alexander commendably cosponsored an amendment introduced by Corker seeking to put a cap on federal government spending. Unfortunately, that sound plan did not come up for a vote.
Alexander noted that “the federal government is borrowing 42 cents of every dollar it is spending.”
Does that look like responsible government to you?
What would happen to all of us if we did in our personal finances what the federal government is doing?