Can our Nation Afford To Give Tax Breaks?

I would hate to be the first to admit that the governmental tax breaks are bad, but are they going to do our country as a whole any good? Our national debt is so high and yet we are giving another tax break to the American people. I am in no way suggesting that we higher our taxes, but our nation needs money now more than ever.

The first thing we need to consider is how our country makes money. International trade? No, we are way to dependent on that to make any profit for ourselves. Taxes? Isn’t that the only thing that we are making money on? Although it may sound good to us and guarantee some votes for Obama for pushing it, I don’t believe that giving tax breaks to our citizens is a good thing.

The deficit for 2011 was $1.56 trillion according to National Review. This is an obscene amount of money and it will take years and years to ever get out of the economical slump we are currently in. How will giving tax breaks solve this? I know some of you are thinking, “How are taxes going to make up for the debt anyway?” I realized you point but I would also like to point out that it can’t hurt the debt either.

Many are even saying to tax the rich more money. The problem is, we already do. According to the National Review, the citizens who make one million dollars or more are paying twenty-five percent average tax rate while those citizens who make $500,000 to $100,000 pay an average of 7 or 8 percent. They are already paying more taxes so I don’t think that we should punish them more while giving a tax break to the overall.

The tax breaks for 2012 will include hundreds of dollars increase on returns filed (The Wall Street Journal). These include: the standard income tax deductions for both married and single households, personal and dependent exemptions, and estate-tax exclusion. All of the deductions will add up to thousands of dollars. Our country can’t afford such a tax break. How does Obama plan to get our national debt lower if he supports decreases the amount given to the government?

It may not seem like it, but I am not against giving a break to Americans. However, I do believe that there is a point where we all need to live with the sacrifice of helping our country out. Our nation is too far along in debt to keep giving to the American people without getting more in return. We need to get our country back to where it once was and become dependent on ourselves, instead of foreign countries. The average American may disagree and claim that this is the land of the free. However, freedom isn’t free and we need to help Uncle Sam out.