If those whom we have elected elect to enact
regressive taxation, by any name whatsoever -- sales taxes,
consumption taxes, value-added taxes, energy taxes, "sin"
taxes, users fees, or even lotteries -- then they will
accomplish exactly three things:
1) They will break faith with the very people
who have entrusted to them the powers of state.
2) They will institutionalize the injustice
pioneered in the 1980s, by shifting tax burdens from the rich to
those who must spend -- rather than can save -- the lion's
share of their income: Namely, the poor and the middle class.
3) They will "kill the goose that lays the
golden eggs", by taxing personal consumption -- constituting
two-thirds of the Gross Domestic Product.
The only fair and wise way to raise revenue is
via progressive taxation, typically a graduated income tax -- exacting the greatest sacrifice from those most able to afford
it and the least, from those least.
Personal saving is, of course, to be desired;
and cutting the national debt, imperative. However, the only
sustainable way to generate monies for such purposes -- and the
only sustainable way for businesses to repay, with interest,
loans made from any savings -- is by revitalizing the economy.
And as any kid with a lemonade stand can
testify, you can never make more money than you can take-in from
sales: The economy is naturally demand-sided. For the
good of all citizens -- corporate "citizens" included -- let's relegate this
"supply side" nonsense to the compost
heap of history once and for all...before it's too late for us