Letter to the editor: ‘Fiscal cliff’ is a myth created by politiciansThere is no catastrophic “fiscal cliff.” Both parties have embraced the term “fiscal cliff” to describe a return to the federal tax rates that existed before both political parties passed the “gift” of the Bush tax cuts in 2001.
By: By Greg Stites, Bismarck, The Jamestown Sun
There is no catastrophic “fiscal cliff.” Both parties have embraced the term “fiscal cliff” to describe a return to the federal tax rates that existed before both political parties passed the “gift” of the Bush tax cuts in 2001. I say gift because those tax cuts were meant to buy more selfish political advantage rather than to continue to pay down the federal deficit, which had been on course to be completely eliminated by 2014. The federal tax rates under President Bill Clinton were fair and reasonable and were part of the balanced federal budget that America had under the Clinton years. The economy boomed under these Clinton-era tax rates. The federal deficit was being fairly paid off. The Bush tax cuts were not passed to stimulate the economy or help the job-creators. No party can deny these facts.
I urge you to send a strong message to Congress and the president to stop playing politics and allow the Bush tax cuts to expire on all Americans so that we can finally pay our fair share for the excesses of the past 11 years. Since the Bush tax cuts in 2001, America has fought wars against al-Qaeda and in Iraq and Afghanistan all with borrowed money. America has helped farmers, and victims of hurricanes, floods and an oil spill with borrowed money. America has a new Medicare prescription drug benefit paid for with borrowed money. America has bailed out Wall Street and the housing industry with borrowed money.
Rather than whining over wanting lower tax rates, we need Congress to allow all the Bush tax cuts of 2001 to expire and then focus full-time on fair long-term entitlement program reforms, elimination of tax loopholes and on providing for a modern, yet safe, downsized military. It is time to pay the piper and start acting as fiscally responsible adults.