Spending and Taxes

Controlling Government Spending and Taxes

taxesThe spending binge has got to end, and the federal government should start living within its means. We are currently spending $5 for every $3 we take in, and this is not sustainable. We will never achieve prosperity through bigger government, and the trillion dollar initiatives must stop. We must restore fiscal integrity to the budgeting, taxing, and spending process. In these lean times with the country at war, we cannot continue to increase spending by double-digit increases each year, or our country will never recover.

As many already know, Ohio is one of the least tax-friendly states to business, and the new Administration is not helping the situation. While I take President Obama at his word that he wants to create jobs and help small businesses, his solutions have been distressing. The $787 billion stimulus plan has not generated many jobs, especially in the private sector. His plan to give employers who hire the unemployed a $4,000 tax credit is not workable because no company will spend $40,000 in salary and benefits in this economy for the promise of a paltry tax credit sometime down the road.

We should strive to find meaningful ways to ease the tax burden so we can generate jobs and investments, and we need to stop piling on regulations that may not be merited. The Competitive Enterprise Institute said compliance with federal regulations cost nearly $1.2 trillion in 2009 alone, and a staggering 3,503 new regulations took effect last year. Regulatory costs now absorb more than 8 percent of our gross domestic product, and regulations now cost more each year than income tax! This surge in regulations cannot continue.

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