Let’s fall off the fiscal cliff | Letter to the Editor
December 27, 2012 · 4:36 PM
Congress will not agree on spending and taxes and this puts the country in line for trouble. If nothing is done, the tax rates and tax benefits fall back to President Clinton’s time. I remember that as being a fairly strong economic time of growth.
However the spending cuts, however, will not fall to the level of President Clinton. So the deficit problem will continue until we learn as a country to live within our income.
The tax code must be redone; it has grown so complicated that an old retired CPA like me can hardly prepare my own tax return. That is not right. This has to be a true simplification, not an increase in rules like the past simplifications.
We must bring jobs back to the U.S.; corporate taxes must also be redone. Why would we use our tax laws to drive companies to foreign countries that have lower taxes?
If we solve the current problem by delaying again, we will never solve the problem. Now is the time. If the rates increase and the spending cuts take effect, maybe Congress will recognize it is time to step up to the plate and fix it.
Leo M. Riley