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Sunday, November 30, 2008

Tax

Obama simply wants to return the county to the tax structure that we had under Clinton. Back then the economy was in prosperous and surpluses instead of debt. As many people know that Obama’s tax policy gives away more money than will be generated by this massive tax increase. This is also a big increase on business owner to either pass along those tax increases to consumers in the form of higher cost for the goods or for those business owner will be force to lay off employees. This could drive the business to move to another country for cheaper cost.
Obama wanted to increase taxes on the rich people but there not that many rich people in the United States. Beside that, I found that it was kind of ridiculous that the rich should be taxed a higher percentage than the rest of the middle class but there are a pretty high percentage (roughly 30%) of the people out there who don’t even pay taxes. This idea of taking money from those who work hard and earn it, and giving it to those who don’t work, just encourages those who do work to work less. As for those who don’t work not to try and work more.

As for our city of Colorado Springs, has been using over the funds though sales and tax collections. According to the Gazette, our city and county has been cutting back on services such as city buses, park maintain, programs for adults. Our city sales and use tax collections in the month of October were down to 8.62 percent from a year ago, this is the lowest in 5 years. Our city does need some funding but sales tax hikes will not work. As for tourism, they only drive them outside of area to purchase expensive items. Property tax hike will also bring funding, but it also currently unoccupied pays a higher property tax than those that are. Can this be done without increasing tax? The taxes would return to normal levels once the property is occupied.


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