[Rhodes22-list] taxes, deficits, politics, DELETE BUTTON

[brad haslett]

DO NOT READ THIS IF YOU HAVE NO INTEREST IN THE
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For an interesting discussion of taxes, deficits, and
politics read yesterday's Wall Street Journal (Jan 15)
letter from economist Milton Friedman.  Prof. Friedman
basically proposes that governments tend to spend all
the money made available to them and are constantly
looking for more.  There is never a shortage of
people, rich and poor, looking for more "gifts" or
programs paid for with other peoples money.  The
primary means of keeping government spending under
control is to either starve it for funding or restrict
its borrowing power by running up the deficit, or
both.

On New Years Day this year as on most New Years I sat
down with the previous years w-2's and did a "quick
and dirty" review of my income tax obligations.  When
politicians talk about taxing the "rich" they
certainly include well paid professionals like myself.
 I personally don't feel "rich" but the statistics say
otherwise.  According to the IRS I'm so rich I don't
need the full deduction for home interest, real estate
taxes, my kids, my kids education, charitable
deductions, and forget credits.  In the governments
infinite wisdom I'm limited to how much I'm allowed to
save, i.e. defer and instead, I suppose, depend on
social security.  My income tax bill this year is more
than I made in the first five years of my career and
greater than I earned each year until the fifteenth
year of my career.  I paid for my own education and
training, and did not recieve any government
assistance aside from a $5000 student loan that I
repaid on time.  After thirty years in my profession I
am very handsomely compensated, thank-you, and do not
apologize or feel it necessary to support others who
chose a different course. My wife immigrated to this
country with $50 and two suitcases fourteen years ago.
 She has earned two masters degrees and has
accumulated a substantial "nest egg" in the first
decade and a half here.  I try to keep her out of
these discussions because having lived in a communist
country for thirty years she has little sympathy for
those who can't make it in the USA.

All of that being said, I do not consider myself
either left or right, heartless or cynical.  I believe
the American Dream is alive and well and it isn't
found at the tail end of a government cheese truck! 
Business runs in cycles and they are always cruel. 
Our country has serious enimies and wars are always
destructive, expensive, and sometimes necessary.  The
government certainly needs funding for defense and a
social safety net but it needs limits as well.  Those
limits are exactly what Prof. Friedman addresses.

As always I enjoy these debates.  My skin is thick so
fire away!

Brad Haslett

PS:  Forgive me if I'm slow to respond, I'm in the
middle of seven thirteen-hour workdays.

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