Regarding tax reform, leaders continue to focus on providing tax cuts and get caught up in details like whether mortgage interest and local tax deductions should be preserved, while ignoring the fact that we have a huge national debt. The analogy to one’s personal finances is apt. What family facing enormous debt thinks the solution is to cut back on income yet continue spending in the same manner? The solution of course is to reduce expenses or increase revenue or both.
Citizens and leaders must not only recognize that our country is in financial peril, but must also act. The national debt was $5.3 trillion in 1997 and $8.9 trillion in 2007. Now our debt is $20.2 trillion (almost $63,000 for every American) and is growing.
National leaders are engaging in shortsighted efforts focusing on lowering taxes resulting in an increase to the national debt. Instead they should propose bills to set a course for financial soundness by reducing the debt, whether from a reduction in government spending or in combination with an increase in tax revenue.
If we continue on our current path, America is headed toward a serious financial crisis.
Tom Donovan, Boise