An approach for fiscal responsibility at all levels of government
I am a fiscal conservative. I am a strong believer in balanced budgets, especially for governments. My undergraduate degree is in Accounting, with a Masters in Business Administration. I have a few ideas to help put our Federal Government on track for financial success.
As the Economist Milton Friedman said: “Keep your eye on one thing and one thing only: how much government is spending, because that’s the true tax … If you’re not paying for it in the form of explicit taxes, you’re paying for it indirectly in the form of inflation or in the form of borrowing.”
First, overhaul the tax code, by replacing all Federal taxes with a 5% National Sales Tax and 5% Corporate Tax (on Net Sales).
Second, cut total government outlays to match the revenue generated by the 10% National Sales Tax. This would decrease our spend and set our country for success.
Third, allocate 50% of taxes collected into paying off debts (including Social Security, Medicare, and Medicaid). When debt is all paid off lower tax rates to balance the budget (5%).
Chris Crossett