Representation without Taxation

With the trillions in spending by the new Administration for the federal budget, and bailouts, our new President has two problems to solve:1. He needs to keep and expand his support base, some quarters of which are uneasy with the magnitude of the spending.2. He needs to raise a lot of money in taxes to pay for his initiatives. The way this administration will address these problems will create winners and losers in new tax policy.President Obama has already stated that income tax increases would not affect those making less than $250,000. This is called ‘economic justice' which requires the government, as the arbiter of fairness, to determine how the national wealth should be allocated. Income tax return data shows that removing the Bush tax cuts is not enough to pay for the higher level of government spending as called for in the Administration's budget. The future for tax revenue based on raising taxes on the wealthiest Americans can be seen in the results of California's tax...(Read Full Article)