Tax cuts that up debt hurt fu­ture

The Washington Times Weekly - - Letters To The Editor - JOHN BLOOM New­port News, Vir­ginia

The Amer­i­can Rev­o­lu­tion was sparked by the Bri­tish pol­icy of tax­ing the Amer­i­can colonies with­out al­low­ing them any rep­re­sen­ta­tion in the Bri­tish Par­lia­ment. This has been com­monly re­ferred to as “Tax­a­tion with­out rep­re­sen­ta­tion.” Well, Amer­i­cans are now do­ing this to their own chil­dren, and nei­ther the Repub­li­cans nor the Democrats seem to care.

What most peo­ple fail to un­der­stand that the na­tional debt is de­ferred tax­a­tion with in­ter­est. When a can­di­date for pub­lic of­fice says he will of­fer a tax cut that will re­sult in in­creased debt, that is not a tax cut, but rather a shift­ing of the tax bur­den to fu­ture gen­er­a­tions. The na­tional debt now stands at more than $18 tril­lion with in­ter­est of $266 bil­lion a year.

When Ed Gille­spie says he will cut taxes and does not of­fer any spend­ing cuts to re­duce the size of state govern­ment, he is hop­ing that the growth in the econ­omy will con­tinue to grow state govern­ment. Most Vir­gini­ans do not even re­al­ize that 22 per­cent of Vir­ginia’s rev­enue is de­pen­dent on fed­eral tax rev­enue.

Vir­ginia needs to start re­duc­ing the size of state govern­ment and a mod­est tax cut would start to wean Vir­ginia off fed­eral dol­lars. Is my gen­er­a­tion so self­ish that we would sac­ri­fice our chil­dren and our grand­chil­dren’s fu­tures?

It is time for most of us to do what our par­ents did for us: Make sac­ri­fices so our off­spring have bet­ter lives then we did. We all must cor­rect politi­cians like Mr. Gille­spie and tell him that a tax cut that in­creases debt in­creases taxes on our chil­dren.

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