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The fiscal cliff is looming, and as FreedomWorks' President Matt Kibbe pointed out, “The $16 trillion monstrosity that is our current national debt is a product of spending too much, not taxing too little.” We need a plan that includes sequestration as well as reforms to taxation and entitlements. Senator Marco Rubio took to the airwaves last night to discuss just this.
In his interview with Sean Hannity, Rubio said “If you raise taxes on the wealthiest Americans or what he calls the wealthiest Americans, people making $250,000 or more, if you raise that by 100 percent, that doesn't solve anything. The proposal the president is standing for, it doesn't solve anything.”
He went on to explain that increased taxation would only lead to employees seeing cuts to their benefits and compensation, or even their jobs. It would lead to people taking fewer vacations and going out to eat less. It would lead to fewer home improvement projects which hire construction workers. In short, it is not the wealthiest who would suffer the most from this higher rate of taxation. “And in return, you generate six, seven, eight days worth of government spending.” noted Rubio. Clearly, that is not the answer.
“The only solution,” Rubio pointed out “is the combination of fiscal discipline and real economic growth.” As Kibbe said, “The deal-makers on Capitol Hill have ‘negotiated’ themselves up to $16 trillion in debt. It’s time to say ‘enough is enough." They are right. Higher taxes do not avoid financial ruin in any meaningful way. This level of spending is literally out of control, and has to be brought back to a reasonable level to get us out of our current mess.