Sunday, December 6, 2009
Taxes, Taxes, Everywhere
This article discusses the measures taken by various states to increase their revenue. Many are facing extreme budget shortages, and are looking for solutions. Taxes are the first measure used, and they are seen in many ways - speeding tickets, horse racing, etc. The other form of taxes has to do with income taxes. They are increasing for those with high incomes. It will be interesting to see if budget deficits are improved by these measures.
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It will be interesting to see if the budget deficits are improved by these policies. The reason I say that is because these kind of policies can work either ways. On one hand, they could greatly improve the economy, while on the other hand if you tax people too much, they might move out of state or go to some other tax friendly places, thus decreasing the revenue.
I feel like whenever there is a budget deficit taxes and fees skyrocket to fix the problem in the short run but deficits continue to occur over and over again. Instead of penalizing the people why don't those in charge learn fiscal responsibility and how to properly manage a budget? Like Hassan said tax hikes can go either way but eventually people will get fed up enough and state and federal governments will have to come up with a new means of raising revenue.
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