Taxation in the USA is a mess.
Personal tax rates, prompted by a combination of greed and political pandering, have now been lowered to a point where 40% of our Federal Government expenditures are now met by borrowing.
This has caused our national debt to increase (now at $3.88 Billion/day rate) to a current staggering sum of $16.24 Trillion. This amounts to 107% of Gross Domestic Product (anything over 50% is damaging to the our economy) or approximately $51.8 Thousand for every person in the country.
We got into this mess through greed (the promised "trickle down" from the Bush-Cheney cuts never occurred; the rich just got richer and the poor got poorer) and pandering (Obama extended every penny of the Bush cuts and compounded the mess by lowering individual Social Security taxes by about 30%).
This insanity has to stop.
When the Bush-Obama tax cuts expires at the end of this year, they must not be renewed. Under this scenario, everybody making over $50,000/year will pay more with those at the lower end of the income scale paying a little more and the rich paying proportionately more.
This will return our tax rates to what existed at the end of the Clinton-Gingrich era when the Federal budget was balanced, unemployment was low and the economy and the stock market were booming.
We owe it to those who come after us to not burden them with an unholy debt and a damaged economy.