Monday, February 13, 2012

Greek Protests Continue As Lawmakers Pass Severe Austerity Measures

What has happened to Greece is what has happened to many countries including the US. Wealth is concentrat­ed at the top, companies not longer make things there, rather they are purchased from outside the country, creating a trading deficit. Corporate profits increase, jobs become scarce and the government has less revenue to support itself.

A new balance must be struck. To an extent, all countries must become more restrictiv­e of imports, placing tariffs on them to bring those items inline with local wages. This will help bring jobs back to the country as transporta­tion cost will then be the driving factor. Product will become competitiv­e based on quality, rather than price.

Without more of an internal tax base, no amount of austerity will fix any countries internal budget deficit. The wealthy and corporatio­ns will have to pay tax rates that affect their disposable income the same way it affects the middle class and the poor. Business taxes should be come progressiv­e, the same as personal taxes. Small businesses should not be paying the same tax rate as large corporatio­ns, and corporatio­ns that are making billions in profits should be paying more to support the country.
Read the Article at HuffingtonPost

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