Income tax is probably the best way for the government to collect the revenue it needs to do the job we expect it to do. I think corporate income tax should be kept to a minimum because they produce revenue through payroll, dividends, and capital gains. They should not be exempt because they are considered enmities, with rights, much like people. As such, they require oversight, just like people. Isn’t it about time that we realize the need for a tax increase, both Federal and State. Federal, because we are fighting a costly war on terrorism, for which, at this time, there is no end in sight. We also need to consider the effects that a growing national debt will have on future generations. State, because we have important programs like education that are going to be short changed. Also, if I were in state government, I would really be embarrassed by the unpaid, overdue bills. In state government, pay as you go is best, not barrowing.

Is this really a bad time? Will we be hurting an already sluggish economy? I say there will never be a good time. During the depression, it was government jobs programs that got us back on track. We need to stop using the bad words like “big government” or “entitlements” as reasons for saying no to more taxes.

Of course we can all agree that there are lots of examples of wasteful spending that need to be eliminated. I say eliminating wasteful spending is a small, though important, part of the problem. What is wasteful spending? Is it taking care of those less fortunate that are, for many good reasons, can not afford to live a minimum standard on their own? Is it subsidizing important programs like education which is the best recognized but certainly not the most important. Is it overseeing corporate greed which put us in our current situation? Is it helping people through natural disasters like Katrina or the latest oil spill, which is more likely corporate greed?

There are those who will disagree, but I believe the only real “entitlement” is Social Security. We pay for it so aren’t we entitled to it. It is no secret that we need to increase social security tax. I believe the best way to do that is to increase the maximum, not the rate. Here again it would be getting a boost from those who could afford it. Maybe those high income people would prefer to reduce their benefits as they are better able to provide for retirement? Same effect.

One thing seems for certain. The sooner we react the less drastic the increase will have to be for both income and social security taxes.