For the 56 percent of Americans who pay federal income taxes, April 17 will be a painful day. That pain may be lessened slightly because the Internal Revenue Service has been nibbling away at payroll withholding taxes, but the sad fact is that the income tax represents only a portion of the pain we actually experience.
In 2017, the feds spent $4.147 trillion, which amounts to $12,733 for every man, woman, and child in the country. All taxes combined brought in $3.481 trillion, which leaves a deficit of $666 billion. If that deficit were to be equally split on a per capita basis and paid through income tax, we’d each end up paying an additional $2,045. If equally split among the 56 percent who actually pay income taxes, the tax increase would average $3,651 per person. Instead, we’re ultimately paying for the deficit through inflation.
“Clearly, the United States does not have a revenue problem,” said Libertarian National Committee Executive Director Wes Benedict. “It has a spending problem. The Democrats and Republicans refuse to address this addiction to spending. The best they can do is blather about waste, fraud, and mismanagement. Only Libertarians are willing to name exactly what kinds of federal government spending should be cut.”
Even this modest series of federal spending cuts would total $712 billion, which would balance the budget and leave $46 billion more for income tax cuts:
- Cut defense spending in half. Do we really need to spend more than the next nine countries combined? Not if we refrain from getting involved in other countries’ civil wars. Savings: $316 billion.
- Food and agriculture. Agriculture behemoths are some of the biggest recipients of corporate welfare. Savings: $138 billion.
- Housing. Is subsidizing the building industry a proper role for the federal government? Savings: $90 billion.
- Education. The federal government educates no one and only makes the job more difficult for local school districts and private schools. Savings: $85 billion.
- Energy and the environment. Oil companies don’t need tax dollars, and environmental pollution can be policed more effectively at the state or local level. Savings: $51 billion.
- Science. Do we really need to subsidize well-funded pharmaceutical and tech companies? Savings: $32 billion.
“If we eliminate a few billion dollars more of waste, fraud, and mismanagement, we might be able to actually eliminate the income tax as well as the IRS,” Benedict said.
Only Libertarians are committed to end overspending and overtaxing. Continuing to elect Democrats and Republicans will only guarantee that government continues spending money hand over fist, and funding it through cash grabs from American taxpayers and the Federal Reserve. The Libertarian Party plans to field more than 2,000 candidates in 2018, giving voters the opportunity to elect Libertarians who will defend them from voracious government.