Political parties inept on taxation

Another presidential election without a candidate that I can vote for leads me to believe the problem is that our two dominant parties have literally become destructive to our country.

Republicans are back to the trickle-down lie that has now failed three times under Reagan and both Bushes. The claim that tax cuts will reduce the debt should clearly be known by all as the biggest lie of the century.

Look at the record: Reagan increased national debt 189 percent, Bush Sr. 56 percent, and Bush Jr. 89 percent.

Trump wants to cut taxes dramatically, which will literally bankrupt the country —maybe something he actually plans to do since he thinks bankruptcy is just smart business. Try to imagine what that would do.

Hillary and the Democrats want to increase taxes on the wealthy, our businesses, increase minimum wages, and increase spending on new programs. The tax increase on business and the minimum wage increase will only send millions of our jobs out of our country and reduce revenues and increase debt.

Look at hourly minimum wages in countries getting most of our jobs: Mexico, $0.58; China, $0.79; India, $0.31; Bangladesh, $0.09; Vietnam, $0.64.

We need to make conditions favorable for businesses to thrive here and then let a hot labor market drive labor rates higher. We need more revenue for the federal programs since neither of the parties have been able to reduce spending enough to match revenue.

We all should pay somewhat more so the burden of our current spending does not increasingly fall on our children and grandchildren. We now owe $19.5 trillion. Capital gains and other investment gains should be treated as income. Maybe a value-added tax would help.

A new party with a candidate and platform which actually helps America is desperately needed.

This story was originally published October 12, 2016 at 5:49 PM with the headline "Political parties inept on taxation."