With the sequester coming, everyone is talking about the cuts that will take place. Yes, the federal government does need to make cuts, but we can't cut our way to prosperity. We must also raise revenues. The richest 1 percent get over $270,000 in tax breaks a year. We just can't afford to keep giving special tax breaks to those who need them the least. We also need to close loopholes for rich companies. Apple, Google and Microsoft avoided being taxed on $80 billion over three years through foreign profits. We also need to close loopholes for companies that send jobs overseas to avoid paying U.S. taxes. Corporations should not be rewarded for taking away American jobs. America loses $100 billion a year through this loophole alone.
America needs a balanced approach while dealing with the sequester. Just cutting spending alone will not improve our country. We need to end tax loopholes for the wealthy.