Okay, so America has debts close to US$4 trillion and they want to cut the debt. I think that’s a good, smart and wise idea. What I don’t understand is they intend to do so? In the rest of the world, when the government is in debt, they raise taxes.
Not in America! Correction; not only are they against raising taxes, the U.S government is actually giving tax rebates to big companies who makes billions of dollars in profits!
General Electric (GE) had a good 2010. They made US$5.1 billion in profits for the year. However due to their excellent accounting department, they will not have to pay the US government a single cent in tax. Not only that, they will also receive a $3.2 billion tax refund from the government!
So you are US$4 trillion in debt and not only are you NOT taking money from companies who made over US$5 billions in profit last year, you are actually giving money away to these same companies? No wonder their country's finances are in such a mess!