Flat Tax Only Path to Stable Revenue

To The Editor:
Thank goodness for the silent majority (mostly conservatives, independents and libertarians) who are no longer silent. They elected 65 new house members in November 2010, who have begun the process for the solution to our economic crisis, which is multifocal and broad, based. Our GDP is $14 trillion and our national debt is $15 trillion rapidly going to $20 trillion, thanks to poor gov-ernance, outrageous spending and absurd regulatory control of both our culture and our society for the past 10 -15 years (especially the last three years).
Tax reform is a major priority in order to elimi-nate the enormous corporate tax loopholes, which have sheltered trillions of dollars of potential tax revenues from our economy i.e. General Electric and etc. A flat tax is the only way to insure stable tax revenue for the country.
Entitlement reform is a1so necessary but remem-ber Social Security benefits are not really an enti-tlement. Social Security is a fund that both em-ployee and employer contributes (15 percent of income per year for approximately 45 years until retirement), which has been stolen and squandered by Washington for the past 35 years and used for their discretionary spending. Those members of society who have contributed to Social Security for 45 years are simply collecting that payment each month, which is theirs to begin with. Incidentally, many people do not receive from Social Security all that they have contributed.
Both Medicare and Social Security age thresholds should be raised to a reasonable level to insure the solvency of both programs for the employed baby boomers and their working children. Congress must pass a balanced budget immediately in order to completely control spending by Washington and systematically reduce the national debt before it outstrips our gross domestic product’s ability to fund this debt.
Lastly, leadership in our society should continue to shift to a more conservative mindset. We should eliminate overburdening and frankly absurd regula-tions, which stifle economic private sector growth and concentrate on job creation and productivity to restore our great nation to the prominence it once enjoyed.
Dr. JOHN G. COSTINO
North Wildwood