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Larry Kudlow: The Huge Ball and Chain

Americans will work for 116 days this year--almost 1/3 of the entire year--just to earn enough money to pay their tax bill to the IRS.

To put that into perspective, Americans currently spend four months out of the year working at our jobs before we get out from underneath the government's tax stranglehold. So, socking away your dollars for your kid's college education, saving up for retirement or a new home, putting away your hard-earned money for a vacation, a new car or rainy day -- well that can all wait. Like it or not, Uncle Sam's got you by the neck for four months-what you choose to do with the other eight is up to you.

To compound matters even more, Tax Freedom Day - the day when your money finally goes into your bank account rather than the outstretched hands of politicians - comes three days later than last year and ten days later than 2004. And Democrats want to raise our taxes even higher.

Unbelievable...

This pillage and plundering of American wallets becomes an even tougher pill to swallow when we witness the extraordinary waste of our hard-earned money towards earmarked pork like the infamous $223 million Alaskan "bridge to nowhere."

The natives are growing restless. As The New York Sun points out today ("Real Bracket Creep") Americans are fed up with the current system and politicians better start paying attention. Citing the latest non-partisan Tax Foundation report that revealed an astonishing 80 percent of U.S. adults believe the current federal income tax is somewhat or very complex, the paper points out the following examples of voter disgust:

· Almost 60% said they thought the amount of federal income taxes they personally pay was too high.

· 40% of Americans said the federal tax system "needs major changes," while another 40% said it "should be completely overhauled."

· Just 2% described the federal tax system as "fine the way it is" and only 1% of those polled said the current federal income tax is "not complex at all," (Who are these people?)

· When asked to choose between a flat-rate income tax with no deductions, a national sales tax, or the current graduated income tax with deductions, 33% chose a flat tax, 20% favored a national sales tax, and 21% preferred the status quo.

Let's be clear here: The tax system is a huge ball & chain tied to the feet of hardworking American entrepreneurs and ordinary workers and savers. They can barely get to work or invest because of this enormous weight. But if you remove this ball & chain, you can bet your bottom dollar that we will witness another growth explosion--one that could raise our potential to grow by 5 percent a year and would generate tax revenue at a lower flat tax rate of around 20%.

Enough already.