What this author says is true, but more and more, I am of the opinion that we need taxes that equal spending. That will force people to make spending choices. If you run up a deficit for future generations to pay, it creates a “something for nothing” mentality. The same holds true if you cut taxes on the middle class and not the wealthy. Republicans scored a lot of political points taking the poor and middle class off the tax rolls. And in retrospect, that was a disaster that created the “47%” who vote for more and more benefits knowing they won’t pay for them. I want a rational tax system where everyone pays and it equals spending. I’d strongly prefer that to come from large spending cuts and rationalization of entitlements. But if that isn’t going to happen, then I’m for a fairly large lower and middle class tax increase to pay for it.
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But as things are now all I have to do is take what the media says and assume the opposite is true. It works across the board.
For every dollar in tax cuts, there needs to be a $1.50 spending cut. That’s the o0nly way we’ll get it under control in eight years or so.
The Media breathlessly reported Record Federal Tax Revenues over and over again during the last couple of Years of the Obama Administration.
The Bush Tax Cuts spurred Record Federal Tax Revenues in a shorter period of time but you never heard a peep about it.
I remember after 9/11 hearing that it would take us ten years to recover from the Financial Impact of that event.
It took less than three years for the turnaround, spurred by those same Bush era Tax Rate Cuts.