It may not be a question of wanting to raise taxes, but having to raise them. Just a thought.
Why? When Bush lowered the federal income tax in 2003, federal revenue rose 41% by 2006, and the GDP shot up! Do you not like keeping more of the money that you labor for?
Please explain your comment.
Of course he will HAVE to. He can’t afford his nanny state otherwise.
>> It may not be a question of wanting to raise taxes, but having to raise them. Just a thought.
The justification for raising taxes is always under the banner of necessity. Have you ever heard a politician state “we’re going to raise your taxes simply because we can” ?
It is the tax RATE that gets raised and lowered. Often increasing the tax rate leads to collecting less tax revenue. Reagan's drop in tax rates led to massive increases in tax revenue. If people only understood this, conservative ideas would spread. We need to use the correct terminology and say tax RATE when we mean it. It is similar to saying health care when it is health insurance that is meant.
In Maryland, Gov. O'Malley called a special session last fall to railroad through a sales tax rate increase from 5% to 6%. Well, tax revenue for the first six months is flat. Since the rate was increased 20% but the amount of taxes collected was the same, this means that Maryland lost a lot of sales to other jurisdictions or to simply not buying. This is bad for Maryland businesses, but liberal leaders don't get their big votes from entrepreneurs.
As the US is holding an excessive tax load currently, the last few tax changes have demonstrated that raising taxes lowers income for the Govt, while lowering taxes spurs growth so that the tax revenue actually increases. Her is a good news report on Obmams Tax Plan Obamanomics
There are two issues: Tax RATE increases and Tax REVENUE increases. A tax RATE increase does not always result in Tax REVERNUE increases. The former can actually result in lower revenue.
When Bush lowered tax RATES do you think that resulted in lower REVENUES? No as you can determine by looking at gov. figures revenues increased.
But in any case we need to cut expenditures before any consideration of increasing rates. There are plenty of places to cut a billion here a billion there. Before you know it you are saving real money.
As a start cut any subsidies to Public Broadcasting, Legal Services, Section 8 housing subsidies, sell off Fannie Mae, and Freddie Mac, cut food stamps, cut/eliminate earmarks....
A thought the dems would like us to believe. So much of our tax money is wasted on things not required of government to do that there is NO WAY our taxes need raised. Spending needs cut drastically.