I don’t believe in redistribution of wealth, so we’re on target there. The earned income credit is just stealing from one person to pay another.
Reagan cut the top individual tax rate from 70% to 28%. THAT alone made the economy explode.
Gentlemen,I have been in high finance all of my adult life. I have lived in the USA, UK, and Asia. I have seen first hand what tax increases do to a country, and what substantial tax cuts do for a country.
Every country that has substantially cut personal, and corporate taxes has experienced an unpresidented boom. Every country that has increased personal and corporate taxes has either suffered greatly, or collapsed altogether.
The Democrats spent money like water when Reagan was in office. Anyone remember him tossing a “continuing resolution” on the floor on network television?
Reagan made mistakes, but his Milton Friedman economic advocacy was not one of them.
The year before Regan’s person income tax cuts, I paid $106,000 in federal taxes. The next year(earning 6,000 less) I paid 42,000.
What did I do with the difference? I invested it in the expansion of my business.
D U H
Cutting certain taxes and decreasing spending is our best bet but we have been hosed by so many Santa Clauses that someone proposing just tax cuts alone then in a year or so without real spending cuts will probably just spook the bond market and raise interest rates and inflation, especially if it gets the job creation going. (We are headed for that anyway unless Obama keeps us in this endless depression.)
Everyone should pay some VISIBLE federal tax like the rest of us so they know spending actually costs. But no one elected will say that.