As much as I might hate it, taxes probably DO need to go up....on EVERYONE. Spending will probably need to be cut by double the amount we increase taxes. The fact is we’ve already spent too much, and it has to be paid for. After the debt is paid down, taxes should be cut down to nearly nothing.
I would accept raising taxes IF an equal amount of government spending could be cut...but we all know that wouldn’t happen.
The federal government owns trillions in assets. Sell them first. Rent out DOD ~ or collect tribute ~ both traditional things to do to deal with a heavy national defense bill.
BS. Feeding the beast ain’t the damn answer.
I agree with you in principle, but that was not the lesson we learned in NJ. Problem is not tax increases or tax cuts, it was spending. Raise taxes, make sure the gov follows thru with spending cuts or reduction in the rate of spending increases. In the end it took a tough Gov Christie to kick ass, but even he had a tough time to make all the necessary cuts.
You’ll always get just shy of 19% GDP in revenues, regardless of tax rate. Lower the marginal rates and grow the GDP, if you want more revenues.
The United States already collects in taxes about 19 percent of GNP. No tax system is going to increase that. The Laffer Curve demonstrates that there is a break point where tax increases result in lower tax revenues. No free country can sustain taxation above 19.5% of GNP.
The tax increases that you favor will only depress the economy and spur the further growth of the underground economy.
Argghhh! Why should anyone pay a dime more in taxes until the obscene levels of waste, corruption, and outright theft in government are curtailed?
Besides, raising taxes does nothing for the debt. First, the higher taxes never bring in what is “expected”, because higher taxes discourage wealth creation. Second, the jerks in Washington just keep spending. Until the size and power of the federal government is reduced, we will not be able to reduce the debt!
sure the govt should raise taxes because history shows they always use the extra money to
a) reduce the deficit or
b) invest it so much more wisely than I do....
sarc
And you really believe the gubmint would cut the spending as well as cut the taxes when the fiscal house was in order?What are you 15 years old? Unbelievable.
The show Bar Rescue, John Tapper explains “Businesses have to be profitable, profits comes from managing cost”
One cost for Business to manage would be taxes. How does anyone expect the economy to grow? Spending is the issue, higher taxes is just passing the buck.