Posted on 11/18/2019 8:26:55 AM PST by SeekAndFind
Every single plausible Democratic candidate for president has endorsed tax increases as centerpieces of their economic agenda. Think about what we are hearing from Elizabeth Warren, Joe Biden, Bernie Sanders, and the rest of the Punch and Judy Show. New wealth taxes, carbon taxes, energy taxes, higher death and income taxes with rates up to 70%. Payroll taxes would rise to pay for Social Security benefit expansions and Medicare for All.
I remember a time when liberal Michael Dukakis, when running against George H.W. Bush, declared he would only raise taxes as “a last resort.” Now Democrats think raising taxes on employers, investors, companies and the wealthy is some kind of badge of honor and the option of first resort. They also recite a few outlier economists who tell them what they want to hear: Tax rates of 50 percent to 70 percent or more won’t hurt the economy at all. Yes, and Elizabeth Warren is of Indian descent.
Meanwhile, Mr. Trump and the Republicans in Congress have the 2017 tax cut to trumpet — a reform that by almost any objective measure has worked better for workers and middle class families than we even expected. Middle class incomes have hit an all-time high as has the stock market and employment. Tax revenues are also higher than ever before — with the tax cut in place.
But voters are always wondering what comes next. Mr. Trump and the Republicans need a new tax cut plan — just as a rock n roll band who’s album has just gone platinum needs a new album out next year.
The fact that Democrats are so open about their lust for higher taxes, makes the case for a Republican tax cut, even stronger. In politics it is always wise to paint in bright colors.
(Excerpt) Read more at washingtontimes.com ...
Well then why not propose tax rates of 0%? Voters would love that.
Well, that’s just being silly.
If we are going to be a fiscally irresponsible nation with $23 trillion in Federal debt, we might as well let people keep more of their own money in the process.
Why not spending cuts 1.0
So is proposing tax cuts in times of trillion dollar deficits. As others have said Trump should be pushing for spending cuts not revenue cuts.
“You don’t “deplete Social Security funds” at all with a payroll tax cut. FICA and Medicare taxes go into the general treasury and aren’t earmarked for anything“
The Social Security financial statement lists its revenue as the FICA tax payments. Reduce those payments and the Finance Statement will record that there’s not enough money to pay retirees. Besides threatening cutbacks in Social Security payments to unemployed seniors, this brilliant tax cut “plan” would be wonderful political grist for the Democrats
Trump has said many times that Republicans have to stop trying to cut Social Security. It’s one of the things that the NeverTrumpers hate about him - and one of the reasons he won states that Romney and McCain and Bush couldn’t. Please don’t fall into the old old pre-Trump Republican habit of attacking Social Security
Tax cuts and deficit financing are what has enabled the welfare state to grow so big.
If the middle class had to pay taxes to support the lazy, the lazy would get booted off the dole quickly.
We now have tens of millions of voters who have a strong financial incentive to vote Democratic.
We are one election away from one-party rule.
Put a plan out and give congressional candidates something to run on. "Hi, I'm Joe Candidate, and I support Trump's Tax Cut Plan that will put more of YOUR money back in YOUR pocket. Vote for me! Vote for prosperity!"
Russia has a 12 percent flat tax. Those evil Russians! Putin is such a tyrant!
I strongly support tax caps in the federal Constitution.
A fight for federal Constitutional property tax caps might put New York, New Jersey and Connecticut and a few other states in Republican grasp.
We can’t afford tax cuts.
We need tax caps to stop runaway governmental spending.
Homeowners in New Jersey, Long Island and elsewhere need property tax capping in the federal Constitution.
When was the last time you ever heard a Republican call for a reduction in Social Security expenditures? That horse has left the barn. If the GOP couldn't even repeal ObamaCare, then nobody is going to take any of its empty promises seriously anymore.
When was the last time you ever heard a Republican call for a reduction in Social Security expenditures?”
About two weeks before the 2018 congressional elections. Mitch McConnell did an interview calling for Social Security cuts. Almost as if he was TRYING to lose the House for Trump
Spending cuts have nothing to do with the subject at hand and that is tax cuts.
Tax cuts increase revenue. What needs to be cut is welfare and farm subsidies.
That's a misleading statement. Russia may have a flat income tax rate, but they have enormous payroll taxes that drive workers and employers to engage in tax-avoidance schemes that date back to the Soviet era. To avoid paying these payroll taxes, employers will compensate their workers by paying non-payroll forms of compensation such as buying cars for them, paying for apartments, etc.
The Russian Federation has a general VAT rate of 20%.
There’s also Unified Social Tax (35.65) that employers must pay.
https://waytorussia.net/business/tax.html
The Russian Federation also gets a lot of revenue from oil/natural gas at the production and export phases.
I would be in favor of dropping the income tax and replacing it with a SS payroll tax, import tariffs and a NRST.
Which stimulates the economy and increases revenue.
If you are so worried about the deficit and think raising taxes will close the gap then why not propose doubling the marginal a tax rates?
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