The big lie...Taxes (unemployed, crime, money, federal government)
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During Reagan's first term we may have been to the right of the peak, so lowering taxes worked. Now we are to the left of it, and further tax cuts would reduce revenue. Also recall the Bush tax cuts were supposed to be temporary.
I do not understand why anyone would want MORE taxes, let alone fight to increase them. We can hardly walk out of our front door without being taxed! Spend less, not tax more. If you want taxes raised, raise them on the consumer side so EVERYONE has to pay it. It is easy to argue for taking from someone else, not so much when your own wallet gets hit. If we had to write a check for payroll deductions instead of your employer, and have seperate transactions for each tax we pay on a service or good, a lot of people would wake up to just how much money we have to kick up to the capo.
To hear Right wing Republicans speak you would think that our taxes are through the roof. This is just a huge lie. The fact is that individual federal taxes have not been lower since the 1950's. That is right the 1950's. As a matter of fact before Reagan took office the top 5% were paying almost 50% in taxes. Since Reagan our debt has skyrocketed and grew even more with the Bush tax cuts.
The Right Wing Republicans tell you the big lie that lower taxes means more revenues. This is just bs. Common sense will tell you that if you tax less you have less revenue.
You even have people like pawlenty proposing to cut the rates even more. Based on his numbers, you would have to cut spending by more than 50% to get a balance budget. He knows this is not going to happen. This is just a way to get elected.
The fact is that we need to cut costs and raise taxes on the top 5% to balance the budget. Why the top 5%? They are the only ones who have any money. Again, it is just common sense, where else would the money come from? You can't get blood from a stone.
Tax cuts are part of the equation. It keeps more money in the people's pocket to spend.
Taxes are generated when money is exchanged. For example...
Employer to employee via a pay check
Sales tax when buying stuff
So when people spend, taxes are generated.
However there are things to be considered today.
1. The are way less people paying income taxes. Unemployment has doubled in the last few years. That's less income taxes from employment checks that come in.
2. There are way more regulations hindering business. This makes it harder to generate sales tax revenue.
So if there is no plan to help the unemployed and there is no plan to make it cheaper for businesses to operate, then yeah, the only recourse is to raise taxes to increase revenue.
But that will only work in the short term, because the consumer will spend less money, and after an initial spike in tax revenues, they will decrease, which means taxes will have to go up again to make up for the shortfall, and the spiral continues. Government spending is never dealt with.
Meanwhile, the economic engine of America, which is a strong middle class, is decimated and many will be put under hardship.
For those who have taken econ 101, you would understand that this is supply side economics and trickle down dogma. But lets look a little closer.
Even right wing economists with an ounce of intellectual honesty will tell you that a reduction of taxes does not create more revenue. The fact that people actually believe something that is counter intuitive and lacking in common sense, speaks volumes of the propaganda campaign being conducted by the wealthy elite.
N. Gregory Mankiw, former chairman of President Bush’s Council of Economic Advisors and a Harvard economics professor, wrote in his well-known 1998 textbook that there is “no credible evidence” that “tax revenues … rise in the face of lower tax rates.” He went on to compare an economist who says that tax cuts can pay for themselves to a “snake oil salesman trying to sell a miracle cure.
Because medicine that is neither safe nor effective is cheaper.
Because automobiles that explode upon impact are cheaper.
Because unsafe work environments are cheaper.
Because environmental damage during production of goods is cheaper.
Because consumers and workers have perfect knowledge and can therefore avoid all such dangers as listed above.
You obviously have never worked in a regulated industry. The burden is huge and mostly wasteful. There are millions of regulations and the vast majority are not worth anywhere near their costs.
So when the Walton Children inherited their fathers billions and did not do a thing to earn it. What success did they have? What possible contribution did they make. They make millions every year and pay less as a percentage of income than a janitor payes. There is absolutely no incentive for them to do anything. What success did they have? I guess being successful is winning the birth lottery. They did not earn anything, but I am sure that they are happy that you looking out for their best interests as they sit there in the top 10 wealthiest people in the country without having done one damn thing.
Yes, they were born to tremendous amounts of money, so what? Does that really give us a right to take it away from them? That wealth has already been taxed anyway, maybe not to the extent that you want it to be, but it has been taxed. They are not sitting on billions of dollars in cash, they own a company that is worth billions of dollars. A company that employs tens of thousands adding to the payroll tax revenue, an obscene amount of sales tax revenue, and I am sure a plethura of other taxes such as property, business licensing, and corporate tax. You can readily join in their profits by purchasing stock.
Do you care to compare the write offs from the 50's to now? The tax rate may have been higher then, but you were allowed to write more off.
High income people lose ALL of their deductions.....
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