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But, but, but Republicans keep telling us that any tax cut is a good tax cut.
Cutting taxes to the detriment of the state budget would be like someone quitting their job and having no money to maintain the home. Shortly later, that person borrows money at a high interest rate in order to make costly home repairs that are now massive from prior neglect.
Says the person who supports Obama...how many items from the ACA was pushed till after the elections?
I know, I know...off topic...
No but similar to Bush cutting taxes for the wealthy then hiding the massive debt from the wars that he put on "credit" so the extent of this bill was not known until after he left office.
Seems to be the same song, different verse with the Republicans:
Quote:
George W. Bush’s new round of tax cuts aimed primarily at the wealthy, another dose of Reagan’s “supply-side.” The consequences – especially when combined with Bush’s decision to rush into two major wars without paying for them – proved disastrous. The federal debt resumed its upward climb. By August 2008, just before the Wall Street crash, the debt was over $9.6 trillion, nearly a $4 trillion jump since Bush took office.
And, after the Wall Street collapse in September 2008, the federal government had little choice but to increase its borrowing even more to avert a global economic catastrophe potentially worse than the Great Depression. By January 2009, just five months later, the debt was $10.6 trillion, a $1 trillion increase and counting.
Just a matter of time before Wisconsin gets the same post-election surprise.
So many states cut taxes on the rich during or following the recession supposedly to stimulate their economies. Now, they are facing budget woes that may have been surpluses had they not done so. Trickle-down does not work, particularly when done at a state or local level. The key to recovery in a consumer economy is to increase income for and consumption by the middle class not add more to the hordes of the well to do.
So many states cut taxes on the rich during or following the recession supposedly to stimulate their economies. Now, they are facing budget woes that may have been surpluses had they not done so. Trickle-down does not work, particularly when done at a state or local level. The key to recovery in a consumer economy is to increase income for and consumption by the middle class not add more to the hordes of the well to do.
This pretty much sums it up. Giving more tax breaks to the hordes of the well to do only results in more of their hoarding.
This pretty much sums it up. Giving more tax breaks to the hordes of the well to do only results in more of their hoarding.
If you are going to cut taxes then you have to cut services to match. The argument that services can be delivered in the same amount but more efficiently has never been demonstrated to be true. It falsely presumes that gross inefficiencies exist and that they can be corrected in a short span of time.
When you cut services though you end up being counter-productive if your aim is to attract investment in your state or locality. What business wants to relocate to an area with poor education, crumbling infrastructure, and unresponsive, underserving government? Certainly there are states and localities where services are excessive or bloated with inefficiencies. I doubt Kansas was one of those areas. When you cut in places like I think Kansas is, you are cutting meat and muscle, not fat.
Well, look on the bright side. He only cut taxes on the wealthy.
He did not cut taxes and launch a couple wars like George W!
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