Nope. Tax cuts do increase GROWTH, but not enough to make up for the loss in revenue. The usual rule of thumb is that the growth only makes up 1/3 of the loss in revenue. Due to the latest federal tax cut, the federal 2018 deficit is projected at $804 billion (4.0% of GDP), vs $587 billion (3.2% of GDP) in 2016. http://www.politifact.com/punditfac...-tax-plan-prompts-question-can-tax-cuts-real/ http://www.politifact.com/truth-o-m...kudlow-wrong-about-deficits-falling-rapidly-/
if gov has to cut spending so be it... the cut tax flows to the private sector will be more efficient use of resources anyway.
I agree with you that the private sector is more efficient than the public sector, but the government will never voluntarily cut spending. And some spending could be cut, but the public will never vote to cut it because a majority of people think they are getting something for nothing. Try putting the raising of the social security age, say by just 1 year (reasonable anyway because people are living longer), to a vote on the argument that it will make the system more sustainable. A majority would never vote to take away benefits that they think they will be getting. So only other way to address that is to raise taxes or deficits. So deficits will go higher until there's no one left to borrow from. At some point this will lead to a wealth tax, bail-in, or some other form of wealth confiscation. I'm not a fan of crypto-currencies. I still think it's probably a bubble. But I can see at least one valid (as an attempt to preserve wealth) reason for their existence.
I am all for tax cuts, and am well aware of the Laffer curve. Interesting theory, but the problem is it has never worked anywhere in real life. From: http://www.politifact.com/truth-o-m...pence-says-raising-taxes-lowers-tax-revenues/ ... We also consulted a 2006 Treasury Department report that examined the revenue effects of major tax law changes since World War II. The report examined tax revenues generated by various tax law changes as a percentage of the Gross Domestic Product, a measurement that accounts for economic growth and inflation. The laws that reduced tax rates produced declines in revenues, and the laws that increased tax rates produced increases in tax revenues.
there is always a first time for everything.. this time may just be different... we have already seen a massive inflow. today's corporate structures make tax dodge a major scheme... in 20 years of biz consulting I have seen multiple F500 companies doing this.... not sustainable if the rates are higher than overseas. in other words there is really no choice.
So you think I am a traitor because I want my money spent efficiently? That sounds like something we would have heard in Soviet Russia or Nazi Germany. How about reducing spending and eliminating duplicate programs as well as unnecessary ones? How about mandating a balanced budget to eliminate deficits? Balanced budgets and accountability are patriotic. Politicians don’t spend money to support the people, they spend to buy votes.
Ok so you're a politician and I am paying you $3500 bucks per week and you need another law on the books to make you do what you're suppose to be doing in the first place? Our elites say one thing and do another. Perhaps you've never heard of Mark Levin but he says if there going to spend the money anyways then for gods sake collect the money to do the job instead of accumulating more debt. Another law on books is a complete copout, if YOU ran for the damn job how about doing it then. FGS
Cut expenses, maybe in candy land or fantasy land where you live but if You ever read the wall street journal or investors business daily or even the Federal Reserve you would find that what Americans do is increase debt. https://www.federalreserve.gov/releases/z1/20180607/z1.pdf So America is worth $100 trillion but debt for people exceeds $13 trillion now. What people do in a debt driven consumer based economy is borrow funds to MAINTAIN there standard of living. That's the real world and not fantasy land. Now on any balance sheet the USA does have assets such as the green river shale. http://oilshalegas.com/greenriveroilshale.html It's worth a little less than $60 TRILLION, but for some odd reason reps n dems locked it up, I suppose they can't figure out how to steal it, but USA does have considerable assets, but Congress isn't one of them.
We live in a republic here in USA. Most republics don't last long because there so easily corrupted, such as ours is now. People can hold there nose and vote the other guy in and clean house of all of them. I would not consider adding debt without a proclamation of war or some other disaster a thing to be considered patriotic. Somehow all the same yahoos keep getting elected. Pick any member and see how debt how risen under there divine guidance. Not a single one of them deserves the $3500 a week we pay them or more or even there pensions, it's just sad is all.