Can US afford a tax cut?

Discussion in 'Economics' started by turkeyneck, Jan 7, 2008.

  1. That's what the GOP candidates are talking about...
  2. Mvic


    Ron Paul made the point that if we got rid of the IRS we would be back to where we were 13 years ago as far as revenues from other sources goes. Unfortunately he wasn't part of the debate so you wouldn't have know about it.

    The other thing to consider 9is that if the income tax was reppealed the boost it would give to the economy would drive significant increases in other sources of tax revenue. Lowere corporate tax rates and elimate income tax and you will see how fast multinationals will flock back to the US. Solve the healthcare issue and you have a trifecta. Are Obama or Huckabee smart enough to figure it out? Not even close.
  3. Of course we can't afford a tax cut. If the Republicans stay in power and continue the Bush tax cuts then you can kiss our currency goodbye. The two political parties have their strengths and weaknesses. Managing the economy responsibly is a Republican weakness. Their track record isn't very good and it's about to get worse.

    It's been demonstrated with objective analysis that both the GDP and the stock market have performed better under Democrats. It's easy to Google it and I won't repeat it here. Anyway, I think it boils down to "pay as you go" tax-and-spend is better for the economy than borrow-and-spend.

    In the NH debates Obama hinted that if elected we'll have to make some sacrifices. If it takes a tax hike to bring the budget back to into balance then we need to grow up, bite the bullet and do it. Short term pain, long term health for the economy.
  4. empee


    We can't cut taxes. Otherwise, how will the ppl we subsidize pay for stuff?

    People who are getting subsidized will never vote for a candidate that will take away their subsidy.

    Not just ppl, groups, associations, organizations, as well. We can couch it in "relief bills" or whatever, but the end game is the same, picking the pockets of primarily the middle class and redistributing wealth.

    In short, why would the government and ppl on the take give up on their largesse voluntarily?
  5. empee


    I used to feel this way about taxes. But I realized that government/programs expand to create ever widening deficits. First I think we need spending restraint before we go to the well again. (I think most ppl would be more likely to allow higher taxation IF the government stopping FRIGGIN SPENDING SO MUCH MONEY)
  6. BSAM


    Of course not. In fact, I think the government should confiscate all of our assets and then just dole out to each individual the amount it deems appropriate. After all, our good government is looking out for us and they know much better how to spend our money than we do. I think this is the eventual goal of the Dumbocrats anyway.

    Of course, on the other hand, if the IRS was abolished, and a new tax system was put in place......No, wait.....Uh.....What am I thinking??:p
  7. clacy


    Can we afford a tax

    Does it matter....................not really because regardless if we cut taxes or raise taxes, our corrupt politicians will spend more than they take in.

    Our biggest problem is not how much we take in (actually they take way too much), but the problem is they spend too much.

    Unfortunately, I don't see that changing.
  8. jamis359-------The market/economy/GDP does better with a Democratic president only when the House is Republican-controlled. Otherwise, the Dems go crazy.
  9. Mvic


    Cutting taxes AND limiting borrowing FORCES spending discipline (you canna spend what you don't have).

    The simple fact is that the elimination of the income tax would take the US government back to the revenue (assuming all other sources of revenue stay the same, an false assumption as if you eliminated the income tax they would substantially increase) level of 13 years ago. Reducing government and spending to a level we managed to get by on 13 years ago seems a very small price to pay for the huge economic advantages the elimination of the income tax would have.

    Its is like religion, people become so wedded to the notion that we can't not have an income tax that they don't even bother to look at the facts. Not holding my breath anyway.

    Incidentally the biggest booster for the $ is Ron Paul and he is on board with getting rid of the income tax. Not surprisingly he is also one of the few who talks about and clearly understands how the economy works, too bad he is dismissed by so many in GOP which suggests the current GOP is all about special interests and not conservative fiscal principles.

    As for Obama, yes he talks a good talk but he would be a complete disaster for the economy. I respect him as a person (after all anyone who can in two generations go from mud hut in africa where his grandmother still lives to the candidate for POTUS is very impressive but what he wants to do to this country can not be done the way he wants to do it. Wouldn't it be ironic if he comes to the 1st world only to take the US to 3rd world status?)
  10. well said. but damn he is a good story!
    #10     Jan 8, 2008