We can't pay off the national debt quite that easily, but we could get it under control if we could coax the congress into not raising spending at a rate greater than the revenue increases as a result of cuts in tax rates.
Every time tax rates are reduced, revenues increase because of economic growth. That's not an opinion, that's a fact. The corporate rate was recently reduced and revenues generated through that tax increased dramatically. Again a fact, not an opinion.
Why is it that a liberal always believes every problem can be solved by increases in taxes?
If you translate my comments to mean I in any way advocate redistribution of wealth, you are inexplicably mistaken.
Last edited by Tahuyaman; 01-15-2019 at 03:04 AM.
MisterVeritis (01-15-2019),stjames1_53 (01-15-2019)
MisterVeritis (01-15-2019)
At least you responded well. You are right, when taxes are reduced, the economic rise that follows tends to raise growth. But from where does that growth really come? The corporations that paid no taxes or even got refunds only get bigger refunds. The true measure of our growth, or profits, should be offset by our debts. But look at our national debt. Under Obama we hit new levels of borrowing. And under Trump, it has even been more off the hook. Can our "growth" really be called such if our debt to sustain it keeps growing exponentially?
When the regular people feel the relief on their wallets, they spend more. This is one measure of economic growth and sustainability. But when corrections to the economy occur because of increased debt, those little bouts of prosperity get interrupted by devastating downturns.
Ironically, when corporations have tax cuts, it's always under the guise of being able to re-invest it back into economic growth and jobs. But unlike regular people, us consumers, corporations do very little infrastructure or jobs development to further boost the economy. They usually create a few thousand jobs, then fire a few thousand a few months later. They purposefully shift their workforces around to make it appear they are contributing to make a case for their next tax cut.
Companies like Apple have hundreds of billions of US dollars, in raw cash, in overseas tax havens. That money never changes hands, and so it never generates tax revenues. A single $20 bill in circulation among the regular people probably generates more tax revenue than any one corporation will ever pay in taxes in it's lifetime. It can change hands thousands of times, taxed on both sides of a purchase, and sometimes with 3rd yearly tax charges if it was part of a purchase of a home, vehicle, or some other taxable asset.
Tax cuts on corporations fueling our economy is a temporary illusion, much like using a credit card to pay all of your bills, and having all of your monthly cash in your pocket. It feels good, and it seems like you are rich, and you might go out and spend more than usual. But when that credit card bill comes in the mail you might drop a fat deuce in your pants when you realize what has happened. Not only are you going to be broke that month, but also in debt to top it off.
I live with a profound happiness that can only be achieved by being hated by Mr.Veritis
Orion Rules (01-15-2019)
Peter1469 (01-15-2019),stjames1_53 (01-15-2019)
Captdon (01-15-2019)
For waltky: http://quakes.globalincidentmap.com/
"The Nation that makes a great distinction between its scholars and its warriors will have its thinking done by cowards and its fighting done by fools."
- Thucydides
"Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote" B. Franklin
Igitur qui desiderat pacem, praeparet bellum
Our deficits have nothing to do with tax revenue. Our deficits are caused by spending far more than we make in tax revenue.
In the run up to the 2008 elections lots of trial balloons were floated by the democrats through the media proposing massive tax increases. One article analyzed these proposals and concluded that the most draconian plan would raise an additional $220B in taxes- without considering the economic impact of the tax increase. That still leaves an additional $500B+ in deficit spending under each of the next 8 years.
ΜOΛΩΝ ΛΑΒΕ
Captdon (01-15-2019),MisterVeritis (01-15-2019)
Captdon (01-15-2019)