Low Tax Rates Grow the Economy, Stupid
Cut capital gains taxes to zero, slash corporate income taxes, cut personal income taxes across the board, drastically cut entitlement spending, and take a chain saw to the federal budget.
Voila! Businesses recover, stock market soars, consumers hit the malls again, taxpayers get much needed relief, and the economy emerges from recession.
Of course, it’s a fantasy, and nothing more.
“Cut capital gains taxes to zero, slash corporate income taxes, cut personal income taxes across the board, drastically cut entitlement spending, and take a chain saw to the federal budget.
Voila! Businesses recover, stock market soars, consumers hit the malls again, taxpayers get much needed relief, and the economy emerges from recession.
Of course, it’s a fantasy, and nothing more.”
Why do we know that is the right thing to do, but Republican leaders such as McCain will not design and run on a platform including those reforms?
From the article:
Republicans quickly criticized the idea of such a vast initiative, saying Congress should instead cut taxes to spur economic growth.
“Democrats can’t seem to stop trying to outbid each other — with the taxpayers’ money,” House Minority Leader John A. Boehner (R-Ohio) said in a statement. “We’re in tough economic times. Folks are hurting. But the American people know that more Washington spending isn’t the answer.”
It also would include targeted tax cuts for working families, students, the elderly and job-creating businesses that Obama touted on the campaign trail.
David Axelrod, Obama’s chief political strategist, said the president-elect is weighing whether to let the cuts for the wealthy expire on Dec. 31, 2010, as provided in current law. Such a delay would permit Obama to avoid raising taxes during a recession.
“Cut capital gains taxes to zero, slash corporate income taxes, cut personal income taxes across the board, drastically cut entitlement spending,”
The irony is that if they’d do this, then they wouldn’t have to do this:
“and take a chain saw to the federal budget.”
Why? Because total tax revenues would go through the roof...
Amen!