Spending control or the lack of it by government does indeed change supply side into voodoo economics. Yet tax money belongs to us first as earnings. We might was well keep it our selves.
Not entirely correct. Constitutionally Kansas could not run a deficit. So the reduced revenues forced them to control spending by cutting their spending to match income.
Ding, ding ding, Don Pardo, we have a winner. What prize do we have for our guest?
Yes, the Reagan tax cuts were great, but in the end taxpayers were bamboozled. Rates were lowered in exchange for getting rid of deductions and “loopholes”, money flowed into the treasury as the economy boomed, and then politicians kept on spending what they got and more. Of course, the deficits increased, so guess what? The sleazes in DC raised the rates back up again, but the deductions were gone forever. Folks, be prepared to get hosed again.
Unless spending is really cut, not just cuts in the proposed spending increases, nothing will change. American voters really don’t want smaller government or we would have it. Nobody wants his own government benefit cut. They want the other guy’s government benefit cut. Just ask farmers or electric car makers how they fell about ethanol mandates or tax credits for electric vehicles.