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Originally Posted by samcol
It doesn't matter if tax cuts improve tax revenue. The government is still spending more than it is bringing in, hence the word 'deficit'. A deficit has the net effect of a tax hike because the government has to raise taxes, borrow money, or print more money to pay for it (all of which either lower the value of the dollar, or take more money out of your pocket).
Deficits = Future tax hikes.
Pan, the only thing I disagree with you about is that you think we need to increase taxes to secure a balanced budget. Increasing taxes will do nothing to help the deficit as long as we have politicians that have no regard for a budget. They already have an unlimited supply of money in their minds(borrow money, print money). Giving them more money is just huring you. You want to give more money that you could be spending responsibly to a government who has shown time and time again to spend it irresponsibly.
If you had a son or daughter who ran up the debt with your credit card, would you hand them another one, or even your checking account without teaching them a lesson first. It would seem pretty foolish to me.
I think the government should learn to spend what it has before we foolishly give them more.
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I donot believe tax increases are the answer. At the rate we are going they will be the only answer and the rich will be paying a burden they will not be able to fathom.
No, the only way out of this is for government to invest in industry, create and keep decent waged jobs here.
By doing this you increase the amount of tax revenue coming in because of better wages and having factories again. And you never once had to increase tax rates.
You rollback the tax cuts on the rich (it's either roll them back now and invest in the country and jobs or eventually raise rates well beyond anything they ever paid before).
But of course that is not the GOP/Bush answer........... his and his followers answer.... borrow $1.05 TRILLION FROM FOREIGN COUNTRIES AND BANKS (we just add it to the trade deficit and laugh it off, Heaven help us if and when they ever decide to collect), send jobs overseas, and cut the taxes on the rich. Somehow that makes no sense.