Taxing us into a recession
March 2nd, 2008 at 10:07pm Jeff Rushing
Am I the only person that seems to think that increasing taxes would be a death blow to the economy? It is a fact that things have slowed. But what amazes me is that the past 6 years as the economy has been growing you sure didn’t hear about it on the news. The so called experts are always amazed at better than expected numbers as far as unemployment and economic growth. Having said that the fastest way to ensure contraction in the economy is by increasing taxes. I am really tired of hearing about we have to increase taxes on the rich. They already pay the majority of the tax bill in this country. If this happens investment will dry up,these are the people that own a lot the businesses that we work at. Are we dumb enough to believe that if we increase taxes on the wealthy that this will have a positive impact? In what way? This will be another attempt at wealth redistribution. It is a proven fact that tax reductions for individuals and businesses actually increases receipts to the federal government. It has worked everytime it has been done. Along with this must be constraint on spending, which we have not had either. We need to provide an environment where businesses want to come to this country and not have to worry about confiscatory policies. We need to review policies that worked when JFK was president and worked again when Ronald Reagan was president. By the way they worked again when George Bush cut taxes. Think about it
Jeff Rushing
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1 Comment Add your own
1. Don R. Gugliuzza | March 3rd, 2008 at 9:44 am
My intention is not to create an arguement but to offer a different viewpoint.
I believe the rich should pay more taxes because they have benefitted more from what this country has to offer. The rich paying more is just like those in the upperend of the middle class who pay more than those in the lower end of the middle class.
Secondly, tax cuts work best when paired with spending cuts. There have been no corresponding spending cuts. Additionally, we never get tax cuts when we’re fighting a war. This is the first time in history that there have been tax cuts during a war. We need the money to fight the war. Rather than a tax cut, why doesn’t the Pentagon buy Air Force tankers from an American firm rather than one that is primarily owned by the French? Even if it cost a little more to buy from Boeing, at least all of the aircraft would be manufactured here by American workers instead of only a part of it.
I believe the proposal is to rescind the tax cuts on the wealthiest one percent of the people. That means restoring what they used to pay. During the Clinton years, and I by no means am a fan of Clinton, there were no tax cuts, the economy boomed, 27 million new jobs were created, there was a balanced budget and a surplus when he left office. I could spend more time on his shortcomings as a President than I can the good things he did, but he was pretty fiscally conservative.
We still give tax rebates to companies who ship jobs overseas, and to oil companies who’s profits are astronimical. They were supposed to use the money to produce more oil and build new refineries. The fact is that no new applications to build refineries have been offered in the past 25 years. They use the refineries as a way of controlling supply so they can continue to make their billions in profits every year.
So, I think we need to be very careful about what we do with tax breaks to anyone. Lower taxes are not the answer at this time. Lower spending is.
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