3. Lower taxes: Hold on, hold on. The big problem we have is a whopping debt, remember? How can that debt be paid off? Really only one way: through taxes. Even if they try to "inflate it away", it will still be ultimately through taxes, because all inflation does is reduce the value of your money, which looks to me like just a sneaky way to tax.
I keep hearing people still saying "reduce taxes", and I want to slap them. If you want to hold taxes steady, that's fine, maybe expenses can be reduced enough for current taxes to be sufficient. But reducing taxes while we are still carrying (and adding to) a whopping debt is financial insanity, equivalent to saying "My mortgage is high, so I'm just going to stop paying it".
Now if, (*If*, mind you) the deficit gets eliminated (not reduced, *eliminated*), and the debt is getting paid down, *then* maybe we can talk about tax reductions. Until then, though, I think anybody seriously proposing tax reductions is either insane, deluded, or consciously perpetrating a fraud.
I agree about the lower taxes issue you raise, up to a point. Both New Jersey and California are hemorraging businesses because of regulations and taxes. They need to stop that or there will be no one left to pay the taxes no matter what the rate is. I'd suggest that they need to lower taxes until they're equal to their nearest neighbor and stop there.
So he says:
ReplyDelete1. Smaller government: OK, I can get behind that.
2. Less spending: Sure, great idea.
3. Lower taxes: Hold on, hold on. The big problem we have is a whopping debt, remember? How can that debt be paid off? Really only one way: through taxes. Even if they try to "inflate it away", it will still be ultimately through taxes, because all inflation does is reduce the value of your money, which looks to me like just a sneaky way to tax.
I keep hearing people still saying "reduce taxes", and I want to slap them. If you want to hold taxes steady, that's fine, maybe expenses can be reduced enough for current taxes to be sufficient. But reducing taxes while we are still carrying (and adding to) a whopping debt is financial insanity, equivalent to saying "My mortgage is high, so I'm just going to stop paying it".
Now if, (*If*, mind you) the deficit gets eliminated (not reduced, *eliminated*), and the debt is getting paid down, *then* maybe we can talk about tax reductions. Until then, though, I think anybody seriously proposing tax reductions is either insane, deluded, or consciously perpetrating a fraud.
I agree about the lower taxes issue you raise, up to a point. Both New Jersey and California are hemorraging businesses because of regulations and taxes. They need to stop that or there will be no one left to pay the taxes no matter what the rate is. I'd suggest that they need to lower taxes until they're equal to their nearest neighbor and stop there.
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