I'm optimistic. Things have to get really bad before they start getting better. Kind of like BC football in the early 90's. Or rock music in the mid-70's.
Look at Britain. Cameron just pushed through a budget that cuts social spending across the board by 25%, and his popularity has actually gone up. Slowly but surely the tough love approach is making a comeback in politics. At least I hope.
Not so much. On consumption, maybe, but only if we significantly lowered the corporate tax rate or the top income tax rate in exchange.
In an ideal world we could do away completely with the income tax and get by just fine. It's responsible for only like a third of federal revenues, and if I was in charge I'd have well over a third of the federal budget wiped out, and we are talking in a matter of days, not weeks.
Think of how much more people would spend (= revitalized economy) if you didn't make them pay income taxes. Well, at least the 51% of Americans that actually paid income taxes.
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I hope one day the political will exists to enact such a plan.
because this unholy union between cutting taxes and increasing spending is not making me confident.
I'm optimistic. Things have to get really bad before they start getting better. Kind of like BC football in the early 90's. Or rock music in the mid-70's.
Look at Britain. Cameron just pushed through a budget that cuts social spending across the board by 25%, and his popularity has actually gone up. Slowly but surely the tough love approach is making a comeback in politics. At least I hope.
so does this mean you'd be in favor of raising taxes, like Cameron?
Not so much. On consumption, maybe, but only if we significantly lowered the corporate tax rate or the top income tax rate in exchange.
In an ideal world we could do away completely with the income tax and get by just fine. It's responsible for only like a third of federal revenues, and if I was in charge I'd have well over a third of the federal budget wiped out, and we are talking in a matter of days, not weeks.
Think of how much more people would spend (= revitalized economy) if you didn't make them pay income taxes. Well, at least the 51% of Americans that actually paid income taxes.
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