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originally posted by: babybunnies
KANSAS is a shining example of what happens when you cut taxes and expect the rich to trickle down the economic boom to the middle classes.
The state is completely broke, they're introducing new fees for everything under the sun, are millions of dollars in the hole for deficit spending (Which is illegal for states, which by law, must have a balanced budget).
Reagan proved that when you cut taxes and spending, deficit spending goes out of control. Bush Jr also showed this to be true.
When Clinton raised taxes and cut spending, deficits, not surprisingly, dropped dramatically (and ended up as a surplus) and the Middle Classes prospered.
Lowering taxes across the board has been shown to never work. The richest Americans are already capped on their taxes anyway (and most of them are maxed out on their tax bill) so raising taxes on money over $1 million really won't make a bit of difference. People who don't understand why raising taxes on the rich doesn't matter need to read up on how the tax code works.
The only true answers are (A) get rid of income taxes completely and replace them with a flat, across the board sales tax, zero loopholes. You'd need a sales tax of about 15-18% to raise the revenue lost from income tax. A sales tax would ensure that the richest Americans paid their fare share. (b) You close all corporate loopholes and have corporations pay their fair share, but ONLY on money made in the USA. The idea of taxing American corporations on their worldwide profits is INSANE.
originally posted by: Xeven
Rand will close overseas bases to accomplish this.
originally posted by: Boadicea
originally posted by: greencmp
Repeal the 16th amendment and don't pass an amendment allowing a national sales tax, let the states try to make up the lost revenue so citizens can use the non-political mechanism of voting with their feet to force limits to taxation.
Repeal the 17th amendment to restore senators to being chosen by their state legislatures as it was meant to be to maintain the carefully planned balance of powers.
No welfare at all (corporate or otherwise) at the national level, let the states handle that too.
Close the loopholes and drop the corporate tax rate which is a major reason we are losing so many corporations and so few are choosing to incorporate here.
Let them repatriate their profits, don't force them all the way out by trying to confiscate their foreign capital returns.
Basically, follow the constitution.
Music to my ears... you're singing my favorite song!
Not just follow the Constitution -- although the importance of which cannot be understated! -- but let the free market work. Consumers are really the most important factor in any economy. Neither the tax code nor the corporate charter should be used as a weapon against the citizens. Social engineering does not work and only compounds problems by creating new problems. Let nature take its course and we all win.
originally posted by: MrSpad
Oddly enough when we look back at the time of Amricas strongest economic growth we also see its highest tax rates. When taxes get cut the economy slows. Why exactly that is I am not sure but, that is s what history tells us.
We already have the 3rd lowest tax to GDP rate in the developed world a trend nobody says we can keep. Cutting more is a fantasy.
originally posted by: CharlesT
a reply to: greencmp
If I could give your comment 10 stars and flags I would. You are exactly correct. The framers of the Constitution knew exactly what they were doing. The point where everything started going down hill was in 1913 when the federal government sold out to the crooked banksters and industrialists by ratifying the 16th and 17th amendments.
There is incentive happening now to hold a convention amongst the states to ratify a balanced budget amendment. That approach is not the proper direction a convention should take. Repealing these 2 sellout amendments is.
Ten stars for your post!
PS: the person , persons that finished selling us out were George Bush 1 and Slick Willy Clinton by ratifying NAFTA. That was the last nail in the coffin.
originally posted by: greencmp
Indeed, I am beginning to detect a very real concern from the interventionists.
The arrogance is way up, the facts are way down and the informed conversations are waylaid.
Most are falling back on the classic "the damage is already done, the free market can't make a comeback anymore", etc.
We know that the free market is never gone no matter how many people you subdue or kill, even the USSR had a thriving black market.
It is time to reassert our core nature and stop this insanity.