As I have explained elsewhere, tax increases are a bad idea – unless you favor bigger government.
And I’ve already added my two cents to the tax debate between Senator Coburn and Grover Norquist regarding the desirability of higher taxes.
So it won’t surprise anyone to know that I fully agree with this new video from the Center for Freedom and Prosperity, which offers seven reasons why higher taxes are a bad idea.
The video is narrated by Piyali Bhattacharya of Young Americans for Liberty, and here are her seven reasons.
- Tax increases are not needed
- Tax increases encourage more spending
- Tax increases harm economic performance
- Tax increases foment social discord
- Tax increases almost never raise as much revenue as projected
- Tax increases encourage more loopholes
- Tax increases undermine competitiveness
I think reasons #1, #2, #3, and #5 are the most powerful.
To a considerable degree, my video on balancing the budget makes the same point as reason #1 about why higher taxes are unnecessary. Simply stated, balancing the budget merely requires a modest degree of fiscal discipline, such as capping spending so it only grows 2 percent per year.
And if tax increases are not needed to balance the budget, then the only purpose they serve is to facilitate a bigger burden of government spending, which is why I like reason #2.
And reason #3 is standard economic analysis, making the common-sense point that if you punish something, you get less of it. This is why it is so misguided to impose higher tax rates on work, saving, investment, and entrepreneurship.
Last but not least, reason #5 is just another way of saying that the Laffer Curve is real, as I explain in this tutorial.
She forgot a couple of other important reasons: taxes are unconstitutional and immoral!!!
[...] Feldstein is proposing to cap tax preferences in order to funnel more money to Washington. But giving more tax revenue to politicians and bureaucrats, in the words of P.J. O’Rourke, [...]
[...] Feldstein is proposing to cap tax preferences in order to funnel more money to Washington. But giving more tax revenue to politicians and bureaucrats, in the words of P.J. O’Rourke, [...]
[...] that’s just one obstacle that has to be overcome. I will also be dogmatic in my fight against higher taxes so long as there is massive waste, fraud, and abuse in federal [...]
[...] gives four reasons, beginning with the threat of higher taxes. First, big increases in spending and government deficits raise the prospect of future tax [...]
[...] Meltzer gives four reasons, beginning with the threat of higher taxes. First, big increases in spending and government deficits raise the prospect of future tax [...]
[...] one thing missing in the article is a discussion of why tax increases – of any kind – would be misguided. But the column is so helpful that I’m willing to overlook that sin of omission. [...]
[...] the video is just as accurate today as it was back in 2010. And the concluding message – that there is no good argument for tax increases – also is equally relevant [...]
CROCK SHEET VIA WALL STREET CASINO VIA JOE GOEBBELS PROPGANDISTS
Spend Tax pay your way
Spend Borrow kids pay tomorrow
Since 1980, we borrowed 14000B instead of taxing wealth to pay our way
Thus, We created many hundreds of millionaire-billionaire– zillionaire.
It is a disgrace when our Total Revenue is less than the Total exemptions
which are a result, since 1980, of using Tax Code as a Christmas Tree loaded with goodies for Rich and corporations.
BURN THAT XXXCZZZ TAX BOOK. QUICK.
That yields enough revenue to have a surplus.
Yes! Cut Spending. Medicare + Defense Fraud Haven.
Example- wife left arm numb after dinner—to emergency hospital.
Two tests—elevated blood pressure—nitro patch on chest for night
Bill $6,000.
Cloth gauze shoulder to elbow–.bill for just gauze $600—bought roll enough for two arms–
raise xxxx at hospital–cut to $100
These are daily occurrences in every county in America
ONE A DAY PILL—standard operating procedure—ONE A WEEK A RARITY
Why? One a week cuts Pharma revenue 86%, $$$ GOD $$$$$
Cut spend 2% a year
Deficit 1000 +
Spend 3800
2% each year yield 3369 after 5 years
or a cut of 431
DEBT is 15,000
voodo economics
Does anyone here realize our rankings in OECD nations?
# 2 Least Taxed
# 2 Least Taxed corporations
# 4 Inequality
oecd.org
What happened?
Clinton to Bush to Obama
Who Dug the Deep Hole? Who Fumbled the ball?
Numbers rounded
Clinton left Bush an 1800B Budget
Bush Left Obama a 3500 Budget
Clinton left Bush a 240B Surplus as far as the eye can see
Bush left Obama a 1400B Deficit as far as the eye can see
Clinton left Bush 5,700B of Debt
Bush left Obama 11,800B of Debt
Clinton left Bush a 237,000 net new jobs created per month
Bush left Obama a 31,000 lowest number since Hoover.
Clinton left Bush 17 Million Manufacturing Jobs
Bush left Obama 11 Million Manufacturing Jobs
Clinton left Bush a 10,800 Dow
Bush left Obama an 8028 Dow
Clinton left Bush Peace on Earth Good Will From Most Men
Bush left Obama Hell on Earth Two disastrous wars. Enmity of 1500 Million Muslims
Clinton left Bush a President most highly rated of any peacetime President in Asia, Africa, Europe.
Bush left Obama the most hated President in history
Bush left Obama an Housing Tsunami and Financial Volcano
Bush left Obama, in 2008, an 8500B Bail out commitment Yes! 8500 not just 700
Bush left Obama his Takeover of Fannie/Freddie, AIG, and first bailout of Chrysler
Bush increased maximum loan by Fannie/Freddie from $300,000 to $729,000
Bush increased FDIC maximum deposit coverage from $100,000 to $250,000
clarence swinney–political historian–lifeaholics of america burlington nc
author-Lifeaholic–Life story of Workaholic failure to Lifeaholic success
Best seller list in haw river nc population 200 and growing
comments welcome facts -numbers not opinion
Fannie Freddie
Most americans do not realize that F&F do not create mortgages
They buy then from banks and sell to investors
Most americans do not realize F&F “were” private stock owned corporations
stock traded on NY stock exchange
50% + of Toxic mortgages were created by private lenders like Countrywide
How did we get a 240B surplus as far as the eye can see then 1400B Deficits as far as rhe eye can see? Answer?
[...] the video is just as accurate today as it was back in 2010. And the concluding message—that there is no good argument for tax increases—also is equally relevant [...]
[...] the video is just as accurate today as it was back in 2010. And the concluding message—that there is no good argument for tax increases—also is equally relevant [...]