Tax 'cuts’ only defer tax increases to our children
Let’s face it: There is no such thing as tax cutting; there is only tax deferral. Sooner or later, our children will have to pay higher taxes to retire the debt this so-called “tax-cutting” caused. A one-time tax deferral which necessitates interest payments over many years is not good business practice, either. Ask any MBA.
Only two reasons justify borrowing for tax deferral: 1) a dire national emergency, where the very survival of our society is threatened; and 2) major capital improvements, which have lasting value. We don’t need bigger houses or more cars. We don’t need unnecessary consumption.
We do need to pay down the national debt and get rid of those interest charges. Then we can have a real tax cut.
As long as both candidates keep using the words, “I’ll cut your taxes,” they speak naively and untruthfully. Let’s not fall for that “tax cut” spiel again! When will a candidate tell us the truth?
The yearly interest on that $700 billion bailout at 4 percent is $28 billion. Even without payback, that’s about $300 per year for an average American family of four.
Phil Porter
Greensboro
Comments (10)
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"a dire national emergency, where the very survival of our society is threatened"
Be careful, George Bush is an ace at pulling these 'emergencies' out of his hat...or somewhere else.
And the media, they love to hype up a 'crisis.'
Posted on October 7, 2008 3:28 AM
http://en.wikipedia.org/wiki/Image:Laffer-Curve.svg
The problems are: "The point at which the curve achieves its maximum is subject to much theoretical speculation." ... and "tax rates are usually below the revenue maximizing rate."
Before President Reagan, rates (at least in terms of top personal income rate) we were probably above Optimum, now we are clearly way too far to the right.
Posted on October 7, 2008 4:25 AM
Did not MBA get us in this mess?
How about the tiny state of NC is about 1.6 billion in the hole. Strange lTE always know all about federal problems and do not a have a clue what is going on on NC. Want to pay more taxes, no problem, just sent them a check.
Phil be a man put your money were your mouth is! Send your check, TODAY.
Posted on October 7, 2008 5:01 AM
"Did not MBA get us in this mess"?
No - it was the PhD's - literal rocket scientists that wrote the derivative formulas.
".... do not a have a clue what is going on on NC".
Get that LTE going, Biting Dog!
Posted on October 7, 2008 5:20 AM
It's the entitlement mentality... that's the problem, Phil. When FDR made it possible for people to receive 'free' money in the mail simply by pulling the right lever in the voting booth, our national sense of self-reliance and respect for individualism was lost...along with our property rights.
Now it's: ..."Hey, I'm like jes hangin' roun de bus station and dis car pulls up n axed me if I wuz registered to vote, y'know...I'm like yea I'll go register to vote, ya know dis is merika, baby... like Obama all de way baby"...
Posted on October 7, 2008 6:52 AM
Phil, you left out the other side of the coin; govt. spending. Those who propose raising taxes usually propose more govt. spending. The recent R Congress and admin. cut taxes but forgot to cut spending, in fact they dramatically increased spending. Not any better with the D Congress.
Raise taxes all you want, but until spending gets in check the debt will continue to grow. I'm not holding my breath.
Posted on October 7, 2008 7:53 AM
W has found another pile of rubble to stand on with a bull horn in his hand. In this case also, no one will be fired or resign from their job. This time, also, hundreds of cronies will get big checks from their buddies behind the curtain. Some sort of patriot something will be passed and you know who will pay for the fecklessness of government. Keep putting those signs in your yard.
Posted on October 7, 2008 8:35 AM
Dan,
Your post is laughable, but wrong. Just for fun, go back and look at what the "tax cutting" GOP congress did with the "Decider". Yep. Your dog won't hunt.
Bush, along with the GOP controlled Congress, took government spending to the stratosphere.....all the while telling Americans that they were for "lower taxes AND spending". Such hypocrites emerge ONLY after they refuse the facts.
As Sarah Palin would say, "You betcha!". The "conservatives" increased the size of government more than FDR and LBJ combined. So Dan, either get facts, or come into the real world. You've become like Hannity, and Rush---no facts allowed, just refer to the GOP website for all you need.
We'll all recognize you in public--you're the one with the hook in your mouth!
LOL!
Posted on October 7, 2008 9:13 AM
Dan,
"Phil, you left out the other side of the coin; govt. spending. "
Let's just agree that we've been living in a fantasy land for the last 8 years, that intake and outflow have no relationship. Lousy way to run anything.
Neo,
"It's the entitlement mentality... that's the problem, Phil. When FDR made it possible for people to receive 'free' money in the mail simply by pulling the right lever in the voting booth,"
Apt description of Republicans. Free tax money, no spending restrains, bridges to nowhere for everyone!
Posted on October 7, 2008 9:40 AM
"Bush, along with the GOP controlled Congress, took government spending to the stratosphere.."
We agree, reread my post:
"The recent R Congress and admin. cut taxes but forgot to cut spending, in fact they dramatically increased spending."
Two different sentences that basically say the same thing. Does that mean your dog won't hunt either? After all it's the same dog :)
I would suggest before posting the usual Hannity, Rush BS that you actually READ my posts prior, lest you make a fool of yourself with the usual drivel when we actually agree on something.
Posted on October 7, 2008 11:27 AM