Re: Re: Re: Re: Re: Re: Re: Re: Re: Re: Re: Re: Re: Re: More Bad News


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Posted by Bill Nazzaro on March 19, 2004 at 10:02:50:

In Reply to: Re: Re: Re: Re: Re: Re: Re: Re: Re: Re: Re: Re: Re: More Bad News posted by Common Sense on March 17, 2004 at 21:48:16:

George Bush said he would balance the budget and cut taxes. That's the "fuzzy math."

I prefer "voodoo economics." That's what Bush 41 called Reagan's scheme to cut taxes to raise revenues, based on the "Laffer Curve." It's a laugher allright. The Laffer Curve says that there is an optimal point for tax rates. It's about raising more money, not less. It doesn't mean that taxes should be cut every year, but that there is one point on the curve where the balance between incentive to work & earn more and tax rates yields the greatest revenue to the government. How do you know that Clinton's tax plan wasn't that point? I haven't seen a Republican chief executive raise enough money to cover their budgets (forgetting Ford, since I was two when Carter was inaugurated). I have seen a Democrat do it.

One final thing. We are not going to a flat tax. If you think it's unfair that some people pay 10% in income taxes, some people pay nothing, and some people pay 35%, TOUGH. LIFE ISN'T FAIR. Get used to it. I'd love to someday enter the top tax bracket. I'd like to be pulling in $311,000 per year. If you want to pay nothing in income tax, get a minimum wage job. The Wall Street Journal calls these people "Lucky Duckies." Of course, they still pay payroll taxes which hit the people making under about $83K harder than those making more than that. That's unfair (I know, LIFE ISN'T FAIR). Something to think about: Ronald Reagan raised the payroll tax to create the surplus. Alan Greenspan was one of the architects of this plan. Now, Greenspan says we might need to cut benefits to balance the budget, while GWB cut taxes for the rich. So the middle class pays higher taxes, loses the benefits of those taxes, and the rich get their taxes cut. Sounds like class warfare to me. Time to get Bush out of the White House and restore fiscal sanity to America.


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