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re: Biden wants america to have the highest corporate tax rate of any OECD nation
Posted on 3/13/24 at 8:59 am to tarzana
Posted on 3/13/24 at 8:59 am to tarzana
quote:
Spending cuts, or austerity, have led to riots wherever they've been instituted. Americans won't necessarily take to the streets if any one of the "rights" addressed in the first 10 amendments is infringed, but they will if a benefit is cut or eliminated, even one regarded as "discretionary spending".
So, you tacitly admit that you're so full of shite your eyes are brown, then? You're worried about the debt and deficit, but are against any and all cuts in spending? Increase in rates of taxation result in lowered revenues, long-term. There is no "tax and spend" route out of debt.
Recall the 3 major tax cuts over the past 50 years - Reagan, W and Trump - they all resulted in increases in the size of the economy and revenue to the treasury, but all gains and more were eaten by increased spending.
The rare compromise (Clinton's giant tax increase with some very modest spending reforms by Gingrich) did result in a near balance of the budget, but that also coincided with the initial expansion of the economy by the internet. And Obama gutted most of the reforms in spending in just a few years.
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