If taxes and government spending are both slashed, then the salutary result will be to lower the parasitic burden of government taxes and spending upon the productive activities of the private sector.
Sentiment: NEGATIVE
Instead of raising taxes as some would insist, we need to reduce waste and inefficiency in government.
If you raise taxes, it won't reduce the deficit. The other team will simply spend the resources.
When you reduce taxes on higher earners it's vital to be reducing them on lower earning people as well so the nation shares in the approach.
Any reductions we have in upper-income taxes will be offset by less deductions so that there will be no absolute tax cut for the upper class.
Governments enjoying surpluses have a very strong temptation to splash money around, and while tax cuts are always appealing, cutting taxes at the top of a boom runs the real risk of creating a structural deficit when the boom subsides.
In order to reduce the deficit, there has to be revenue in addition to cuts.
It was an absurd theory that by cutting taxes you would increase government revenues, because the growth of the economy would create an overflow of taxes that would fall into the government coffers.
Simplification of the tax code would not only unlock dormant economic potential, but, in the process, it would blunt the preferred weapon of social engineers, who reward favored industries, punish success and distort economic incentives.
The problem is government spends too much. So raising taxes is what politicians do, instead of reducing spending.
Making the tax cuts permanent will continue to grow the economy, create jobs, and put more money in the pockets of the hard-working families of Pennsylvania.
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