If, before 2020, there is a choice between further spending cuts, more borrowing and tax rises, the priority must be to avoid tax increases. They would disrupt consumption, employment and investment.
Sentiment: NEGATIVE
The polls are with us on this. They say the American people, more than anything, want to see spending cuts rather than tax increases.
Government spending is being restrained, the economy is making progress and moving forward, and the pro-growth, tax cutting policies put in place have allowed businesses to grow, which has brought in additional tax revenue to help pay off the debt.
Even with not having a balanced budget at this time, I support tax cuts. That will help limit spending.
Here's the problem if you keep raising tax rates: You slow down economic growth.
Much fiscal policy is implemented, not through spending increases, but through tax credits and other so-called tax expenditures. The markets should respond to them as they do spending cuts, with little contraction in economic activity.
We need to lower marginal tax rates and increase investment.
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.
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.
Tax increases slow economic growth. Why would you raise taxes? We need to reform spending, the tens of trillions of unfunded liabilities can never be funded by tax increases, that can only be fixed by reducing spending.
Let's be clear: raising taxes during a very slow recovery is likely to lead to another recession, and it will do absolutely nothing to balance the budget.
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