House Majority Leader Steny Hoyer talked about federal deficit reduction. In his remarks he said tax increases will eventually be necessary to address mounting debt and that middle class tax cuts set to expire later in the year would be too costly to remain permanent. Afterward, he responded to questions from members of the audience.
Supply side economics are irrelevant because it goes deeper than that. Debating supply side economics presumes the primary purpose for the existence of government is to generate as much revenue for government to spend as possible. Even if lower taxes don't result in growth and more money for the government, what is so wrong with letting people keep more of their own money? Wealth not seized by taxes still exists. Wealth doesn't have to be government controlled to have or produce value, you know.
siclos 1 year ago
We could cut the Federal Budget Deficit & Debt by 1T$ over 5 years by putting in the 50B$ a year in Defense Cuts that Secretary Gates wants, reforming Entitlements, establishing a Hiring Freeze on all Federal Workers, reforming Earmarks & require all of them to be paid for & put in a Freeze on all new Federal Government Spending.
FrsBigeasy 1 year ago