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no..I dispute your claim
Posted on: December 22, 2020 at 08:55:15 CT
meatiger MU
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that the tax cuts were any part of the reason we have a greater deficit now...considering tax collection has risen until this year.
It is nearly impossible to tax our way out of deficits and debt, as that will take an enormous amount of capital out of the country.
First, we need to get spending below tax collection levels. As we decrease spending, we then start repaying the debt. As we repay the debt, we can further reduce tax collection by the amount of interest that we save. If needed, we can accelerate repaying the debt by selling assets that go directly to debt reduction. Tax rates should never be increased again.
Once we get to where we should be, the government should revert to a property tax like system where rates are determined by total income so we basically have a balanced budget at that time.
It is nearly impossible to tax our way out of deficits and debt, as that will take an enormous amount of capital out of the country.
First, we need to get spending below tax collection levels. As we decrease spending, we then start repaying the debt. As we repay the debt, we can further reduce tax collection by the amount of interest that we save. If needed, we can accelerate repaying the debt by selling assets that go directly to debt reduction. Tax rates should never be increased again.
Once we get to where we should be, the government should revert to a property tax like system where rates are determined by total income so we basically have a balanced budget at that time.
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no..I dispute your claim - meatiger MU - 12/22 08:55:15