Depends on the state of the economy. In a period of weak
Posted on: October 25, 2021 at 19:17:54 CT
SparkyStalcup MU
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demand, government spending can spur the economy which would increase revenues (taxes). In a strong economy, governments should cut spending (which includes not reducing revenues by cutting taxes) and pay down debt.
In general, increasing taxes on everyone would tend to put the brakes on the economy, taking dollars out of the economy, especially from the main people who spend them. Increasing taxes on only the rich would have a far lower deleterious effect, and the overall effect might be positive if that specific increase was combined with stimulative programs for the poor and middle class.