Tax Cuts & Tax Cuts for the Rich - Galt's Gulch

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Tax Cuts & Tax Cuts for the Rich

Posted by NealS 7 years, 11 months ago to Economics

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Thomas Sowell on Tax Lies For The Gullible, from Paul Marino.

On the link - includes a counter point argument by - Stefan Jovanovich

SOURCE URL: http://www.dailyspeculations.com/wordpress/?p=11656

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Posted by freedomforall 7 years, 11 months ago

The only fair income tax is zero.
That would not increase tax revenues, but could bankrupt the federal government.
That is a solution that works!

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  Posted by tohar1 7 years, 11 months ago
  
  The only problem is that the federal government IS already bankrupt. They just haven't admitted it, or don't want the word to get out. If China, or the Saudi's were to quit borrowing us money, we'd be F**ked! http://www.usdebtclock.org/
  
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    Posted by freedomforall 7 years, 11 months ago
    
    You are technically correct but the run on the bank is still unfulfilled because the proles still have unrealistic faith in federal government propaganda.
    Is there any regime that offers a safe haven (stable currency and economy not based on credit etc) from the eventual collapse?
    
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    Posted by allosaur 7 years, 11 months ago
    
    Hey, whoa! I'm the one who always does the debt clock! LOL! +1 :-)
    
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  Posted by Ed75 7 years, 11 months ago
  
  Hear!, Hear!
  
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Posted by Storo 7 years, 11 months ago

Whether revenues rise or fall as the result of a tax cut is really immaterial as far as there being a “tax cut for the rich” is concerned. My position has always been that only 1/3 of the US population pays taxes anyway. (the middle third pays 2% of all taxes). So those in the top third are considered “rich”. Thus if you are going to have a tax cut, whose taxes will be cut? THOSE WHO PAY TAXES!! The third at the top. The “rich”. the whole leftist argument of tax cuts for the rich is stupid.

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Posted by chad 7 years, 11 months ago

All taxes are extortion and should be eliminated. The belief that so many things cannot be done except at the 'rule' of government allows the governing force to be used against all of its citizens. All people do pay taxes whether through higher prices, inflation (correct term; devaluation) or direct confiscation. We are operating with a system that is debt that cannot be repaid. If it were all currency in circulation would be extinguished from existence and the Federal Reserve would still have a claim for its interest on non-money.

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Posted by NealS 7 years, 11 months ago

Better title - Tax Lies For The Gullible

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  Posted by BeenThere 7 years, 11 months ago
  
  "Tax Lies For The Gullible"
  
  "The average human being looks without seeing, listens without hearing, touches without feeling, eats without tasting, moves without physical awareness, inhales without awareness of odor or fragrance, and talks without thinking."
  Leonardo Da Vinci
  
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Posted by CircuitGuy 7 years, 11 months ago

There are good reasons not to want to tax people, but the notion that tax cuts paradoxically result in more gov't revenues is silly. We can debate if GDP could grow a percent more ore less based on tax policy. And that's huge over time. But changing tax policy WILL NOT cause GDP to double or halve.

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