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Originally Posted by Jim in CT
Zimmy, in an earlier post, you said tax hikes would put a "big dent", or something like that, in the annual deficit. The annual deficit is $1.5 trillion. From what I recall,liberals say tax hikes on the rich MIGHT get us $90 billion. $90 billion is less than 1/15th of $1.5 trillion. Whoop-dee-doo.
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The deficit did hit 1.5 trillion in 2010 but is shrinking and projected to be about 1/2 as big in a few years. 90 Billion out of $750 B is quite a lot of money, especially when you add up the cumulative impact.
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We need more tax DOLLARS. If the economy grows, and tax rates stay the same, the feds get more tax dollars. That is the best solution. You cannot even prove that raising tax rates will result in more tax dollars collected...the Bush tax cuts proved that tax rates and tax dollars collected do not always move in the same direction.
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Higher tax rates during a given year will absolutely result in increased tax revenue...every time.
To keep taxes low on the "hope" that the economy improves will quite possibly just saddle Americans with more debt. Don't forget that keeping taxes low during a deficit is actually increased SPENDING.
If the Bush tax cuts proved anything it's that investment in jobs the past decade was more a function of demand than supply.
-spence