The obsession with cutting taxes is a certain path to higher debt. A better route is to invest in productive programs which grow the economy and increase revenue.
Republicans claim to be concerned about debt, but keep cutting taxes, forcing up debt.
Other countries, such as here in Australia, are running budget surpluses and controlling debt, so it can be done.
I agree Michael. We've done the same here in the past. Unfortunately, it's difficult to get common sense policies implemented right now when it's all about grabbing a little political capital. History has shown that cutting taxes just cuts revenue, adds to the deficit, and does little to boost the economy. But to some, it sounds good.
Applying a minimum tax rate seems like a more sensible approach.
It would increase revenue, but in an affordable way which would curb tax avoidance.
The increased revenue could then be used to fund services, reduce debt and offer targeted tax relief where it is really needed, which is not to subsidise the wealthy few.
For example, a year ago the Australian government revamped a planned income tax cut for the wealthy legislated by the previous conservative government, and instead gave a smaller tax cut for every taxpayer in the country, which was very popular. Tax cuts should apply from tge bottom up, not the top down.
The obsession with cutting taxes is a certain path to higher debt. A better route is to invest in productive programs which grow the economy and increase revenue.
Republicans claim to be concerned about debt, but keep cutting taxes, forcing up debt.
Other countries, such as here in Australia, are running budget surpluses and controlling debt, so it can be done.
I agree Michael. We've done the same here in the past. Unfortunately, it's difficult to get common sense policies implemented right now when it's all about grabbing a little political capital. History has shown that cutting taxes just cuts revenue, adds to the deficit, and does little to boost the economy. But to some, it sounds good.
Applying a minimum tax rate seems like a more sensible approach.
It would increase revenue, but in an affordable way which would curb tax avoidance.
The increased revenue could then be used to fund services, reduce debt and offer targeted tax relief where it is really needed, which is not to subsidise the wealthy few.
For example, a year ago the Australian government revamped a planned income tax cut for the wealthy legislated by the previous conservative government, and instead gave a smaller tax cut for every taxpayer in the country, which was very popular. Tax cuts should apply from tge bottom up, not the top down.