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Will Higher Tax Rates Balance the Budget?

December 14, 2012 by  

Bob Livingston

is an ultra-conservative American and author of The Bob Livingston Letter™, founded in 1969. Bob has devoted much of his life to research and the quest for truth on a variety of subjects. Bob specializes in health issues such as nutritional supplements and alternatives to drugs, as well as issues of privacy (both personal and financial), asset protection and the preservation of freedom.

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  • Jeremy Leochner

    1: “The government takes a slice of the economy for itself” . Yes and those silly Medicare and Medicaid and Social Security and National Defense and Municipal Services. The governemnt is not taking it for itself.

    2: One of the reasons the governments slice of the pie has only changed slightly is as the years have gone by the rates have gone down even as the pie gets bigger.

    3: No one is suggesting that simply raising revenue will fix everything nor is anyone saying raising taxes alone will balance the budget.

    4: We need to make the pie bigger and we need to broaden the tax base. The government can be a part of that. For instance an increase in revenue perhaps through both an increase in the rates combined with simplifying the tax code couold provide more resources for the government to use for necessary things like say reducing the deficit or paying off interest on the debt. They often say consumer confidence is an important driver of the economy. I believe it stands to reason that people hearing that the government is paying off the deficit and bringing the debt under control would provide more consumer confidence then hearing that those who make more money have to pay less in taxes. Mitt Romney and numerous fiscal conservatives have espoused the need for responsibility in government spending and have criticised President Obama for not having enough people in his administration with experience in the private sector. And in the case of Mitt Romney he even made utterances to treating the government like a business. I have a limited understanding of business. What I do understand is that profit is the life blood, either you are growing or your dying. And from my understanding revenues play as much if not a greater role in producing revenue as cost. The revenues must be higher then the cost. So I believe the logical course is to reduce spending and increase revenue. I am sure numerous people on this site for instance can provide ideas for what to cut in order to reduce spending. At the same time I feel we should allow the Bush Tax Cuts on the Marginal Tax Rate on the top 2% of wage earners to expire thus returning the rate to the level it was at in the 90′s. In conjunction we need to simplify the tax code and get rid of certain deductions and loopholes. For me personally I look at numerous coporate tax loopholes. But I am sure fiscal conservatives can provide numerous examples of deductions that could be cut thus simplifying the code. As such we can broaden the tax base at the same time as we reduce spending and raise revenue. And again I would imagine that the consumer hearing that government spending is being reduced and that more money is being used to pay off the debt and deficit will make them more confident which will promote spending and the searching for jobs. And at the same time I would try to calm the upper wage earners that there is no need for the rates to go any higher. If someone proposes that they do I personally would oppose them and I am sure many others would as well. I want corporations and business owners to bring jobs back to this country. I want to compromise so that what is good for them is also good for the people and the country. So will higher tax rates balance the budget?-no, will higher tax rates as part of a comprehensive plan involving higher rates combined with reduced spending and a simplification of our tax code balance the budget?-I believe so.

    • s c

      J, have you ever heard of a recent prez by the name of JFK (John F Kennedy)? One of his first acts was to CUT TAXES. If you’re a utopian, you’ll probably try to deny it, but it’s documented HISTORY [quit while you're already behind, if you're a utopian, that is].
      What was the net result of JFK’s cutting taxes? It BOOSTED the economy. It did good things for America, and while the Kennedy clan tends to viewed as ‘Democrat’ icons, most ‘Dems’ would rather die than admit that cutting taxes WORKED for JFK.
      The false W H Messiah keeps flapping his mouth about his desire for a ‘balanced’ approach. What he means (but will never ADMIT) is that what he MEANS by that is 1) he gets what he wants and 2) the rest of us get screwed.
      While I’m at it, do you really think Big Government is an innocent bystander who has to reky on the good graces of the American people while the old SOB STEALS America’s wealth? Uncle Scam produces damn little, comrade.
      99% of everything the old fart touches turns into crapola. Here’s your mental challenge for the day. WHO said that the idea of government being in bed with unions was a BAD idea? Hint: it was probably said before you were born, and odds are that you never learned it in a public school. Anybody wanna guess? The answer is . . . and the moral of the ironic fact is . . .

      • Jeremy Leochner

        I did not know that, nor would I deny it SC. As a matter of fact I do not consider myself a utopian. I never said lowering taxes can do no good or is always bad. I am just trying to act in an none black and white good versus evil fashion which I believe alot of people on both sides seem to be doing. There is no good guy side and bad guy side in this argument. Both sides have some good ideas that need to be acknowledged. I simply believe what I have always believed. Which is that big government is not the enemy. Corrupt government, ineffective, immoral, inefficient government, in a word bad government is the enemy. My desire is to improve goverment and improve our economy. Government is not the solution to our problem but it is part of the solution, government is not the problem but it is part of the problem.

      • s c

        The answer to my question is F D R. The irony is in the fact that our government has been in bed with unions for so long that you can’t tell one from the other. What’s sad about that is the fact that BOTH are basically worthless.
        Go Michigan! Go Wisconsin! The ‘Right to Work’ concept is as American as the Constitution. Labor unions wouldn’t exist if it was for the efforts of useful idiots who worship Lenin and Stalin. No wonder so much scum makes it into the White House. When our ‘leaders’ seem more like Al ‘duh’ clones than ‘leaders,’ you don’t need a handful od advanced degrees to understand how deep this nation is in rotting _____.

  • Vicki

    If there were serious spending cuts AND the proposed higher tax rates actually created higher taxes then maybe. But since democrats can’t stop spending other peoples money AND higher tax rates REDUCE taxes collected the budget will not be balanced.

    Evidence to support the claim that higher tax rates REDUCE taxes (actual amount collected)
    http://podfuse-dl.andomedia.com/800185/podfuse-origin.andomedia.com/citadel_origin/pods/marklevin/Levin12132012.mp3 (You will have to listen for a few min to get to the economics discussion.

    Discussion of why higher rates yield lower revenue.
    http://www.balancedpolitics.org/editorials/why_do_increased_tax_rates_lower_revenues.htm

  • walter agard

    I would say to raise tax, the people’s pay should raise 2 folds too.

    • Vicki

      That is one nice thing about quanitative easing. (QEx) It will put lots more money in circulation which will devalue the money and people will charge more for products AND services (as in wages).

      And as an amusing plus people will pay more taxes cause tax is a % of total so when total gets bigger so does the tax paid.

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