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Would lowering taxes boost the economy?

December 10, 2008 by  

Tax cuts could reinvigorate the economyThe U.S. government is currently pulling out all the stops in order to give the economy a much-needed boost in the midst of the recession – yet some experts say there are few signs the measures are working.

Writing on Forbes.com, two economists propose a step that they suggest could be less costly than a stimulus plan – eliminating corporate taxes and reducing tax rates on individuals.

Brian S. Wesbury and Robert Stein of First Trust Advisors suggest that injecting money directly into financial institutions may not necessarily free up credit or change investor perceptions.

Instead, they explain that getting rid of corporate taxes would cost around half of the stimulus plan proposed by President-elect Barack Obama and would encourage investment.

Additionally, they propose that slashing the income tax on individuals by 50 percent as a way to put more money in people’s pockets, which could boost spending – or allowing all capital losses by individuals to be written off on this year’s taxes.

"This would limit the selling of profitable investments this year to absorb those losses for tax purposes only," the authors write.

Speaker of the House Nancy Pelosi recently said that the Democrats are preparing a stimulus package that could be finalized early next year.
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  • s c

    Lowering taxes made JFK credible, and America prospered. Lowering taxes doesn’t have the downside of socialism and related isms. No doubt this new pres has been told that raising taxes is ALWAYS a good idea ['don't think about results. DO WHAT YOU'RE TOLD']. Remember, Obama knows NOTHING about economics. He knows SQUAT about business. IF he knew ANYTHING about
    economics or business, he might deserve America’s support. Mr. Pres, tell your puppet-master buds to get lost. JFK’s lowering of taxes was GOOD for America. Here’s a chance for you to be better than just another pc, controlled, nothing-between-the-ears, overpaid talking-head.

  • JC

    Would lowering taxes boost the economy?
    Well DUH!!!!
    Don’t expect it to happen though.
    Our well being is the last thing on their minds.

  • CLARENCE SWINNEY

    FISCAL YEAR 2009–17.5% TOTAL TAX ON TOTAL INCOME
    2100B OF 12,000B

    HOW LOW IS ENOUGH?

    FLAT TAX–ALL PAY 30%

    FAIR TAX?

  • http://PersonalLibertyDigest Rose Palmer

    Absolutely!!! If people have to worry about very high taxes, they are not going to spend money. If the taxes are lowered, people, myself included, would be spending a lot more & enjoying life instead of worrying over money.

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