Not just morally?
Let’s get real. The U.S. is bankrupt. Neither spending more nor taxing less will help the country pay its bills.
What it can and must do is radically simplify its tax, health-care, retirement and financial systems, each of which is a complete mess. But this is the good news. It means they can each be redesigned to achieve their legitimate purposes at much lower cost and, in the process, revitalize the economy.
And:
closing the fiscal gap requires a permanent annual fiscal adjustment equal to about 14 percent of U.S. GDP.
But I want my free shit! And that requires doubling income taxes?
Via pdb.
August 11th, 2010 at 10:52 am
If everyone paid “their fair share,” starting with 10% for the lowest income worker – and if Congress had a clue about where wealth comes from – and if the media had the social responsibility of a rattlesnake – we would not be in this mess.
But they don’t, they don’t, they don’t, and we are.
Stranger
August 11th, 2010 at 11:00 am
When the ship goes down you better be ready. The Uss America has took a wake homing torpedo in the ass and is taking on water fast.
August 11th, 2010 at 11:13 am
Limit the electoral franchise to those that pay taxes. Problem solved.
You know, the older and more cynical I get, the more I realize that the Founding Fathers really did have it all figured out. (Obviously, aside from the parts involving racism and slavery.)
August 11th, 2010 at 11:48 am
Sadly, doubling income tax rates won’t double income tax revenue. What you can be sure of is that doubling taxes will crush the economy.
Or what’s left of it.
August 11th, 2010 at 12:40 pm
You know being in america might just get interesting after all.
August 11th, 2010 at 12:43 pm
That’s right. High taxes and high government spending are bad for the economy. That’s why everybody was unemployed in the 1950s when the top tax rate was 91%, and the economy grew at its slowest pace ever.
And that’s why real wages declined year after year for the next 30 years and the debt-to-GDP ratio kept spiraling up and up until Reagan came in and saved us all from government waste by cutting taxes for the most productive people and balancing the federal budget.
Oh, wait…
August 11th, 2010 at 3:40 pm
Where did I say anything about the top tax rate? It’s irrelevant. The simple facts are that regardless of the tax rate, tax revenue never exceeds 20% of GDP.
August 11th, 2010 at 4:10 pm
I am somewhat hopeful they try and tax us to death. It could be amusing.
August 11th, 2010 at 4:25 pm
Where’s the guy that normally says “buy more ammo” in his comments when you need him?
August 11th, 2010 at 4:57 pm
[waves hand]
Buy more ammo.
I couldn’t resist.
August 11th, 2010 at 6:13 pm
Cutting spending is the only answer. Increasing taxes to obtain this “fiscal adjustment” ( WTF does that mean? ) will result in an economic disaster as we see European growth rates – meaning almost none.
Next year will see huge tax increases, and still the Democrats’ own budget estimates, with all their fraudulent assumptions, still show one and a half trillion in deficit.
Cut spending immediately or the country will fail.
August 11th, 2010 at 7:14 pm
Doubling income tax will cause more people not to file. I fail to see how that is a good thing?
August 12th, 2010 at 7:17 am
We are past the point of no return. The system is so fundamentally unstable that failure is inevitable. I just hope I am ready for it when it happens. Time is short, and I feel as if I am racing against the clock.
August 12th, 2010 at 7:02 pm
Massive and permanent tax cuts, along with massive spending cuts, are the only way out. The tax cuts would allow the productive class to do what they do best (excel), resulting in higher employment and revenue increases (see Art Laffer). The spending cuts would help everyone on the planet except for the gov employees, most of whom no one needs or wants anyway. We’d actually be better off paying them to stay home and do nothing, than to have them fucking things up as they are now.
It isn’t likely to happen though– it’s too simple and too well proven to work.
People hate liberty and lust for power. That’s what this is all about.