View Poll Results: Which is more important to you?

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  • Cutting taxes

    2 8.70%
  • Reducing the deficit

    10 43.48%
  • The thread's premise is faulty (explain)

    11 47.83%
  • Neither matter to me

    0 0%
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Thread: Tax cuts or Deficit reduction?

  1. #1
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    Tax cuts or Deficit reduction?

    Republicans and conservatives have lately been championing two positions: one, that taxes need to be cut as low as possible, and that the deficit needs to be shrunk as small as possible. As I see it, by themselves the two are exclusive. Ignoring a change in spending, reducing revenue by cutting taxes means more money is borrowed and the deficit grows. So between cutting taxes and reducing the deficit, which would you say is more important?
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    Re: Tax cuts or Deficit reduction?

    Quote Originally Posted by the makeout hobo View Post
    Republicans and conservatives have lately been championing two positions: one, that taxes need to be cut as low as possible, and that the deficit needs to be shrunk as small as possible. As I see it, by themselves the two are exclusive. Ignoring a change in spending, reducing revenue by cutting taxes means more money is borrowed and the deficit grows. So between cutting taxes and reducing the deficit, which would you say is more important?
    Both tax cuts and deficit reduction... one goes with the other... and throw in massive spending cuts.

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    In short, it is a paradoxical truth that tax rates are too high today and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now. The experience of a number of European countries and Japan have borne this out. This country's own experience with tax reduction in 1954 has borne this out. And the reason is that only full employment can balance the budget, and tax reduction can pave the way to that employment. The purpose of cutting taxes now is not to incur a budget deficit, but to achieve the more prosperous, expanding economy which can bring a budget surplus.

    I repeat: our practical choice is not between a tax-cut deficit and a budgetary surplus. It is between two kinds of deficits: a chronic deficit of inertia, as the unwanted result of inadequate revenues and a restricted economy; or a temporary deficit of transition, resulting from a tax cut designed to boost the economy, increase tax revenues, and achieve--and I believe this can be done--a budget surplus. The first type of deficit is a sign of waste and weakness; the second reflects an investment in the future.
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    Last edited by zimmer; 12-01-10 at 04:04 PM.
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    Re: Tax cuts or Deficit reduction?

    Quote Originally Posted by zimmer View Post
    Both tax cuts and deficit reduction... one goes with the other... plus massive spending cuts.

    .
    Just focusing on the deficit vs. tax cuts, would you like to explain to me how reducing revenue lets you reduce the deficit?
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    Re: Tax cuts or Deficit reduction?

    Stop spending so much damn money. And when I say stop spending, I mean stop doing things like bailing out irresponsible corporations*, stop wasting so much on making war, and stop using our money to give certain friends of powerful people huge defense contracts.

    *Though you should bail out the employees who will lose their jobs when the corporation goes belly up and the people on top go to jail - and they should go to jail, for a very long time.
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    Re: Tax cuts or Deficit reduction?

    Quote Originally Posted by Paschendale View Post
    Stop spending so much damn money. And when I say stop spending, I mean stop doing things like bailing out irresponsible corporations*, stop wasting so much on making war, and stop using our money to give certain friends of powerful people huge defense contracts.

    *Though you should bail out the employees who will lose their jobs when the corporation goes belly up and the people on top go to jail - and they should go to jail, for a very long time.
    But specifically between tax cuts and deficit reduction, which do you think is a bigger priority?
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    Re: Tax cuts or Deficit reduction?

    When highly successful international businesses like Wal Mart and McDonalds set their pricing, the question was not “should we cut prices or increase revenues?” They knew that given the choice between a $3 McDonalds big mac and a $7 Chili’s thickburger, consumers who can’t afford a $7 burger every other day would buy the big mac. When McDonalds wanted to increase revenues again, they didn’t introduce the $10 menu, they introduced the $1 menu. Raising prices only equals raising revenues when all other things are equal. By volume selling at lower prices, McDonalds continues to grow while more upscale burger joints are struggling in the down economy.
    Just like with cheap burgers, the economy pays more taxes when the economy grows. If someone pays 35% on $800,000 in income, that is higher revenue to the government than when someone pays 39.6% on $500,000. Part of the reason the deficit is so high is because revenues have dropped with the down economy. Obama has shown that union bailouts and duck ponds don’t grow the economy. Bush showed that tax cuts do.
    Tax cuts spur the economy more than revolving door jobs on short term government debt funded projects. Economic growth means more tax revenues, even at lower rates. Therefore, we need tax cuts AND deficit reduction.
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    Re: Tax cuts or Deficit reduction?

    Quote Originally Posted by zimmer View Post
    Both tax cuts and deficit reduction... one goes with the other... and throw in massive spending cuts.


    .
    And thats the problem. Until the federal government is weaned off their crack habit, tax cuts and deficit reduction wont matter...because even with tax increases they are just going to spend more money. Until THAT changes...responsible government...responsible spending...tax cuts or increases are immaterial and deficit/debt reduction is all just rhetoric.

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    Re: Tax cuts or Deficit reduction?

    Tax cuts will stimulate the economy, reducing spending dramatically will reduce both the need for higher taxes and enable reducing the deficit. One without the other is pointless.
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    Re: Tax cuts or Deficit reduction?

    Quote Originally Posted by Cephus View Post
    Tax cuts will stimulate the economy, reducing spending dramatically will reduce both the need for higher taxes and enable reducing the deficit. One without the other is pointless.
    Tax cuts do not always stimulate the economy. Morever, they don't always grow the economy enough to offset their loss of revenue.
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    Re: Tax cuts or Deficit reduction?

    if you will note the Bowles Simpson preliminary report; it is quite possible to do both.

    Quote Originally Posted by hobo
    Tax cuts don't always grow the economy enough to offset their loss of revenue.
    they certainly seem to have a habit of doing so.

    observe:

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