Can Income Tax Hikes Close the Deficit?

[PocketProtector]

FUBAR...so let's make it worse....

[n1fhpa]

Closing the deficit may be nice to think about as a mathematical exercise, but it's not possible. The more money collected for the government coffers the more the government will spend, sadly. There is little that can be done to avoid the inevitable train wreck.

[kunsunoke]

Originally Posted by LorDiego01

With such massive tax increases, expect to see a LOT more people working under the table.

Just to further - when that happens the tax revenue extracted by the Government will plummet.

[tsafa]

What Liberals can't seem to understand is that people with money have choices. The people who are in a position to create jobs... don't have to work. They can shut it all down and take a four year hiatus if they feel unfairly taxed.

I'm an accountant... I have talked with a lot of really rich people and I know for certain how people with money think and act. Right now there is a ton of money just sitting on the sidelines and not being invested. More money in total then the US government even has. People who have money to invest in job creation are not going to put that money to work until they feel respected by Obama. That is why the Government bail out can not possibly work. They can put out 100 bailout plans and subsidies and it will not off-set the money that has been pulled out of the market by people who do not trust Obama and a Congress with a Democrat majority.

[addicted2freedom]

Originally Posted by buster2209

Rep sent for making me laugh!

I can just imagine if the Government did that report, the conclusion would go along the lines of spending cuts can close the deficit but this is counter productive to the Economy, because Keynesian economic theory advocates Government create a deficit in order to keep the economy healthy.

Obviously they'd throw in some Krugmann quotes, a ton of figures, and some other BS that will baffle the majority of us as it will be worded in such an obtuse manner to make no sense to people who don't speak 'bureaucrat'.



Key phrase word there, more........

You sound like a frequent visitor of mises.org . Very very nice =D

[buster2209]

Originally Posted by addicted2freedom

You sound like a frequent visitor of mises.org . Very very nice =D

Me, a lowly immigrant, noooooo........

[CapnOfMyFate]

Ah, but just think... With those kinds of tax rates, everyones income will achieve a level of parity the likes of which Marx and Engels could have only dreamed of, and the redistribution of wealth will be much more thorough.