Wednesday, September 30, 2015

Do you believe in magic?

TAX CUTS!! This seems to be the go-to term used by Republicans and it has been for a while. In the USA Today editorial, "Tax cut snake oil: Our view", the author seems to think that reducing taxes on middle America and for the wealthy will lead to bigger deficits and more debt. I tend to agree. The author argues that if you reduce tax revenue and avoid responsible budgeting, it forces the government to cut from "big-ticket spending programs", like Defense and Social Security. The Tax Foundation has found that Donald Trumps tax plan will "...increase the deficit by more than $10 trillion over 10 years." This has happened before in Kansas and Louisiana. Massive tax cuts in these states have brought down the national job growth averages, and the lost revenue has destroyed the budget, forcing cuts in education and other important programs. As usual, Republicans ignoring cold hard facts. Trickle down economics doesn't work and any economist worth anything will tell you the same. Just because billionaires make more from lower taxes doesn't mean they will magically start hiring people and create this elusive "growth" that everyone seems to be looking for. Ronald Reagan did it in '81 and George Bush did it in '01, and guess what. The rich got richer and the poor got poorer.