I could not resist adding to my last post. It is hard when you have Nancy Pelosi once again blaming Bush for the economy and Timothy Geithner defending raising taxes in a recession by saying not doing so “would hurt economic recovery by undermining confidence that we are prepared to make a commitment today to bring down our future deficits.” I think this administration’s inability to control their spending is enough reason for me to not have confidence that they are committed to bring down deficits. That and lavish vacations by Michelle that our costing us $75,000 a day. All we ask for is a little leadership by example. She could at least spend the money in America. That is what they want by the way. Geithner said that the wealthy (those making over $250,000 a year) save more of the money they get from tax breaks and do not spend it like the government wants so it will not help the economy. (Meaning they are fiscally responsible so we will punish you by taking more of it from you). I think we must clarify some things for Geithner. First, that money is earned by those people and thus it is theirs, not the governments. Second, do we really have to remind the treasury secretary that these are the people that have historically created jobs and moved us out of recessions? Third, haven’t we tried this before? And lastly, do tax rates really change how much money the government takes in? Numbers say no…or says Curtis Dubay
“The income tax is the predominant revenue raiser for the federal government, and fluctuations in the revenue it collects have the biggest effect on the total change in tax collections year-to-year. Over the course of its history the top rate has been as high as 91 percent and as low as 28 percent. Even with such large variations in top rates, the income tax has raised a remarkably consistent amount of revenue.” (about 20%)
The problem is government spending…if only they would believe me. Perhaps when Obama visits Texas today (fundraising) he can learn a thing or two. We are doing better than most and we do not even have an income tax. Of course, he is probably just looking for another way to bring us down. Remember liberal Bill White and the EPA. Beware Perry.
Comments on this entry are closed.