Ike's election platform
- Thread starter danmand
- Start date
That was before the U.S. national debt clock hit 13 digits.
U.S. National Debt Clock : Real Time (usdebtclock.org)
U.S. National Debt Clock : Real Time (usdebtclock.org)
Unless commies are in charge there is no chance any
U.S. government will find a way to extract enough money
from the wealthy to balance its budget let alone paying
off national debt.
Why not just do what the GOP does when proposing tax cuts. Project 5% annual growth for the next 10 years. Poof the deficit is gone. Of course there is no chance that that kind of growth can occur over an extended period but that has never stood in the way of the GOP.
Ike was president at a good time. There was peace. The U.S. had a young population. The economy was growing. The national debt was not in the $trillions. Tax rates were low. It was easy to be generous.
"The United States is the world’s largest economy. Yet, in the last two decades, like in the case of many other developed nations, its growth rates have been decreasing. If in the 50’s and 60’s the average growth rate was above 4 percent, in the 70’s and 80’s dropped to around 3 percent. In the last ten years, the average rate has been below 2 percent and since the second quarter of 2000 has never reached the 5 percent level."
Tax rates were low you say?
During the eight years of the Eisenhower presidency, from 1953 to 1961, the top marginal rate was 91 percent. (It was 92 percent the year he came into office.)
The top rate is misleading, The tax rate for almost all income earners was under 30%.
Historical Income Tax Rates and Brackets, 1862-2021 | Tax Foundation
Taxes on the Rich Were Not Much Higher in the 1950s | Tax Foundation
Why is the top rate misleading? Most of the last tax reduction went to the top earners.
Actually, I'm a firm believer that the best way to reduce the incentive for tax avoidance (or tax evasion) is to reduce tax rates.
Ah yes, the classic "I intend to cheat on my taxes, so you should reduce tax rates so I don't cheat on my taxes as much" doctrine.
So much for his weak argument. He is radical right, irrational, unreasonable and not intelligent. Don't expect to get through to him. Once you've cornered him he will just run away and turtle like he always does.
So by that theory the best way to eliminate all tax evasion and/or avoidance is to eliminate taxes altogether.
In reality there is am equilibrium which can be achieved whereby the government collects the maximum tax without adversely affecting economic activity. the amounts are the subject legitimate debate, however, in such a debate it is necessary to separate the rhetoric from the empirical evidence.
\You are correct. If there are no taxes, nobody will cheat on taxes. Irrefutable.
I have never seen so much tax evasion in Canada as I have seen in the last few years-evasion and avoidance. Tax planning is now well entrenched as another branch of the economy(mostly for the wealthy) and straight avoidance in the form of barter economy or "puffed up" invoices for everyone else. It's a very big problem.
Yes, I can mention but can't take credit for the Laffer Curve.
Laffer Curve Definition (investopedia.com)
My experience is that the level of complaints about taxes is dependent upon the effectiveness of the tax collectors.
In Denmark, which traditionally have had some of the highest tax rates, not as many complains about taxes, because the tax collection is efficient, and therefore fair to everybody.
