The Trump administration announced last week the “biggest tax cut” in United States history. Not everyone is optimistic about the tax reform initiative, but that’s because details of the plan remain limited.
With that being said, if taxes are being slashed then that should be celebrated. As legendary free market economist Murray Rothbard said, the ultimate goal is for low taxes.
The main problem with the administration’s plan is that it isn’t offset by any significant cuts in spending. Indeed, President Donald Trump has cut spending (peanuts) to things like the arts and the Environmental Protection Agency (EPA), but the real meat and potato cuts aren’t there. This means that the budget deficit will likely balloon over the next four years (no matter who was elected president, the deficit was always going to increase).
Here is what the budget deficit looks like right now:
Tax cuts should always be championed, but you have to slash spending as well. Where is the president’s greatest cleaver in history?
Bad article. Trump is cutting taxes for extremely high income earners only, in a bid to make “trickle down economics” kick start the economy; this is after the creator of trickle down economics has now said his economic theory is a FAILED concept and that it hasn’t worked since Reagan introduced it in the 80’s and the Bushes pushed it in the 90’s and 2000’s.
Pre-1914 the US had no “income tax on labor” only after the creation of the privately bank controlled “Federal Reserve Central Bank” was income tax on labor introduced, to pay for the DEBT that the Federal Reserve was to create.
Prior to 1913 the US was the most prosperous country in the world, it created around 30% of global GDP, with no debt.
US debt began to amass after 1913 and went stratospheric after Reagan, only to be brought into check for a while with Bill Clinton before going out of control with the Bushes and Obama who inherited a global economic collapse.
The only way for the US to fix its economy is 1/. – to retake control of the Central Banking system so that infrastructure, education and healthcare can be funded without Debt creation (no interest charges) 2/ – close 90% of foreign US military bases and spend those funds within the US. 3/ – stop the perpetual war machine and the forced (overt & covert) government/regime change policy that is championed by the CIA, the military industrial complex and the mass media. 4/. – reduce taxes for the poorest and lowest income earners to give them the chance to have a better quality of life – rise up economically. 5/. Have a turnover tax for the corporations and businesses who avoid paying taxes. 6/. Have a wealth tax, trust tax and inheritance tax for the wealthiest individuals and families because it is better for money to be in circulation than to be amassed in a few bank accounts.