Stephen Moore is a decent economist as he is of the Milton Friedman type of cutting taxes under any circumstances.
The problem? Spending.
Speaking on John Catsimatidis’ radio show “The Cat’s Roundtable,” Moore suggested that the latest round of coronavirus stimulus and relief and government spending should include tax cuts.
“If you want to stimulate the economy, tell businesses they don’t have to pay a payroll tax,” Moore said. “Tell workers they don’t have to pay income tax or payroll tax. You’ll have the biggest boom you ever saw. Instead we’re spending money on Sudan.”
Moore added that the legislation should be cleaned of all the pork and the additional cash should go directly to individuals.
“Where are the tax cuts? Where is the de-regulation? Where are the things that will incentivize our businesses to get back up and running?” he asked. “My New Year’s wish for 2021 is that we stop this shutdown of our economy and let businesses operate.”
Indeed, if the bill eliminates all the waste, from the $89 million in new furniture to $56 million for new construction projects for the FBI, then sure slash taxes. The issue is that these things are not going to happen. Therefore, tax cuts, no matter how beneficial, would only add to the nation’s ballooning federal deficit and exploding national debt.
Remember, every new piece of spending is a tax.
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