Wednesday, December 15, 2010

Tax Cut Debate: Socialists Unmasked

     The Congress is now debating the tax cut deal worked out between Obama and the republicans.  This bill, in fact, only extends the current tax rates for two years.  Maintaining current rates is not a tax cut! Despite this fact the democrats are spewing their usual vitriol as they scream and rage against tax cuts for the rich.  They are socialists and believe that government should decide how much of our money we get to keep. Of course, the media goes along with this, ignoring again that this is a bill to prevent taxes from going up, not to cut taxes.  The liberals are incapable of understanding that the rich are the employers in this country.  When the top income tax rate is raised it hits not only individuals, but small businesses too.  This measure if passed will have little if any effect on the economy since Obama has promised to run on raising taxes in 2012.  And so the Obama recession will drag on.  To really get the economy going will require a conservative plan that actually does cut taxes.  See the videos below for an explanation of tax cuts and supply side economics as implemented by Ronald Reagan.

The Laffer Curve Part I: Understanding The Theory

The Laffer Curve, Part II: Reviewing the Evidence

The Laffer Curve, Part III: Dynamic Scoring

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