Financial Information
Can you pay off your debt by making smaller payments, or call it Taxes how do we pay the debt with lower Taxes?
Question : Can you pay off your debt by making smaller payments, or call it Taxes how do we pay the debt with lower Taxes?
It seems so basically simple Politicians promise more entitlements and Lower Taxes … How do we pay off the National Debt by lowering the Taxes across the board.
No matter who asks the question Politicians claim they will pay lower taxes.
lower debt
Best answer:
Answer by Demsmierda
“Cut Taxes and Receive More Revenue”.
IT WORKS.
Check out the JFK, Reagan, and Bush Tax Cuts.
-
-
#2 written by Hondo98 1 year ago
I just googled “united states federal revenue by year” and saw that FoxNews is lying when they say that lower taxes produce more revenue. It sure seems like you’d have to be really stupid to believe that. No wonder FoxNews viewers keep claiming the lie is true.
Check my source, and remember that the last major (grossly incompetent) tax cuts were in 2001 and 2003.
Remember that W Bush WITH A GOP CONGRESS passed medicare prescription drug benefits, while cutting taxes. They did it to get elected by the shortsighted-moron-vote, a large % of Americans.
-
#4 written by Andrew 1 year ago
you can’t. america has a 1.4 trillion dollar deficit because Politicians want to be reelected and they cannot do that if they raise taxes or cut government programs. so america is in the same bind as California, we have out of control spending habits that we refuse to curb and we refuse to pay for them. this results in having huge amounts of debt.
-
#5 written by Uncle Pennybags 1 year ago
There are two concepts that need to be explained here.
1. We never have to pay off the national debt. We can keep it forever, simply rolling it over and refinancing it as it comes due. What’s important is that we are always able to pay the interest on the national debt without harming our country or gov’t. During Bush’s reign, paying the interest totaled about 10% of federal tax revenues.
2. Lowering taxes is not a zero-sum game. Lowering taxes will have an effect on the economy, as people now have extra money in their pockets to invest, save or spend. Any of those activities results in a boosted economy. When you have a bigger economy, tax revenues will go up with it.
Reality has a Liberal Bias says tax cuts do not result in more tax revenues. That is demonstrably false. In the 6 years prior to the Bush 2003 tax cuts, tax revenues grew at 28%. For the 6 years after the Bush Tax cuts, revenues grew at 34%.
-
#6 written by Reality has a Liberal Bias 1 year ago
Cons claim that reducing taxes ALWAYS increases revenues, which is not true. It can be true if taxes are super-high and the rich feel they have no incentive to make money, or leave the country. If you then lower taxes, people at the higher brackets will then try to earn more money and therefore pay more in taxes.
However, tax rates are very low by historical standards, so this phenomenon no longer works.
“In 2005, the Congressional Budget Office released a paper called “Analyzing the Economic and Budgetary Effects of a 10 Percent Cut in Income Tax Rates”. This paper considered the impact of a stylized reduction of 10% in the then existing marginal income tax rates in the US (for example, if those facing a 25% marginal income tax rate had it lowered to 22.5%). Unlike earlier research, the CBO paper estimates the budgetary impact of possible macroeconomic effects of tax policies, i.e., it attempts to account for how reductions in individual income tax rates might affect the overall future growth of the economy, and therefore influence future government tax revenues; and ultimately, impact deficits or surpluses. The paper’s author forecasts the effects using various assumptions (e.g., people’s foresight, the mobility of capital, and the ways in which the federal government might make up for a lower percentage revenue). *****In the paper’s most generous estimated growth scenario, only 28% of the projected lower tax revenue would be recouped over a 10-year period after a 10% across-the-board reduction in all individual income tax rates.**** The paper points out that these projected shortfalls in revenue would have to be made up by federal borrowing: the paper estimates that the federal government would pay an extra $ 200 billion in interest over the decade covered by his analysis.[4]“
- Comment Feed for this Post
Lowering taxes actually has the result of generating more revenue. Lower taxes encourage more business activity, and this is where the added taxes come from.
Similarly, every time the New York City Transit Authority raises bus and subway fares, the revenue goes down.