In the comments to this post on a Limbuagh quote, John Ryan asks:should we eliminate ALL taxes ?My short answer is this...
ALL taxes? No. We need only enough taxes to fund those programs prescribed in the Constitution as being federal responsibilities. What we have now is out of control spending because we have no other way to control the purse strings...hence the deficits. It isn't the tax cuts that cause the deficits, it's the spending. Tax cuts cause increased revenue... President Bush, when he was campaigning back in 2000, said that what he wanted to do was make the pie higher...what he meant was that he wanted to make the pie bigger... Meaning, by decreasing the tax burden, you would increase the tax base by having more capital creating more capital.
However, I do believe that there is a point of limited returns. What is that point? I don't know...we haven't reduced our tax burden enough yet to know for sure.....
My longer answer would include talking about state and local taxes and would involve such topics as education, infrastructure maintenance, emergency services, and garbage collection amongst other things. But who has time for all of that? :)
Excellent question, John...
