Before the Republicans make any new tax promisesit might help if they first told voters how they plan to pay for the old ones.
The Tax Policy Center report found that any improvements to the economy from lower tax rates would be modest. As a result, the Treasury would recover no more than about $1 trillion over the decade, resulting in an overall revenue loss of $5 trillion to $6 trillion. The tax cuts would fall far short of paying for themselves.
And nearly all the money, like the earlier rounds of tax cuts this decade, would flow to those at the top of the income ladder.
Thompson predicted that the tax cut would largely pay for itself by limiting Social Security benefits.
That is exactly why Independent Voters are turning against the GOP in droves.
Their tax policy ends up creating a hidden tax which mainly hits the middle class via INFLATION. Something which doesnt hurt their core extremely rich base as they have far more discretionary income than the middle class.
Their latest spin, as evidenced by posts on this board is that the Democrats are somehow the party "of the rich". While Democratic candidates may personally be wealthy, their overall budget proposals like the recent "pay to go" for eliminating the AMT tax, was much more fair than the "lets just put it on the credit card" approach of Bush and Mitch McConnell.
Clinton's fiscal budget was still far too bloated and more cuts could have been made, but compared to what Bush and the GOP have done the last 6 years, Clinton is a fiscal saint.
Even Greenspan, a long time Republican admitted that Bush's budget was a bloated pig, designed to favor the rich while creating inflation the rest of us would pay for in the coming year. The real kicker which is accelerating things even more is the off budget war spending.
This article is exactly right...before we get anymore GOP proposals regarding taxes, they need to tell us how things are going to get paid for besides putting it on the credit card and letting our younger folks deal with it.