Reducing government revenues is a great way to encourage reduction of government expenses.
True, except reducing tax rates generally increases tax revenues. Even Obama understood this. His rationale for raising taxes was based on SJW equity bullshit.
"GIBSON: All right. You have, however, said you would favor an increase in the capital gains tax. As a matter of fact, you said on CNBC, and I quote, “I certainly would not go above what existed under Bill Clinton,” which was 28 percent. It’s now 15 percent. That’s almost a doubling, if you went to 28 percent.
But actually, Bill Clinton, in 1997, signed legislation that dropped the capital gains tax to 20 percent.
OBAMA: Right.
GIBSON: And George Bush has taken it down to 15 percent.
OBAMA: Right.
GIBSON: And in each instance, when the rate dropped, revenues from the tax increased; the government took in more money. And in the 1980s, when the tax was increased to 28 percent, the revenues went down.
So why raise it at all, especially given the fact that 100 million people in this country own stock and would be affected?
OBAMA: Well, Charlie, what I’ve said is that I would look at raising the capital gains tax for purposes of fairness. "
Yeah, but still. Reduce federal spending and cede power to the individual states.
Totally agree.
Of course, then you get the inverse at the state and local levels. Taxes in Seattle and King County are getting ridiculous, especially thanks to low interest rates and cheap borrowing that inflates the cost of housing.
Comments
AND Shit Weather.