Quote:
Originally Posted by wdfifteen
The solution is to get the economy growing again. Sitting around arguing about how to divide the pie we've got isn't going to solve the problem. Making the pie bigger will.
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The problem is that the "pie" you're talking about isn't the economy, it's tax revenue. The solution here most certainly is NOT to make that bigger, it's to starve the greedy socialist agendas that keep demanding more and larger slices of it.
Want to fix the economy? I can do it with one stroke of the pen. Grant a 100% tax exemption for every man, woman and child in this country until 2013. Businesses too. Then over the next five years phase in restoration to current tax levels at 20% per year. In the same five year period, federal spending (including entitlements) get cut by 10% per year.
At the end of five years (2018) we'd have 50% the annual expenditures as today, with >100% of today's tax revenue since the economy would be strong. We could easily absorb the deficit we'd run getting to that point.
I'd like to see the tax code simplified too, with both rich (>$1M/year) AND poor ("exempt" individuals in particular) paying more. A flat tax coupled with a consumption tax that gets us to today's current total revenue amount would be acceptable to me.
Nobody will go for bold ideas like these because there are too many sponging off the (broken) status quo and politicians will be loathe to give up the power to punish opponents and reward friends/campaign contributors with the present mess of a tax code we have.