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To Join the Foundation and receive the Foundation’s monthly newsletter, please launch the Subscribe button below
As a subscriber, I would like to hear your views on the Tax Cut. While it certainly promoted growth and the economy was a net plus, there is no question that tax cuts do not pay for themselves and will increase the long term deficit. I believe GAO say $1.5 Trillion over ten years. Your views?
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Response: The most important thing to remember is that when you’re at the bottom of a $22 trillion hole, you need to stop digging the hole deeper. Part of the confusion is that Congress (and the press) tend to commingle the discussions regarding the taxation of businesses and the tax code for personal income taxes. The issues are entirely different. In setting tax policies for businesses, you need to acknowledge that we live in a global economy, and our country’s businesses should not be put into a dis-advantageous position compared to companies in other countries. In The 2020 Initiative, we recommend that the top marginal tax rate for personal income taxes be increased to 45%, and it should stay at that rate until the federal government’s cumulative debt amount has been repaid. As to whether tax cuts pay for themselves – – the “easy” position to take is that when you decrease tax rates, the math dictates that the federal government’s tax revenues will go down, and therefore it’s impossible for the tax (rate) cut to pay for itself. Obviously, this is too simplistic. But unfortunately, the counter-argument is not “provable”. There is no doubt that tax cuts promote growth. This happens every time, when more money stays in the hands of the citizens rather than the government. Unfortunately, it can’t be determined with any degree of certainty whether “this portion” or “that portion” of the growth is due tax cuts or is due to the multitude of other marketplace factors that affect growth.
What is yalls opinion on the UBI proposed by Yang?
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Response – We don’t think UBI matches up with the principles in the Constitution. UBI represents another non-Constitutional expansion of the federal government.