Do people realize that borrowing money to cut taxes, *raises* taxes for the next generation?

Question

If you are in your teens or twenties you should be particularly concerned.

Forget for a moment that the Bush "tax cuts" primarily benefit the wealthy (60% of the tax cuts go to the top 1% of wage earners).

The main point is that when you cut taxes *and* increase spending (e.g. by waging a very expensive war), then the government is borrowing money from banks.

Guess who has to pay it back? Not Bush's Presidency ... that's the next guys' problem. In fact, not the current generation at all ... but our children's generation

... We are basically borrowing money from our children and grandchildren.

Or if you're between 10 and 25 years old, then it's *your* generation who gets to pay it back.

So when you are paying income taxes up the wazoo ... remember to thank Bush for it.

Sorry I mentioned the point about the tax cuts going to the rich. While true, that's not my main point ... and people keep focusing on it.

My point is that deficit spending is passing the bill for today's spending onto future generations.

Jay S ... I agree. I didn't mean to imply that the war was the main source of the deficit. It is unusual to cut taxes during war-time, but that's not the main issue.

However, the fact is that budget spending has gone steadily up under this Administration and this Republican congress.

Answer 1

Republicans don't care... most are just happy to get that $100... screw the kids if they have to pay $10,000 to pay that $100 back, it's my money and I should keep it NO MATTER WHAT THE CONSEQUENCES...

Richard W: Repubs have been in power 6 years... no fillabusters that I remember... why haven't they "fixed" the problem you see?
and can you please prove that it was a direct result of the tax cuts and nothing else... like population growth or SPENDING BILLIONS ON A WAR?

Answer 2

I agree there's been too much spending, but the cost of the war is not what's causing the deficit. You really need to look at the budget numbers, rather than just spouting off uninformed opinion.

Federal Tax Receipts hit an all time high in the fiscal year just ended. Those receipts were just about equal to the spending in FY 2003. It's the growth of the entitlement programs that's really fueling the deficit.

If you want to see a real crime, look into the Social Security "Trust Fund." By law, the SS surplus has always been "invested" in Government Securities. That's right kids, it's always been loaned right back to the general fund and spent. There is NOTHING in the "Trust Fund" except a pile of IOUs backed by the government's ability to tax. They also don't count "that" debt as part of the National Debt, almost as if they don't intend to pay it! FDR was the closest the U.S. ever came to having a Dictator in power, and he will ultimately go down in history as the man who destroyed America.

Answer 3

The wealthy benefit from the most from tax cuts because they pay the most. Also by cutting taxes after a recession it sparks growth raising income and increasing taxes, in fact tax income has actually increased over the past years. The fact that Bush spends like a Democrat is a problem in it self.

Answer 4

Yes the tax breaks went to the upper 1% but they pay 35% of all US taxes. The upper 5% of wage earners pay 45% of taxes and the upper 10% pay 65%.

Lets have a flat 15% across the board tax. Everyone and every business pays. No loopholes, no exceptions and no earned income credit. Cut out all the bs programs, foreign aid, etc.. Stop importing what we export, and stop exporting what we import. If your company leaves the US for cheap labor, we will place such a high tarrif on your products you could not afford to bring them back in. Fine and imprison anyone that hires an illegal immigrants from any country.

Answer 5

No, cutting taxes has increased revenues.
It's all the social program spending (originally initiated by the Dems) that eats up so much of the budget.
Over-Spending, not tax cuts, are mortgaging the future.

Answer 6

yup you got it. A dumb tax system eh? Where the government has unlimited borrowing power from private, foreign banks where the burden is placed on the people.

Well unlike you taxpayers, I'm a non-taxpayer in the system.

Answer 7

Tax cuts for the rich is cutting throats of america......
pure and simple.....

Answer 8

all politicians should know this, they just ignore the future effect of their selfish deeds.