Why shouldn't tax levels be dropped?

Answer 1

All tax levels should be dropped or canceled. Right now tax income counts for about 1/3 of the revenue going into the Federal government. If they cut out the income tax we would be at the level we were around 2000/2001. I think workers would be better off if income tax was eliminated, because we could at least have more income and the government would have a little less to spend on their pet projects....

Answer 2

Tax rates are at historical lows currently. Both income and estate taxes.

Considering that we are borrowing at historically high levels, why would you want to lower taxes and increase borrowing? During the 60's the income tax rate was up to 50% for earned income and today it is a maximum of 35%. It was a maximum of 70% for investment income.

The Chinese are growing their economy AND running a surplus. They have bought over 2 trillion dollars of U.S. debt in the past few years. Just recently, the U.S. backed off pressing the Chinese on opening their economy more (meddling) because they threatened to stop buying U.S. debt and sell some of their holdings. Which would have created chaos in the U.S. ecomony.

So should we really consider lowering tax rates and borrowing more money from the Chinese? Think long term.

Answer 3

Because we have the largest deficit in the history of the nation due to the irresponsible fiscal policies of the last 6 years!

Are you aware that the Chinese now hold a significant portion of the US national debt? They could cripple us if they cashed that all in at once!

Only one administration in the history of the nation has CUT taxes during wartime. How messed up is that??

Answer 4

I think the taxes on the moderately wealthy should be dropped and the taxes on the lower to middle class be raised! i know its not a popular answer but i find it very much unfair that those of us who are financially responsible and outgoing get taxed the most while those stuck in jobs that are less desirable get taxed less!