And do you think that the result would soon be the pre-Reagan level of unemployment and either a depression or high inflation, depending on how the Fed were to react?
2007-09-24 02:21:41 · 14 answers · asked by Anonymous in Politics & Government ➔ Politics
Income Tax Rates should go back to the pre-1913 (pre-16th Amendment) levels. That being ZERO.
Vote Libertarian!
2007-09-24 02:29:05 · answer #1 · answered by Chad 5 · 5⤊ 2⤋
They should go to levels sufficient to cover our spending.
Truly this must be done slowly to avoid creating a depression. The easiest way to stimulate the economy is deficit spending, but it is a short-term patch, not a solution.
Clinton had eliminated the surplus with moderate tax rates and spending policies. Bush pulled out the national credit card and charged it up by giving tax cuts which favor the rich and starting wars which favor (rich) defense contractors. Most persons earning over $1 million a year now pay a lower percentage of tax than those earning $1-200,000. This has resulted in trillions of dollars of debt which we or our children must someday repay, and the widest gap between rich and poor in our nations' history.
2007-09-24 02:50:05 · answer #2 · answered by BruceN 7 · 0⤊ 1⤋
No, and it does not need to, but we might have to give up the deeper George Bush tax cuts. We can close on the deficit and keep the economy humming by eliminating tax breaks and loop holes that subsidize big business and the rich, and dare I say war spending.
We had a balanced budget for several years in the 90's wit the post-Reagan tax rates.
2007-09-24 02:30:43 · answer #3 · answered by jehen 7 · 0⤊ 2⤋
No I don't. The reduction in interest rates was a major catalyst for pulling us out of the economic problems we had during the Carter administration. The rates were oppressive, especially for the wealthy. High taxes discourage investment and innovation.........
2007-09-24 02:42:01 · answer #4 · answered by Brian 7 · 1⤊ 1⤋
Obviously you didn't live thru the Carter years.
High taxes,high inflation,gasoline shortages,recession,jobs lost,unanswered terrorism and the Iranian Hostage crisis.
We do not want to go back to that.
2007-09-24 02:43:35 · answer #5 · answered by Anonymous · 1⤊ 0⤋
I think they should abolish the income tax and replace it with the fair tax. People are sick and tired of the government taking their hard earned cash and spending it recklessly.
2007-09-24 02:30:24 · answer #6 · answered by Anonymous · 3⤊ 1⤋
No, but it should go back to pre W Bush levels! I really think Clinton and Gingrich had it exactly perfect!
Everything they did since Newt was hounded out of his party for the seats lost after Monica (which was Trent Lott's fault, not his!) has been a mistake!!!
2007-09-24 02:27:46 · answer #7 · answered by Anonymous · 0⤊ 4⤋
It's not a question of SHOULD they... If the country is dumb enough to elect a Dem president, they WILL go back to pre-Reagan levels. And on that day, you'd better be prepared to drop your trousers, bend over, grab your ankles and take one for the team.
2007-09-24 02:25:54 · answer #8 · answered by Anonymous · 4⤊ 3⤋
Wouldn't that make us Modern day Slaves to the Government?
2007-09-24 02:36:33 · answer #9 · answered by Johnny Reb 5 · 1⤊ 0⤋
we could end income tax and its loopholes by simply having a national sales tax. it would increase people saving money that could be used on retirement ending the need of social security.
2007-09-24 02:33:36 · answer #10 · answered by Anonymous · 2⤊ 1⤋