"Just as supply-siders are naïve to think that tax cuts are going to magically empower us to grow our way out of this mess, progressives are naïve to think that there is some magically delicious pot of Lucky Charms at the end of the IRS rainbow that is going to get us out of this in some kind of obvious or straightforward fashion. No, tax cuts do not pay for themselves, but supply-side effects are real things, and jacking up tax rates to the level necessary to sustain current levels of government spending is going to have real economic consequences, some of which could in aggregate mean that you don’t collect the taxes you thought you were going to collect."
-Kevin Williamson @ the Corner
which I got to from Ace, who added this:
"the only way to sustain the current levels of spending (or even the much lower spending of the year 2001!) is to increase taxes on the middle class by 20% or 30% or so...The Democrats want to just keep telling us who they'd tax first. Fine. They'll tax the rich first. But who will they tax second, third, and fourth? Because their first round of increased taxation is only a bit more than a rounding error."
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