Posted by Tina
The first quarter of 2017 reflects the inaction of Congress to fulfill their promise to lower tax rates and get our economy moving again. The miserable .7% growth, the weakest in three years, cannot be blamed on conservative policy but will become the Republican legacy if action is not taken and taken soon!
Tax cuts are needed to create stronger economic growth, get Americans back to work, and inspire entrepreneurial creativity and risk taking. Cutting tax rates has worked under Presidents of both parties from Kennedy forward. The longer Congress waits to get vital tax legislation done the longer the middle and lower classes will be forced to endure shared misery.
One significant consideration that is getting in the way is the insistence that the change be “paid for.” This fear is born of misconceptions about the future: 1. That the future is static-that more revenue will not be raised, 2. That cuts in spending, waste, and expensive unnecessary regulation will not be sufficient, 3. That repealing Obamacare is necessary first so that the savings there balances the cuts in rates.
The problem in the eighties, growing the debt, was a result of out of control spending…there was plenty of revenue. During Clinton’s term cuts in the tax rates generated a booming economy, sufficient revenue and thanks to the Newt Gingrich Congress a balanced budget.
If lawmakers want to impress us they need to get to work and get this done.
To understand the way cutting tax rates works to make our economy better watch this video. See the evidence of how this policy worked here, courtesy of CATO. Part III of this series will make you angry…learn about “dynamic scoring.”
It’s time for Congress to commit to something positive for the people…get tax reform done! A tax bill that’s not perfect will be better than doing nothing.