Quote:
Originally Posted by goober
Clinton began by raising taxes, and by holding the line on spending, and the economy grew out of the deficit, and the surplus stimulated the economy, when the government pays off debt, instead of just rolling it over, the people who get the money have to invest it elsewhere, and that makes interest rates go down.
To me when somebody starts talking about "cutting taxes" it means they are trying to divert attention from their massive spending plans.
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Look, the point of this thread is a 28% capital gains tax. I think everyone agrees that we can & should raise "
income" taxes on the filthy rich.
But, you don't say here's a tax break to the middle class with your right hand & take it away with your left hand. That's exactly what an increase in capital gains tax does. It is a lose-lose situation, for tax revenue & ALL Americans.
No, Clinton did not hold the line on spending. He doesn't get credit fot that. It took the contract with America, (republicans with Newt Gingrich) to dramatically cut spending, with them "dragging" Bill Clinton fighting & screaming all the way.
As we all know Bill Clinton didn't actually write out 200,000 new checks a month either. He had a great economy due to the high tech industry booming. If you want to give thanks to that economy, wirte Bill Gates & John Chambers a thank you letter.
As I stated before, republicans blew their contract with America, by spending like drunken sailors during the Bush years.
To stimulate an economy, lower taxes. This increases the tax base also. That is a fact, & it has been proven time & time again.
To lower the deficit while increasing the tax base, stop the indicresionary spending.