Health & Fitness
The Alexandrian: Jim Moran Is Right About The Fiscal Cliff Deal (Video)
While the fiscal cliff deal was a bad piece of legislation which the Congressman rightly voted no on, Jim Moran argues that there is another 'deficit' that requires more Government spending.
Congressman Moran is right to a point. See an infographic on the amount of tax increases vs the annual deficit at this link.
While the fiscal cliff deal was a bad piece of legislation which the Congressman rightly voted no on, Jim Moran argues that there is another 'deficit' that requires more Government spending.
If Congressman Moran wants to fix the 'other deficit' then he should be for cutting out programs that don't work and redirecting the money. President Obama was for this at one time but, as we the taxpayer have come to learn, all promises by President Obama come with an expiration date. In fact, as CATO's Daniel J. Mitchell points out, there's a lot of Government spending Mr. Moran can advocate for cutting in order to fix the 'other deficit'.
Raising taxes on Americans rarely produces as much revenue as expected, particularly when the increase targets the rich, who can easily hide their money from taxation. One study out today of the recent 'fiscal cliff' deal proves my point.
Two recent examples - President George H.W. Bush's tax hikes in 1990 produced $135 billion less than expected. Also revenues as a share of GDP were lower than predicted after Bill Clinton's tax hikes (a.k.a. the 'Millionaire's Tax') went into effect in 1993.
Therefore, Congress should have let the nation go off the cliff (a deal the President proposed) to work on major tax reform. What will get the economy growing again is by Congress lowering the rates and closing the loopholes. This will grow the economic pie rather than just redistribute it.
Our kids deserve better from our elected leaders.
Read more of The Alexandrian at this link.
