Increase tax revenue by decreasing tax rates

There are many on the left who have a one track approach to solving our fiscal issues in the U.S.A. today: eat the rich. This group of progressives feels that the only way we can get out from under the mountains of debt and budget deficits is to return to the profusely penalizing tax rates of the early 50's. Those tax rates would have the highest income earners paying 90% of their income in tax or more!! How could this be beneficial? The leftist progressives believe that a CEO making $20 million a year could easily do just fine on $2 million a year. I don't necessarily disagree that you could live very comfortably on $2 million a year but is it fair? Why is it fair for the CEO who likely worked through college earning a master's degree, who has likely been in the work force for 15-20 years, is responsible for millions of dollars, and is responsible for thousands of people's jobs to only take home 10% of their earned pay!? All too often the progressive left is willing to attack the leader of a for-profit corporation as some greedy devil while forgetting how those corporations on Wall Street benefit all of us. Have a 401K? A pension? A job? More than likely your 401k or public pension are invested in publicly traded corporations and if those corporations don't make a profit neither does your retirement fund.

So what the heck is Hauser's Law? It's a principle which states that the U.S.A. takes in around 19% of GDP in tax revenue regardless of the rate of taxation. As taxation increases, revenues to the treasury decrease. I agree that we need to increase tax revenues and cut spending to balance our budgets and get our country out of debt. I do NOT agree that the tax revenue increases should come by means of increasing the personal income tax rates, corporate tax rates, death tax rates, or capital gains tax rates. We can increase tax revenue to the treasury by reducing tax rates and encouraging growth in the economy.

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