Higher Taxes Do Not Raise Revenue in a Sustainable Way
Well, because when Reagan cut the top rate from 70% to 28%, revenue to the Treasury doubled, went from $500 billion to almost a trillion dollars by cutting rates. The point, we don’t need more taxes on anybody. There isn’t enough revenue in the, quote, unquote, rich to fund pensions for military people or firemen or cops which is a local and state issue anyway. The feds have no business meddling with cops and firemen. They have nothing to do with it, it’s a local issue in most places and some cases a state issue, but that’s where it ends. What needs to happen here is more jobs. More jobs equals more taxpayers.
Now, the way you get to more jobs is to free up capital, i.e., money in the private sector and have less of it going to government. Government doesn’t create jobs. There can’t be a pension for anybody if there’s no revenue to support it, and the government can only get revenue by taking it from somebody, or printing it, or borrowing it, and none of the three produce a single job that creates or produces anything. So what has to happen here, the government has got to stop spending what it’s spending. You want money spent and allocated to pensions, then it’s gotta be stopped, the spending has to be redirected from something else. There isn’t the revenue in the private sector to tax and make this spending possible. We’re already $16 trillion in debt. There’s not enough revenue to get us out of debt by raising taxes on anybody.