Tax cuts without spending cuts benefit no one

Libertarian Party

Source: Libertarian Party
by staff

“Senate Republicans are finally marking up their tax reform plan. It’s still unclear what the details may be after lobbyists have had their say and the parochial interests of GOP senators are satisfied, but a few themes are becoming clear. The corporate tax rate would be reduced …. On the individual side, the numbers of both tax brackets and deductible expenses would be reduced, and the standard deduction increased. ‘All this is well and good, except for a few little things,’ said Libertarian National Committee Chair Nicholas Sarwark. ‘First, Republicans are trying to make their tax reform bill revenue neutral. That means for every tax reduction, there is a tax increase elsewhere. They will probably fail at that task, which is a good thing. Second, it doesn’t matter much whether the federal government borrows the money it spends or extracts it from the people through taxation. In either case, that money is no longer available to be spent or invested by individuals throughout the economy.'” (11/06/17)