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Originally Posted by Eddies66
So where did all this "record revenue" come from? The three main sources of federal tax revenue are individual income taxes, payroll taxes, and corporate income taxes. Per the Constitution of the United States, Article I, Section 8. If corporate taxes are reduced, what does that leave to pay the rest?
I totally agree that the government spends way beyond it's means, I am for a flat tax with no deductions. I would also like to see a budget passed on time, the Federal Fiscal Year ends September 30. This year they were working on it in June. I would like to see something that was implemented here in California. If the budget goes past the due date the Assembly does not get paid.
You and I are on the same page with regards to spending, it is out of control.
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The record revenue comes from a healthy and growing economy. It's obvious. Look up the numbers. The tax rate being reduced does not necessarily reduce revenue, and in fact, reducing the tax rate, encouraging spending, investment, and production, usually increases the amount of revenue. Excessive taxation serves only to stagnate the economy, and discourage investment, production, and growth. It's a simple matter of human nature. That which you penalize is reduced. Taxation penalizes the creation of wealth. Excessive taxation kills it.