A Quote by Andrew Mellon
A balanced program for tax reform based upon the common sense idea of lowering taxes out of surplus revenues.
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Arthur Laffer's idea, that lowering taxes could increase revenues, was logically correct. If tax rates are high enough, then people will go to such lengths to avoid them that cutting taxes can increase revenues. What he was wrong about was in thinking that income tax rates were already so high in the 1970s that cutting them would raise revenues.
It is a paradoxical truth that tax rates are too high and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now Cutting taxes now is not to incur a budget deficit, but to achieve the more prosperous, expanding economy which can bring a budget surplus.
A tax cut means higher family income and higher business profits and a balanced federal budget....As the national income grows, the federal government will ultimately end up with more revenues. Prosperity is the real way to balance our budget. By lowering tax rates, by increasing jobs and income, we can expand tax revenues and finally bring our budget into balance.
Our practical choice is not between a tax-cut deficit and a budgetary surplus. It is between two kinds of deficits: a chronic deficit of inertia, as the unwanted result of inadequate revenues and a restricted economy; or a temporary deficit of transition, resulting from a tax cut designed to boost the economy, increase tax revenues, and achieve -- and I believe this can be done -- a budget surplus. The first type of deficit is a sign of waste and weakness; the second reflects an investment in the future.
You are smart people. You know that the tax cuts have not fueled record revenues. You know what it takes to establish causality. You know that the first order effect of cutting taxes is to lower tax revenues. We all agree that the ultimate reduction in tax revenues can be less than this first order effect, because lower tax rates encourage greater economic activity and thus expand the tax base. No thoughtful person believes that this possible offset more than compensated for the first effect for these tax cuts. Not a single one.
Conservatives in Government must make the case that lowering the tax burden boosts economic growth and leads to an increase in tax revenues.
Tax reform for the 21st century means rewarding hardworking families by closing unfair loopholes, lowering tax rates across the board, and simplifying the tax code dramatically. It demands reducing the tax burden on American businesses of all sizes so they can keep more of their income to invest in our communities.
The Value-Added Tax, a sales tax that applies at every level of business transactions, is an easy tax for governments to collect, and a hard tax to evade. So it makes the job of raising revenue easier. The revenues from the VAT can then be used to lower taxes on income and saving and investment. The Value-Added tax doesn't penalize work or saving; it's a tax on buying stuff.
Getting the budget balanced, regulatory reform, tax reform - I think these lead to economic growth.
If you cut taxes on the rich, they'll get so excited and go into so much busy economic activity, that the economy will grow and your tax revenues will actually rise. So cut taxes, collect more taxes. It is a miracle.
When we`re done simplifying the tax code, getting the lobbyist carve outs our of the tax code, lowering our rates and letting people have a simple system, most Americans will be able to fill out their taxes on a postcard.
It is easier to start taxes than to stop them. A tax an inch long can easily become a yard long. That has been the history of the income tax. Would not the sales tax be likely to have a similar history [in the U.S.]? ... Canadian newspapers report that an increase in the sales tax threatens to drive the Mackenzie King administration out of office. Canada began with a sales tax of 2%.... Starting this month the tax is 6%. The burden, in other words, has already been increased 200% ... What the U.S. needs is not new taxes, is not more taxes, but fewer and lower taxes.
I really like the idea of consumption tax, and most countries have a pretty serious consumption tax. It's called a value-added tax or a goods and services tax ... It's a sales tax. It doesn't tax labor, it doesn't tax savings or investment - it taxes consumption.
What we have in the Bush team is a faith-based administration. It launched a faith-based war in Iraq, on the basis of faith-based intelligence, with a faith-based plan for Iraqi reconstruction, supported by faith-based tax cuts to generate faith-based revenues.
The harsh reality is that we simply cannot tax our way out of our overspending and debt problem. We need a balanced approach that includes both a stronger economy to generate new tax revenues and bipartisan guardrails, which will help ensure that future presidents and congresses spend within our means.
The Congressional Budget Office has been embarrassed repeatedly by making projections based on the assumption that tax revenues and tax rates move in the same direction.
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