A Quote by Timothy Geithner
If you don't try to generate more revenues through tax reform, if you don't ask, you know, the most fortunate Americans to bear a slightly larger burden of the privilege of being an American, then you have to - the only way to achieve fiscal sustainability is through unacceptably deep cuts in benefits for middle class seniors, or unacceptably deep cuts in national security.
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In December, I agreed to extend the tax cuts for the wealthiest Americans because it was the only way I could prevent a tax hike on middle-class Americans. But we cannot afford $1 trillion worth of tax cuts for every millionaire and billionaire in our society. We can't afford it. And I refuse to renew them again.
We certainly could have voted on making the middle-class tax cuts and tax cuts for working families permanent had the Republicans not insisted that the only way they would support those tax breaks is if we also added $700 billion to the deficit to give tax breaks to the wealthiest 2 percent of Americans. That's what was really disturbing.
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.
Americans are falling out of the middle class, not into it. And they deserve relief. I absolute support extending the Bush tax cuts for those who work the hardest and invest the most in our economy - the real drivers of American growth, the middle class.
It's common sense to be for middle-class tax cuts and tax cuts on small businesses, to be for not allowing Medicare to be turned into voucher care.
If, if more stimulus means more tax cuts to small businesses, if, if more stimulus means middle class tax cuts, then I'm for it.
What the Trump tax plan is a plan to give tiny little tax cuts to most Americans, raise taxes on perhaps one in five families and shower benefits on people who earn millions of dollars a year. And this fits with a fundamental principle the Republicans have been pursuing for a long time. The rich aren't investing and creating jobs, because they don't have nearly enough money, and so we need to get them money. And the way the Republicans want to get it to them is tax cuts first, and then to take away help for children, the disabled, the elderly and the poor.
Much fiscal policy is implemented, not through spending increases, but through tax credits and other so-called tax expenditures. The markets should respond to them as they do spending cuts, with little contraction in economic activity.
We're going to have to invest in the American people again, in tax cuts for the middle class, in health care for all Americans, and college for every young person who wants to go. In businesses that can create the new energy economy of the future. In policies that will lift wages and will grow our middle class. These are the policies I have fought for my entire career.
What Mae West said about sex is true about taxes. All tax cuts are good tax cuts; even bad tax cuts are good tax cuts.
Over the past 100 years, there have been three major periods of tax-rate cuts in the U.S.: the Harding-Coolidge cuts of the mid-1920s; the Kennedy cuts of the mid-1960s; and the Reagan cuts of the early 1980s. Each of these periods of tax cuts was remarkably successful as measured by virtually any public policy metric.
All that Syrio Forel had taught her went racing through her head. Swift as a deer. Quiet as shadow. Fear cuts deeper than swords. Quick as a snake. Calm as still water. Fear cuts deeper than swords. Strong as a bear. Fierce as a wolverine. Fear cuts deeper than swords. Then man who fears losing has already lost. Fear cuts deeper than swords. Fear cuts deeper than swords. Fear cuts deeper than swords.
[T]hese tax cuts for the wealthiest Americans are also the tax cuts that are least likely to promote growth.
By keeping most tax rates at present levels, Obama and the Democrats will claim that they have championed tax cuts for the middle class.
His presidency ended more than a decade ago, but politicians, Democrat and Republican, still talk about Ronald Reagan. Al Gore has an ad noting that in Congress he opposed the Reagan budget cuts. He says that because Bill Bradley was one of 36 Democratic Senators who voted for the cuts. Gore doesn’t point out that Bradley also voted against the popular Reagan tax cuts and that it was the tax cuts that piled up those enormous deficits, a snowballing national debt.
Regarding the Economy & Taxation: America's most successful achievers do pay a higher share of the total tax burden. The top one percent income earners paid 18 percent of the total tax burden in 1981, and paid 25 percent in 1991. The bottom 50 percent of income earners paid only 8 percent of the total tax burden, and paid only 5 percent in 1991. History shows that tax cuts have always resulted in improved economic growth producing more tax revenue in the treasury.
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