oversprayed asked: What is your opinion on taxation (In particular, the Bush tax cuts and their situation)? As an assumingly libertarian (it fits closest in the political spectrum), I'm initially opposed to heavy taxation, but in the current situation, I find them being a better idea for the time being.
Ah, the Bush tax cuts. I’m with you on the opposition to heavy taxation, without doubt. However, I also definitely understand the concern about (bipartisan) deficit spending and the (ridiculous, sickeningly huge) debt which it produces.
The thing is, the entire income tax (let alone what’s left after the Bush tax cuts) isn’t necessary even to fund a large government in the style to which Americans have become accustomed. As Rep. Ron Paul pointed out while running for president,
We could eliminate the income tax, replace it with nothing, and still fund the same level of big government we had in the late 1990s.
Of course, we all know that, barring a miracle, nothing like that will happen anytime soon — and in the meantime the spending and debt continue to tick ever upward.
To be honest, I’m not completely sure which direction to take on this question.
But I’m inclined to say that the tax cuts should be kept because, ceteris paribus, the borrowing and spending aren’t going to stop. Increased tax revenues will only allow more spending on more projects, which will eventually grow and be funded by more borrowing.
In fine (I’m apparently breaking out all kinds of Latin in this post), more taxes are highly unlikely to get our government’s finances back into shape. That’s going to require massive, massive cuts in spending and borrowing, and with the amount of debt we continue to wrack up, I struggle to see how raising taxes will make a significant difference…though it will certainly make a significantly unpleasant difference to those being taxed.
