amackent Wrote:
Jul 23, 2012 5:25 PM
I agree, but our spending is now at about 25% of GDP while our taxing is only at 14.5% or so last I checked. Historically, the Federal Government spending has been about 17-18% of GDP. I'd be all for all cuts and no increased revenue, but I'd be happy with tax reform along the lines of bowles-simpson. Get rid of all deductions and credits, lower rates substantially, but increase revenue a bit. The economy would boom and freedom would be bolstered. Of course, this does nothing to address spending, so I'd 1st want to see spending slashed to between 17 and 18% of GDP and not somewhere out there in the 5-10 year range. There's no reason this shouldn't be fixed in 2013-2014.