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Politics : Formerly About Advanced Micro Devices

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To: tejek who wrote (616205)	6/14/2011 10:52:32 PM
From: TimF	Read Replies (1) of 1584048

Ted again that's false as a matter of simple fact. Transfer payments have increased far more than even the largest estimates of lost revenue from the tax cuts. To look at it another way the spending today is larger as a percentage of GDP than the federal government has ever had as its revenue since WWII, a period with top tax rates as high as over ninety percent and as low as 28 percent. Raising taxes on the wealthy, those who invest and hire, will not only be harmful, it would also be very marginal in terms of improving the fiscal situation (even if you assume no negative effect on economic growth, and no additional efforts at tax avoidance and evasion, which would be rather silly assumptions). Out of control entitlement spending caused the problem, reigning in the growth, is the only way to solve the problem. Restoring the Clinton tax rates (even for everyone, but esp. if you only do so on the rich), isn't going to change that fact.

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