The debt hawks are to economics as the creationists are to biology.
What lessons does the following article provide?
7/31/10: (AP) “WASHINGTON (AP) – Tucked into the new health care law is a requirement that could become a paperwork nightmare for nearly 40 million businesses. They must file tax forms for every vendor that sells them more than $600 in goods.
“Business groups say it will swamp their members in paperwork. “This foolish policy hammers our business community when we should be supporting their job growth,” Sen. Mike Johanns of Nebraska said. The requirement would hit about 38 million businesses, charities and tax-exempt organizations, many of them small businesses already swamped by government paperwork . It would also create an avalanche of paperwork that could strain the IRS.
“Republicans want to repeal the filing requirement and pay for it by changing other parts of the new health care law. Democrats want to repeal the filing requirement and pay for it by raising taxes on international corporations and limiting taxpayers’ ability to use special trusts to avoid gifts taxes.”
#1. Federal taxes represent the single most damaging factor in our economy – far more damaging than bankers’ greed or speculators’ law-breaking. Taxes not only remove massive amounts of money from our economy, but they waste millions of hours for preparation, and enforcement.
#2. Congress does not understand the fundamentals of government finance. Federal taxes do not pay for federal spending, and tax reductions do not need to be “paid for” by increases in other taxes.
#3. Taxing business, while simultaneously trying to stimulate employment, makes no sense. Every tax on business hurts the economy, while increasing unemployment.
#4. Senators and Representatives are far worse than the “greedy” businessmen Congress loves to criticize. Congress’s greed is both for money and for votes. Members of Congress have one concern, and it is not the best interests of America. It is re-election. In that sense, Congresspersons are the least patriotic people in America, often taking actions they know will hurt the country, merely to assure themselves of ongoing personal power. Each day, Congress does more damage to America than have Al Qaeda, the Taliban and oil spills combined.
Rodger Malcolm Mitchell
No nation can tax itself into prosperity