Surprise move on tax cuts by Obama

[Beemnseven]

Originally Posted by FRPLG

Exactly. This notion that "rich" people owe more money than others is beyond me. I hate the idea of a progressive tax in the first place and I hate the rampant anti-rich sentiment that flows throughout this country. It is the most unAmerican notion that exists in my opinion. Everyone who is able should pay their fair share. More importantly and more germane to this discussion we shouldn't be axing taxes without a requisite cut in spending. It is as irresponsible as raising taxes. In fact I'd prefer we ran the same rates for a few years, cut spending intelligently and started running a surplus to pay down some debt.

No doubt. Milton Friedman once said that a tax cut without a corrseponding cut in spending isn't really a tax cut. The government just prints the difference, leading to inflation, which hits us in the wallet just the same.