Only an Idiot Would Raise Taxes in the Middle of an Economic Crisis—So This is no Surprise

Biden Is Planning First ‘Major Federal Tax Hike’ In Nearly 30 Years: Report | The Daily Wire

Treasury Secretary Janet Yellen has said at least part of the next bill will have to be paid for, and pointed to higher rates — key advisers are now making preparations for a package of measures that could include an increase in both the corporate tax rate and the individual rate for high earners.”

Stupidity compounded upon stupidity. Only an idiot would ever raise corporate taxes. They’re already far too high.

And I bet you that “high earners” isn’t as “high” as you might think.

I have a totally radical proposal for getting the economy going post-China Virus, and for solving our debt/deficit problem.

It’s George Costanza day. Do the opposite.

It’s time to really put Laffer to work.

Pick a day on the calendar when you think the country will be “open enough” so that it’s worth kickstarting the economy. Based on his speech last week, our President Joe Biden (D-USA) seems to think that’s July 4. I think July 4 would be excellent. Independence Day.

Ok, now you have your day. Announce that for 1 full year from that day, the American income tax rate across all brackets will be zero. That’s for individuals, married couples, LLC’s, LLP’s, S-Corps, and whatever other forms I can’t remember.

Individual credits would still apply, meaning many people would even get a check back from the government. No corporate credits.

I know. You’re telling me I’m crazy. The government will be printing money it doesn’t have. We can’t afford it.

You’re absolutely right.

But it’s no worse than what we’ve done in the last year, and at least this would be targeted at an achievable goal, that of getting the economy moving again.

And boy would it. You’d see economic growth like we’ve never seen in this country before.

Then after that year is up, you wipe the tax code clean. You start out with a very simple and exceptionally low tax rate. Low because we want to keep the economy on fire for at least a few more years.

You continue to slowly raise the tax rates over the next decade or so, using it as a brake on an overheating economy, but your GDP is so freaking huge at this point that even low tax rates are bringing in enormous sums of money.

You then use those enormous sums of money to pay off the debt.

Everybody wins. Literally everybody. There won’t be a person in the country that isn’t substantially wealthier than they are now.