So, we're now on track to run trillion dollar deficits every year as far as the eye can see. We just hit $22 trillion in debt, which is up more than $2 trillion in additional debt since Trump took office only two years ago. We're spending a billion dollars a day on interest alone.
Under these circumstances, any "tax cuts" are illusory. The burden continues to radically rise, not lessen, on current taxpayers, and on our posterity, who haven't given their consent to any of this nonsense.
There's only one way out of this horrible mess, and that's to apply my three-fold criteria for any and all public spending.
1) Is it moral?
2 Is it constitutional?
3) Is it absolutely necessary?
If the answer to any of these questions is "NO," then it's high time we got rid of it.
Then what we have to do is to take the tax and regulatory burdens off of the producers in this country. We can start by completely dismantling the federal income tax, and replacing it with a simple, transparent, efficient retail consumption tax.
It's stupid and counter-productive to tax businesses and productivity. It's the equivalent of killing the goose that lays the golden eggs.
Put the tax burden on consumption, and you will encourage thrift and savings, which are the only things that can provide the seed for even more production of physical wealth and private property.
And last but not least, dismantle the massive regulatory state which is throttling our economy and disadvantaging us in the world market. Most of it is unconstitutional anyhow.
In the clean air of liberty, Americans can and will out-work, and out-think, and out-produce anyone in the world, no problem.
Restore our national moral basis. Restore respect for our Constitution. Restore liberty. The rest will take care of itself.
"It is a singular advantage of taxes on articles of consumption that they contain in their own nature a security against excess. They prescribe their own limit, which cannot be exceeded without defeating the end purposed -- that is, an extension of the revenue."
--Alexander Hamilton, Federalist No. 21
"Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes."
-- Benjamin Franklin, letter to Jean-Baptiste Leroy, 1789
"There is no part of the administration of government that requires extensive information and a thorough knowledge of the principles of political economy, so much as the business of taxation. The man who understands those principles best will be least likely to resort to oppressive expedients, or sacrifice any particular class of citizens to the procurement of revenue."
-- Alexander Hamilton, Federalist No. 35, 1788
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Published by Tom & Siena Hoefling