Home > Politics > Firing Soros would be the best Tax Cut

Firing Soros would be the best Tax Cut

I read through the 58 page proposition put out by Soros’s group. It is a failure. Basically, on each page, it reiterates that budget deficits can be cut by:

  1. Less spending
  2. More taxes
  3. Increasing government efficiency

They also characterize tax cuts as spending. So, in the spirit of cutting “spending”, they will cut tax cuts. The other thing they suggest, that is bullshit, is increasing government efficiency. Without competition, no enterprise becomes more efficient. Since the federal government has no competition, how do they propose to make it more efficient? More regulation. They don’t bother to mention the current regulators are useless and that adding more would be equally useless and also more costly.

That leaves increasing taxes. Doing this will cause the other two to fail harder than they already are. Here’s how:

If taxes increase, then businesses will have to raise their prices to cover (margins are already at all-time lows). This will drive potential buyers away. That means fewer sales, so businesses will have to lay off more people, ship jobs overseas or shut down entire segments of their business. This means higher unemployment and more need for welfare – which we already can’t afford and won’t be able to afford more of later. It also means expanding an inefficient system, which breeds more inefficiency. That means what little money the government does have will disappear into the black hole of bureaucracy.

Because there will be less to pull taxes from, fewer tax dollars will be collected – exacerbating the above paragraph, but by their definition this will “cut spending” by shrinking the pool of places to pull tax revenue from (remember that any money they do not collect they consider to be “spending”).

The government will be forced to print off more fiat money and borrow from foreign lenders. Our credit rating will drop and foreign lenders will stop lending. Our currency will tank. Any savings anybody had in a bank account will be worthless. Any economy tied to ours will suffer our pains as well – and that’s the whole of the developed world.

In short, following Soros’s recommendation is economic suicide.

Categories: Politics
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