Don't take it from me, take it from NBC
I personally think it's the dumbest idea in the world to cut taxes in any way right now. I thought that before the bail-outs due to our giant national debt. After the bailouts, it's an even worse idea. Still, if taxes are going to be cut, I believe they should benefit the people that need the relief.
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Not only should they benefit the people that need relief because that's the morally right thing to do given the extent to which the distribution of wealth is drastically out of balance, but that's smart economic policy.
When you give money to people at the bottom, they spend most of that money, and they spend all of it in the US, which benefits our economy more than a tax break for the wealthy would.
Of course, our national debt is so high that I hear you when you say maybe any tax cut for anyone is a bad idea. From my (admittedly sparse) understanding of economics, there's sort of a trade off between doing what's good for the economy in the short term (cutting taxes, hopefully intelligently unlike what the Republican party does) and doing what's good in the long term (decreasing the national debt).
And of course the short-term economic outlook can impact/influence the long-term economic outlook... and then my brain starts to hurt and I stop thinking about it.
I dunno though, our debt is so high that I tend to think it doesn't matter what we focus on... in the long run, we're screwed. We've spent all this money to get into massive debt, but didn't use it wisely to make investments in infrastructure, education, etc. that would have allowed us to use that borrowed money to improve our long-term financial footing.
Instead we've pissed it away on counterproductive wars, tax breaks for the wealthy, and benefits for large corporations who spend lots of their money outside the US.
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