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Debt is either repaid by taxes or eliminated via inflation (a pure 'flat tax').
Given that we have a lot already, we need to start thinking about tax policy, not spending policy.

We've spent money we did not have. We won't solve that by spending more.

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Thu Jan 1st, 2009 at 08:12:07 AM EST
[ Parent ]
We can think about tax policy in say 2 years, when the acute part of the crisis has passed. We shouldn't let our fundamental understanding of the problem hamper the immediate solving of said problem.

In my humble opinion.

When it comes to tax policy, during the Eisenhower years the highest tax bracket was around 90-95 %. Sounds good to me, even if only a handful (yes, really!) of people actually were in that bracket.

Like I've said before, being in that highest bracket should result in having the government give you a medal (knight commander of the golden purse?), and for the annual no.1 tax contributor of society, we'll throw in a cast bronze statue to be erected on some square. Seriously.

Peak oil is not an energy crisis. It is a liquid fuel crisis.

by Starvid (arvid.hallen at gmail.com) on Thu Jan 1st, 2009 at 08:36:11 AM EST
[ Parent ]
...we'll throw in a cast bronze statue...
We could only afford the statue were we to close enough loopholes to actually generate some portion of the yield from the tax.  If that were the case, we could afford to give them a life size likeness cast in their choice of gold or platinum, (using the lost wax process.)  That kind of tax on their wealth could justify a solid, life size statue.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu Jan 1st, 2009 at 02:44:48 PM EST
[ Parent ]


Nil aon leigheas ar an ngra ach posadh
by redstar on Thu Jan 1st, 2009 at 08:37:42 AM EST
[ Parent ]

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