Should Congress cut taxes? I think the answer should be obvious, especially in light of fiscal news that the five-year surplus may reach $1.3 trillion. Add to that the fact that the tax burden today stands at the highest level in history. Yes, it’s time to cut taxes.
The problem however is how to pick a tax cut amount. Recently Pete DuPont broke the impasse by suggesting that Congress should cut taxes to the pre-Clinton level. His argument is one of the reasons why government has more money than it needs is due to the 1993 tax increase enacted by President Clinton and the Democratic Congress. He believes it is time for Americans to ask for some of that money back.
When President Clinton took office, revenues were nineteen percent of the Gross Domestic Product. Now they have risen to twenty-one and a half percent of GDP. With the GDP at $8 trillion, this is equivalent to a tax increase of $8 billion every three months for the last five years.
Isn’t it time to cut taxes? We are living in times of peace and prosperity. Our budget is headed towards balancing, and revenues are in surplus. On the other hand, our tax burden is higher than ever before and is taking a higher and higher percentage of the Gross Domestic Product.
Pete DuPont and the National Center for Policy Analysis proposes that Congress cut federal taxes by twenty-three percent and thereby restore the tax rates to their pre-Clinton levels. The proposal is fair and financially sound. All that is left is for you to tell Congress to do it.
I’m Kerby Anderson of Probe Ministries, and that’s my opinion.
© 1998 Probe Ministries International