The Government's Spending Plan To Reduce The Budget Deficit



On May 25th,1995, the Senate passed a spending plan intended to eliminate the budget deficit by the year 2002 by decreasing government spending while cutting taxes. The Senate's plan is less extreme than the plan passed by the House a week earlier, and both chambers hope to agree upon a compromise plan before the July 4 recess. This may prove a more difficult feat than it appears. While the two plans are similar in substance, they differ widely in the size of the tax cuts proposed. The House plan would cut taxes by $353 billion, while the Senate plan calls for a tax cut of $170 billion contingent upon the passage of spending reductions. Both plans exempt Social Security from cuts, ...

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government as in business you get what you pay for--and in the case of taxes, he theorizes, the more citizens pay on a local level the more likely they will be to insist that they get their money's worth. Inadequate funding for schools and salaries so low that they fail to attract competent individuals to civil service jobs ultimately cost the citizenry more than would a tax increase. Because Americans are not willing to spend the appropriate amounts at the local level to assure that salaries for teachers and civil servants are sufficient to attract the best and the brightest, they are doomed to dissatisfaction with their local governments. In Zeisler's view, the majority of the troubles that citizens complain of come as a direct result of insufficient funding. And for this, says Zeisler, the low-tax lobby and the small-but-powerful interests that profit from lower taxes are largely to blame.
In "Can We Limit Taxes to 25 Percent?," former dean of Harvard University Law School Erwin ...

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for the short-term gain of a limited constituency.
Nearly twenty years after Doe, in his 1980 article "Getting Serious About Tax Reform," M.I.T. economist Lester C. Thurow makes the argument that the tax system needs to be reconfigured, but along slightly different lines. Productivity, Thurow warns, is down, our standard of living is in jeopardy, and America is becoming ever less competitive in world markets. Indiscriminate tax cuts, he argues, are not the answer. Instead, addressing the "economic disaster" that America now faces will require strategically structuring taxes so as to encourage industry and investment while discouraging consumption: "Taxes," he argues, "will have to go up ...

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PAPER DETAILS
Added: 9/27/2007 06:09:55 PM
Category: Economics
Type: Premium Paper
Words: 2577
Pages: 10

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