Politicians and interest groups claim higher taxes are necessary because it would be impossible to cut spending by enough to get rid of red ink. This Center for Freedom and Prosperity video shows that these assertions are nonsense. The budget can be balanced very quickly by simply limiting the annual growth of federal spending.
The disagreement is over the solutions — on what spending to cut; what taxes to raise (basically none ever, according to Boozman); whether or not to enact a balanced budget amendment (Boozman says yes; Pryor no); and on what policies would promote the kind of economic growth that would make this a little easier.
Over the next few days I want to take a closer look a Cato Policy Report from July/August 1996 called “Seven Reforms to Balance the Budget” by Stephen Moore. Stephen Moore was the Cato Institute’s director of fiscal policy studies, and afterwards, a Cato senior fellow. This article is based on testimony he delivered before the House Committee on Government Reform and Oversight on March 27, 1996. Moore commented:
2.) A Supermajority Requirement to Raise Taxes
Americans have been hit with 12 tax hikes in the past 20 years; each one has succeeded in further expanding the size of government rather than reducing the debt. Requiring a three-fifths or two-thirds majority in both the House and the Senate to pass a tax increase would allow Congress to pass tax hikes in cases of national emergency but would make it very difficult for Uncle Sam to continue the annual ritual of peacetime tax hikes. Several states, including Arizona, California, and Oklahoma, have enacted such measures; they have stopped tax increases dead in their tracks. As one Arizona taxpayer advocate of the supermajority requirement recently told me, “Now the legislature doesn’t even bother to propose new taxes.”
Congress passed the part of the “Contract with America” that promised new rules requiring a 60 percent vote to raise income taxes. That was a good start. But now that hurdle should be made to apply to all revenue-raising bills.
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Another famous Arkansan.
A weary gunfighter attempts to settle down with a homestead family, but a smoldering settler/rancher conflict forces him to act in this classic Oscar winning western.
Alan Ladd
Inducted in 1996
(1913-1964) – Born in Hot Springs and raised in California, he worked a variety of jobs before landing bit parts in films and theatrical productions. His big break came when he was cast as the psychotic paid killer, Philip Raven, in “This Gun for Hire” (1942). With a career consisting primarily of westerns and adventure films, he is perhaps best known as the mysterious stranger in “Shane” (1954). He appeared in 150 films. www.cmgww.com/starts/ladd
Famous for his role in ‘Shane’ among many roles.
