Taxes: What Would Reagan Do?
Ronald Reagan, the greatest president of the modern era was known for bringing America to properity through his policies. His first responsibility was to the people of the United States, and he knew it. He believed that financial freedom encouraged productivity, and that the government belonged to the people, not vice versa. He believed in letting entrepreneurs grow their businesses and fuel the growth of the country. Consequently, we had some of the most productive years in American History.
Are there lessons that the current candidates can learn from Reagan? There certainly are. First, taxing the nation to prosperity is a false idea. It doesn't happen. Second, loosening the reins on businesses is the best way to boost the economy and return the nation to prosperity. We're careening towards the fiscal cliff, and something has to be done about the tax situation. It is always easier to justify lower taxes, but the real question here is this: who will justify spending cuts? You can't grow business by increasing taxes, but you can't avoid incredible debt if your spending outpaces your taxing. So will anybody stand up and make spending cuts? Will the entitlements, which are about 65% of the deficit ever get controlled? Everybody says reform is needed, but nobody is stepping up to the plate to make it happen.
Reagan was probably the most ideal leader to emulate for the current candidates. Similar situation, more modern scenario than for example, the Great Depression. Will the candidates model themselves after him? We'll see.
Source - Business Week