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J.D. Foster Presentation on Taxes to the Chicago Committee for Heritage 1/20/2010
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J.D. Foster Presentation on Taxes to the Chicago Committee for Heritage 1/20/2010

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Transcript

  • 1. I Want You To Pay More Tax
    • Chicago Community Committee
    • January 20, 2010
  • 2. Budget Picture Gloomy
    • 2009 receipts = $2.1 trillion
      • Down $500 billion from 2007
    • Spending = $3.5 trillion
      • Up $700 billion from 2007
    • Deficit of $1.4 trillion
    • Equal to 9.9% of GDP vs. 3.2% in 2008
    • MSR projects deficit of $1.5 trillion for 2010
    • Cumulative deficits of $9 trillion 2010-1019
  • 3. Federal Receipts Return to Normal (as percent of GDP)
  • 4. While Spending is Far Above Normal (as percent of GDP)
  • 5. Producing Unsustainable Deficits (as percent of GDP)
  • 6. And Unsustainable Federal Debt (as percent of GDP)
  • 7. Entitlement Spending Soars (Spending as a share of GDP)
  • 8. Entitlement Spending Exceeds Revenues
  • 9. Income Tax Rates More Than Double
  • 10. A Tale of Two Strategies
    • Reagan – Starve the Beast
    • Obama – Glut the Beast
      • Spending as inevitable
      • As act of God or nature
      • As long-term outcome
      • Anything but a conscious decision
  • 11. Implication of Gluttony
    • If spending inevitable, then so are higher taxes
    • Corporate rate already too high
    • Means pressure on top individual rate
    • Current system nearly tapped out
    • Must find another revenue source
    • Answer – A VAT
  • 12. The VAT Wave
    • Less harmful to an economy than income taxes
    • Competitive advantages of border tax adjustments
    • Massive revenue potential
    • Low Flak to Jack Ratio
  • 13. Glut the Beast
    • Massive spending hikes inevitable
      • Spending is anything but an act of policy
    • Projected deficits are unsustainable
    • So higher taxes are inevitable
    • So a high-rate VAT is inevitable
  • 14. A Choice Will Be Made
    • The choice is an open question
    • Cut spending dramatically
    • or
    • Accept a high-rate VAT
    • The choice is open, the choosing is not
    • Freedom and prosperity are hanging in the balance
  • 15. I Want You To Pay More Tax
    • Chicago Community Committee
    • January 20, 2010