American Monetary Association AMA 207 - Economics vs the Constitution with Dr Paul Broun
Jason Hartman talks with Congressman Dr. Paul Broun about what's going on in Washington in regards to policy and the constitutionality of it all. This was recorded prior to the GOP Tax Reform bill passing, but Dr. Broun is a proponent of a tax system that's more in line with a flat tax.
The two discuss the irrational belief people have that the marketplace won't react to actions the government takes, as well as why the corporate tax rate needs to be reduced (and who that ultimately helps). They also discuss how to make change actually happen, and whether getting rid of the federal income tax is feasible and if it'd be harmful for the economy on the whole.
Key Takeaways:
[2:20] The major principle of most politicians is re-election
[5:37] It's unrealistic to think that people are going to stop voting for things that are in their immediate best interest
[12:32] Many people seem to not think about the fact that the marketplace reacts
[16:28] Corporations don't actually pay the corporate tax, it's the consumer who bears the weight
[22:04] Making change happen is very hard, everything has been going to the left for at least 50 years. Paul wants to get rid of a lot of federal departments
[25:33] Would getting rid of the federal income tax and moving to a sales tax harm the overall US economy?
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