The focus should be on responsible spending rather than a tax increase. It requires leadership to assess the role of government in the economy and our lives, especially the burden of regulations on manufacturing. The government should set standards for safety, health, and environment and let the private sector and competition drive the incentive for meeting those goals. The heavy regulatory costs directly affect working middle-class Americans, making it essential for leadership to address and reduce them.
Whoever wins the 2024 election will soon face a critical decision about extending four trillion dollars in tax cuts expiring next year. Whether taxes will be raised, or cut is in question, against the backdrop of 34.1 trillion dollars in federal debt. For the past few decades, the Republican Party has embraced the belief that lower tax rates and less government spending boost the U.S. economy. However, there is disagreement among conservative thought leaders about the way forward on taxes for the Republican Party. Specifically, some argue that preferences for tax cuts ignore the looming deficit and that refusing to raise taxes further imbalances the federal budget. However, others continue to argue that our debt is caused by government overspending and will actually be helped by tax cuts and that these same cuts also help promote a flourishing economy.
With this background, we debate the question: Is the Republican Party’s Refusal to Raise Taxes Fiscally Irresponsible?
Arguing Yes: Oren Cass, Executive Director of American Compass
Arguing No: David McIntosh, President of the Club for Growth
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