As a result, there need not be any painful tradeoff between less spending or higher taxes.
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Which do you think is worse for the economy: politicians or higher taxes?
So there is likely to be a hole to plug next year which returns the debate to lower spending or higher taxes.
The burden might fall on taxpayers, facing more or higher taxes.
Economists generally agree that the tax (even though invented by the French) is less destructive to economic growth than higher personal or corporate income taxes or higher payroll taxes.
So politicians should eschew policies that reduce the long-term growth rate, such as protectionism or higher taxes, and focus instead on measures that boost the growth potential, such as more flexible labour markets and other productivity-enhancing reforms.
In the end, though, it is consumers who ultimately pay through higher taxes or higher rates.
And when they get there, if times are good, we can have them give back or pay higher taxes.
It amounts to monetising government debt in essence, allowing the government to finance its spending with newly printed money rather than by borrowing or through higher taxes.
But unless ordinary folk are seen to share in the gains from globalisation, there will be growing demands for import barriers or much higher taxes on booming company profits.
Whatever you think of this approach, it sure beats higher income taxes, higher capital gains taxes, or the dreaded Value Added Tax, which you know is just waiting in the wings.
One drawback that I anticipate to hear is that if a wealthy person is paying higher taxes through payroll or estimated taxes, they will not have cash to invest in job creation.
"The Republicans have mostly eliminated the marriage penalty, and a higher-earning spouse can effectively shield his or her income from higher taxes, " says Chris Edwards, tax policy director at the Cato Institute.
While the dicey dollar may roil markets, an even dead-lier long-term downer may be that hardy perennial: taxes--or, more accurately, higher taxes.
They will have to be paid for with either higher taxes or more inflation.
Free riders, he said, transferred their own costs to others, either through higher premiums or taxes.
In that case, our children will face even higher taxes or lower spending over their precious lives.
Somehow this funding issue must be solved either through higher taxes or lower benefits.
Most states must balance their budgets on a year-by-year basis, so they face higher taxes or reduced spending in the coming year.
The formal debate, between now and the real election campaign, may centre on the merits of low taxes or higher public spending.
Higher levels of debt imply higher interest payments on that debt, which would eventually require either higher taxes or a reduction in government benefits and services.
Higher taxes or not, Gleason is bullish on dividend-paying stocks.
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So long as the final tab for decontamination, decommissioning and compensation remains uncertain, so will the question of who pays but count on the poor public being hit either with higher taxes or with higher electricity bills.
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Unions suggest that money for the pension system should come from higher taxes or charges on those who are still working, and see cost-cutting in the pension system as an attack on their way of life.
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Keynesian prescriptions of higher taxes, deficits, or inflation to finance higher spending are consequently always themselves contractionary, and so never work.
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So Americans must choose between the two and conservatives must make that choice clear: higher taxes, higher spending and more government services, or opportunity and upward mobility with lower taxes and less government interference.
But if you want higher property taxes or no projects funded, then vote for Dr. Hayworth.
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Higher taxes, or its evil twin, austerity, are unlikely to solve this dilemma.
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VAT, higher inheritance taxes or a reintroduced wealth tax, this has not diminished the wrath of business leaders or of the opposition.
Either the cost will go up and will have to be paid with much higher taxes, or the service will suffer with longer waits, less personal care, and inferior service.
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