Cut Spending So We Can Lower Taxes
I supported the 2001 and 2003 Bush tax cuts. The reductions in taxes reduced the government burden on taxpayers from all income levels, cut capital gains taxes, reduced the death tax, and curtailed taxes for millions of families. The Bush tax cuts left money in the hands of businesses and workers—where it belongs.
But tax cuts alone are not enough. The fiscal mess the United States faces right now is a result of failing to cut spending, and worse, perennial budget deficits. If we cut taxes, we must face the reality that we also must reduce spending. It’s common sense. It’s irresponsible to pile debt on our children and grandchildren, who will one day be forced to pay for our recklessness.
It was foolhardy of Congress to simultaneously vote to cut taxes and increase spending. This is the problem with Washington. Career politicians have voted again and again to run up our debt and raise the federal debt limit, but they have no plan to pay for it.
Fiscal discipline — true fiscal discipline — means not only cutting taxes but also reducing spending.