http://finance.yahoo.com/news/gop-field-tax-cuts-dont-worry-consequences-072955776–election.html

Kyle Pomerleau, an economist at the Tax Foundation said that the Republican tactic was to shrug off the slam on the deficit. While, the Republican also argue that, by goosing the economy, the benefits from well-designed tax cuts would spread out more equitably through the economy.

In my opinion, a government’s second greatest economic power is the ability to levy and collect taxes. Far more powerful than that is the ability to selectively “un-tax.” As we all know, there are always some loopholes that allow you to escape taxes. These loopholes are what lobbyists sell to their donors. The government can lower tax rates substantially if they close the loopholes.

However, just tax cuts will not work. It has to be a combination of reduced spending, passing no legislation unless it is paid for, and then cutting taxes. Just cutting taxes won’t do it anymore as the rich have gotten smart and have stopped putting the money back into the economy. In addition, the current tax system is so complex that it fills volumes and no one can fully understand it. All politicians should talk about tax simplifications instead of tax cuts or tax reforms.