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It would reduce debt, if the citizens agree to pay it. Rebellions may start, then protests, then a formation of a militia of some sort if it gets to that point. We don't want it to turn out like Robin Hood.
No. Raising taxes results in reduction of revenue as businesses close or move out of the country.
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Do taxes pay off the national debt?
The national debt can be repaid by taxes, but only if the amount of other spending is less than the amount of taxes that are collected. If the government continues to spend more money every year than it collects in taxes, then the debt will necessarily increase.
What were Andrew Mellon's strategies for maintaining post-war American prosperity?
Andrew Mellon marketed his strategies for maintaining a postwar American prosperity. His strategy was to cut taxes believing it would ensure financial independence.
Many Americans were pleased with the final bill which controlled the deficit by raising taxes.?
FALSERaising taxes has never cause a reduction in the deficit or the debt. Lowering spending is the only possible solution and always has been.Raising taxes slows the economy and reduces overall income and thereby reduces the total tax collected.This has always been proven to be the case. No one has ever spent their way into wealth.
Why did Hamilton's want national taxes?
to pay off the national debt
Why does US lower taxes if they are so much in debt?
higher taxes mean the corporations will go over seas where the taxes are lower, and then they will lose their tax base.
Raising taxes can help control inflation because?
Inflation is too much money chasing too few goods. If the new revenue from raising taxes is used to pay down debt, raising taxes can help control inflation by reducing discretionary income.
Can the government always reduce the budget deficit by simply increasing taxes?
Large budget deficits cannot be cured by simply raising taxes. Depending on the size of the debt and the size of an economy, usually long term plans are required. This would normally consist of the reduction of government expenditures and increases in taxes. The details of such a plan depend on many variables.
Conflict which resulted in England imposing heavy taxes to reduce its debt?
fu ck
What Conflict resulted in England imposing heavy taxes to reduce its debt?
The French and Indian war
How can national debt be elimined?
By balancing the budget. This can be done by increasing government income (raising taxes) and decreasing government expenditure.
How can you stop third world debt?
by raising money and donating to gift aid so the greedy government cant steal taxes from it!!!!!!!! :)
Need to reduce to amount of back taxes that I owe. I owe too much.?
Owing back taxes is not very fun. To get rid of this debt, or reduce it (which is probably more likely), talk to a local tax professional. Many cities have debt specialists that offer free services too. Check one out.
What advice would you give the president on taxes?
My advice is to reduce expenditures to equal the current revenue being collected and then to propose a temporary graduated income surtax that would be applied entirely to paying down the debt.
What's debt management group and will it help reduce personal debt?
In today's economy it is great you are looking to reduce your personal debt. I would only recommend using a debt management group if you are not good at budgeting and managing your funds.
Was the debt ceiling raised in 2011?
"The debt ceiling was in fact raised by $2.1 trillion dollars. While the plan doesn't include raising taxes, it does include cutting the federal budget deficit by $2.5 trillion over the next decade."
Where could one find information on how to reduce debt?
There are many places where one could find more information on how to reduce one's debt. The best places to go would be to visit a bankruptcy lawyer or a debt consolidation company.
How can one learn how to reduce debt?
Someone can learn how to reduce debt from a number of websites such as Debt Canada. Debt Canada provides individuals and businesses with debt counselling services.
