Actually, he didn’t say exactly that, but that would make it a heck of a lot simpler, wouldn’t it. I admit I got a little tax cut recently. Unfortunately, the tax cut I got came at the expense of other hard working people (the “wicked rich”), as well as my children and grand children, because the feds did not cut spending concurrently. In fact, I will probably see the bill in my lifetime, with interest.
We have yet to learn that there is no such thing as a free lunch. The government takes our money and spends it where they see fit or simply gives it to others, and tells us we will be better off for it–it will magically multiply. Unfortunately, the only thing we get is an economy of bubbles, misallocated capital, and redistributed wealth.
We ought to get rid of the income tax altogether. It is nothing less than forced labor and blatant theft.