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Chancellor Angela Merkel said on Tuesday Germany needs to stimulate domestic economic demand and urged opposition parties to stop blocking proposed tax cuts in the upper house of Parliament.
Getting people working generates tax revenue for the government. That is the only thing that will get the economy going. Companies are sitting on around 2 trillion dollars in cash ready to pump it in but guess who is holding it all up? Obama and his disastrous economic agenda. He gets out of the way the economy will turn around it is that simple.
IF the tax cut is actually targeted at something that actually creates jobs... sure. Letting hedge fund managers and other Wall streeters pay even less tax does NOTHING since they create little to nothing.
By 2003, Mr. Bush grasped this lesson. In that year, he cut the dividend and capital gains rates to 15 percent each, and the economy responded. In two years, stocks rose 20 percent. In three years, $15 trillion of new wealth was created. The U.S. economy added 8 million new jobs from mid-2003 to early 2007, and the median household increased its wealth by $20,000 in real terms.
But the real jolt for tax-cutting opponents was that the 03 Bush tax cuts also generated a massive increase in federal tax receipts. From 2004 to 2007, federal tax revenues increased by $785 billion, the largest four-year increase in American history. According to the Treasury Department, individual and corporate income tax receipts were up 40 percent in the three years following the Bush tax cuts. And (bonus) the rich paid an even higher percentage of the total tax burden than they had at any time in at least the previous 40 years. This was news to theNew York Times, whose astonished editorial board could only describe the gains as a “surprise windfall.”
The ole boost domestic consumption after the export market collapse. Problem is they use a private credit money system. So the next target is both German sovereign debt and private German debt which of course will result in unpayable debts in Germany. Can't wait. The EU is just a nightmare.
Germany isn't running a massive fiscal deficit like we are, moron
That was exported. Germany will become the EU in miniature since consumption will no doubt be credit fueled. Using the British monetary system without a central bank is rather insane.
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