George P. Shultz: Raising Tax Rates
on Sunday, February 7, 2021George P. Shultz Money Quote saying while taking the conservative approach to increasing revenue by expanding the economy rather than by taxing anyone. George P. Shultz said:
“You don’t get gushers of revenue by raising tax rates. You get it through expansion” — George P. Shultz
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In this quote, George P. Shultz seems to be arguing against the idea that raising tax rates is an effective way for governments to generate more tax revenue. By stating that higher tax rates do not produce “gushers of revenue” but rather revenue comes through “expansion”, Shultz implies economic growth through business and job creation is a better strategy for increasing tax intake than increasing tax percentages.
The quote conveys Shultz’s perspective that a strong, growing economy with many people employed and businesses profiting will yield greater tax revenues than higher rates which may discourage business activity and investment. Overall, he appears to be advocating for pro-growth policies over tax hikes as a means of boosting government income.