Frank Wolf has been in congress for 30 years. He has voted to cut taxes without cutting spending, and support the deficit spending of the Reagan, Bush I and Bush II years. The Reagan ideas, also called trickle down and deregulation of banks and most business, was that by cutting taxes they would generate more business investment, more work, and more spending, leading to more taxes being paid. The problem with all of that is that they were cutting taxes on the wealthy in half, and most of the increase in income (about 60%) each year goes to the top 1% of taxpayers, so cutting their taxes in half when they double their income, does not give you more tax revenue. One claim they made was that all this tax cutting was not just good for the very rich, it was good for the middle class also. The problem with that was the middle class taxes stayed the same or went up.
Here is what cutting the tax rates did the deficit, and guess who is going to pay it off? Those who benefited from adding the deficit? You are joking.
And remember, Reagan brought in Alan Greenspan to deregulate the banks. Of course that took years and Clinton helped get rid of the regulations that were put in after the great depression of the 1930's. The truth is that a president may be genius at getting elected but most of them are in awe of millionaires and billionaires, so don't offer citizens much protection. We are supposed to get that from congress, but we did not get it from Frank Wolf. Of course we can't expect Frank to be a financial genius, but we can expect him to hire one that is not in the pay of banks and bankers, and get the truth for us. Frank did not do that.
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