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Treasurys Tax Reform Analysis Confirms Republicans Dont Give a Damn About the Deficit Hit & Run : Reason.com
http://reason.com/blog/2017/12/11/treasurys-tax-reform-analysis-confirms-r

The fine folks over at Reason want you to know that theyre super concerned that the GOP tax plan making its way through Congress might brace yourselves everyone raise the deficit!

Oh no! Not the deficit! That sounds really bad! Surely all proper libertarians can therefore agree that this is terrible legislation which must be opposed!

But just for fun, lets stop and think about this for a second. What is the deficit exactly? It represents the amount the government must borrow to finance operations when the revenues produced from taxation are less than the expenses required for various spending programs. The equation then, would be: Spending Taxes = Deficit. Since there are two variables, there are then two ways the deficit could be increased, by raising spending, or by lowering taxes. Everyone onboard so far?

Libertarians believe taxes are bad [citation needed]. But they do not, necessarily, believe that spending is inherently bad. Spending is bad because the source of the spending is typically taxation, which is theft. If Bill Gates voluntarily donated a billion dollars to a centralized agency to spend funding various social programs, there is no valid libertarian criticism. It would be a voluntary act of charity which harms no one. In fact, this sort of logic is the very foundation of much of libertarian theory as to how society wouldnt collapse without the state. Its the non-voluntary aspect of taxation which makes the system immoral, not the spending aspect.

So, if taxation (theft) decreases, this is a morally good outcome. Even if spending remains constant. Because taxes are inherently immoral in a way that spending is not. There is no libertarian reason to complain about lower taxes resulting in a higher deficit.

But wait! If the government lowers taxes without cutting spending (or receiving voluntary donations from billionaires), theyll just inflate the money supply! Well still have to pay the inflation tax!

Now we get into a slightly more coherent and nuanced criticism often made elsewhere, but notably absent from the Reason piece linked above. It is correct that if governments cannot raise the funds needed to finance their spending via taxation or donation, they will end up monetizing the debt and printing money, leading to inflation. Which results in a simple question would you rather pay a straight up income tax now, or pay the inflation tax later?
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SmartMuffin - Because anything less would be uncivilized - http://i.imgur.com/W66HUUy.jpg
http://dudewheresmyfreedom.com/