Ive often wondered about the impact cutting taxes has had on the American economy and their level of debt in general. It seems Reagan definitely started a process whereby each succeeding government pledged to lower taxes.
So if lowering taxes had not become a bipartisan promise, I would like to know if America would ever have accumulated as much debt? You only need to deficit spend when you spend more than you raise. Why not simply raise more revenue?
@kmax87 saidwhy not quit giving tax payer money to other countries?
Ive often wondered about the impact cutting taxes has had on the American economy and their level of debt in general. It seems Reagan definitely started a process whereby each succeeding government pledged to lower taxes.
So if lowering taxes had not become a bipartisan promise, I would like to know if America would ever have accumulated as much debt? You only need to deficit spend when you spend more than you raise. Why not simply raise more revenue?
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@kmax87 saidIm far from a progressive but i like Liz Warrens proposal to tax wealth above $50 million at one penny per dollar. This would fully close the budget gap. The tax goes away as soon as government starts spending less. It would also put real pressure on politicians to start cutting spending because many of their donors would want that to go away.
Ive often wondered about the impact cutting taxes has had on the American economy and their level of debt in general. It seems Reagan definitely started a process whereby each succeeding government pledged to lower taxes.
So if lowering taxes had not become a bipartisan promise, I would like to know if America would ever have accumulated as much debt? You only need to deficit spend when you spend more than you raise. Why not simply raise more revenue?
- Joined
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- 10647
@Mott-The-Hoople saidYes and... It's $40 trillion. You're not even close.
why not quit giving tax payer money to other countries?
@wildgrass saidso saving billions is not close? do you understand how counting works?
Yes and... It's $40 trillion. You're not even close.
@wildgrass saidis she still an indian or nah?
Im far from a progressive but i like Liz Warrens proposal to tax wealth above $50 million at one penny per dollar. This would fully close the budget gap. The tax goes away as soon as government starts spending less. It would also put real pressure on politicians to start cutting spending because many of their donors would want that to go away.
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1 edit
@Mott-The-Hoople saidno, not even close, Take forty thousand chicken eggs and lay them out. Then remove one and eat it. Did you get close to eating all of them. Also at the same time there trying to add $500 billion (500 more eggs) to the Pentagon's budget.
so saving billions is not close? do you understand how counting works?
@wildgrass saidAnd you say harm this man to make it better…but keep on spending
no, not even close, Take forty thousand chicken eggs and lay them out. Then remove one and eat it. Did you get close to eating all of them. Also at the same time there trying to add $500 billion (500 more eggs) to the Pentagon's budget.
https://bbx.com/article/500202
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2 edits
@Mott-The-Hoople saidNo that's your framing. All tax is theft, especially taxes spent on dumb stuff that no one in their right minds would vote for like wars of choice and the paycheck protection plan. But the government spent it and Elon can afford it, so that's why he has to pay more taxes. He won't get poorer, won't be harmed, he'll just earn slightly less next year. Government cannot, will not, stop spending. Maybe if the tax man cometh, he will finally start pressuring politicians to stop spending.
And you say harm this man to make it better…but keep on spending
https://bbx.com/article/500202
@kmax87 saidI did remember Reagan was so hamfisted with lowering taxes that he fuked up the budget so he had to do a bit of raising.
Ive often wondered about the impact cutting taxes has had on the American economy and their level of debt in general. It seems Reagan definitely started a process whereby each succeeding government pledged to lower taxes.
So if lowering taxes had not become a bipartisan promise, I would like to know if America would ever have accumulated as much debt? You only need to deficit spend when you spend more than you raise. Why not simply raise more revenue?
Gemini made analysis:
"After signing the massive historic tax cuts of 1981 (the Economic Recovery Tax Act), President Ronald Reagan signed multiple subsequent laws that raised federal taxes to fix growing budget deficits and fund government programs
Subsequent Tax Increases
1982 (TEFRA): Reagan signed the Tax Equity and Fiscal Responsibility Act, which rolled back roughly a third of the 1981 tax cut by closing corporate loopholes, repealing certain business write-offs, and increasing excise taxes on items like cigarettes and telephone services.
1983 (Social Security Amendments): He signed legislation that raised payroll taxes and subjected a portion of Social Security benefits to income taxes for higher-income recipients to rescue the system from insolvency.
1984 and 1987: He approved additional deficit-reduction packages and technical tax adjustments that closed further shelters and raised minor revenues.
The Net Result
While Reagan's landmark legislative acts (1981 and the Tax Reform Act of 1986) sharply lowered top marginal income tax rates, the corrective revenue bills he signed later in his presidency added up to some of the largest peacetime tax increases in U.S. history up to that point. "
In short, the former republican Jesus fuked up the us budget by lowering top marginal taxes then tried to make up the difference by fukin over the middle class americans .
Don't worry though. The trickling down should start any day now. It takes a few decades, stop whining (this is directed at americans)
@Zahlanzi saidyou know people wont just let you steal their money right?
I did remember Reagan was so hamfisted with lowering taxes that he fuked up the budget so he had to do a bit of raising.
Gemini made analysis:
"After signing the massive historic tax cuts of 1981 (the Economic Recovery Tax Act), President Ronald Reagan signed multiple subsequent laws that raised federal taxes to fix growing budget deficits and fund government programs ...[text shortened]... down should start any day now. It takes a few decades, stop whining (this is directed at americans)
https://www.msn.com/en-us/money/markets/the-great-wealth-exodus-billions-flee-california-and-new-york-for-the-free-state-of-florida/ar-AA1QZR8p
@wildgrass saidjust shooting the facts out there. These rich dude can leave...you dont seem to comprehend that
No that's your framing. All tax is theft, especially taxes spent on dumb stuff that no one in their right minds would vote for like wars of choice and the paycheck protection plan. But the government spent it and Elon can afford it, so that's why he has to pay more taxes. He won't get poorer, won't be harmed, he'll just earn slightly less next year. Government cannot, will ...[text shortened]... pending. Maybe if the tax man cometh, he will finally start pressuring politicians to stop spending.
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@Mott-The-Hoople saidCan ... But don't. Elon gets 20% ROI here or 19% ROI if we tax him more.. or 0% elsewhere.
just shooting the facts out there. These rich dude can leave...you dont seem to comprehend that