decades.
ranted now.
"extortion" by any
t) does so.
en for centuries), by
d the impression that the GDP is this huge reservoir of wealth they can tap into at will. But, it's not nearly as big as they make it out to be. For o ne thing, government spending is included in the GDP, as idiotic as that so unds. And it amounts to typically 20-25% of GDP in a "good" year. It may go into 30-35% territory in the corona era. The useless fools can't sustain a n economy for more than 2-3 years before something crashes, which means it' s a really flimsy operation. So the kind of tax hikes you're talking about will probably kill it for a long time, and do more harm than good.
all the others.
as used SOLELY to pay off debt. But this is not done - any new tax revenue is spent long before it is collected. Furthermore, we have already shifted the tax burden to the wealthy. The top 10% by income used to pay 50% of all federal taxes in 1980 - now it is up to 70%. A similar shift has occurred in the top 1% and top 5%. There simply is not that much money left to tax. How many more hours would YOU work if the government took more than half of it? The bottom line is that politicians get elected by spending our money, not by cutting programs.
s in 2015? Not sure "income" is even the right way to assess wealth. Most of the very wealthy don't have much income. They make money by capital ga ins which are not "income".
t corporate tax rates were just lowered a couple of years ago. Undoing tax cuts instituted over the last few years would be a good start, no?
rich?
if they even enact a wealth tax (it didn't work in Europe). Wealth and inc ome are not the same thing (people can, and do, spend all of their income, leaving no wealth in the aftermath). About 70% of all federal taxes were pa id by the top 10% of earners in 2015.
by corporations are passed thru to us consumers thru higher prices.
n by a thread now. How many companies do you think will be posting profits in the next few quarters, anyhow?
other liberal lie.
id, dollar for dollar. Shouldn't matter if it is income or capital gains ( which are taxed as part of the income tax). The really big money guys pays a lower tax rate than their secretaries... at least that is that Warren Bu ffet would have you believe. Is he lying?
t set tax rates, Congress does. Capital gains taxes are actually double tax ation because the income used to generate the capital gain has ALREADY been taxed at income tax rates. Nobel prize winner Milton Friedman thought that the correct capital gains tax rate was zero, but explained justification f or a lower rate thus:
It is meaningless because the top 10% are gaining a hugh share of the incom e. So it is inevitable they will pay more than 10% of the total taxes. Th e only way to have everyone pay the same share is to have a flat tax which no one wants.
Why does it matter if Buffett is a liberal or not??? He is stating a fact about taxes that IS relevant that the wealthy get taxed at lower rates beca use most of their income is capital gains. I suppose you are just deflecti ng from this fact.
ould stimulate the economy and produce a surplus. Never happened. Now we already have a huge deficit before piling on the trillions being spent on p ropping up everyone during this pandemic.
h outstanding economic results - until COVID hit and they shut the economy down. Deficits are the direct result of even higher spending by Congress.
Like Buffett you didn't lie here, but unlike Buffett you distort the truth. Yes, every year Trump has been in office the tax revenue has increased an d is at the highest levels. But that is exactly the same as nearly every y ear under nearly every President. Most of it is due to inflation and anoth er portion is due to the inevitable economic growth that is part of any eco nomy that isn't hurting. In other words, if your economy isn't growing (an d therefore the tax revenue) you are failing.
The point is the growth under Trump has been no more than under other Presi dents including Obama.
I like the way you want to blame the deficit on Congress. Congress passes bills, but Trump signs them into law. Trump signed the bills for spending just Congress passed the laws for tax cuts and Trump signed for that. If h e doesn't approve, he doesn't sign. If he signed, he must have approved. Bottom line, either he gets both credit and blame or neither. Pick one.
o a left hook all thanks to Trump.
nemployment and good income growth.
Again, Trump is the beneficiary of the previous administration's work diggi ng us out of the 2006-7 real estate bubble collapse. Unemployment peaked n ear the end of 2009 and dropped steadily ever since. So even Trump wasn't able to screw it up. Wonderful.
en he left office. All Trump needed to do was not f*ck it up.
a recession since the Great Depression (less than 1% in his last year).
And yet it was doing great as it was handed to Trump after growing 33% unde r Obama. BTW, your 1% number is a lie according to World Bank.
You really do have a knack for distorting the truth.