Can taxing the rich truly solve all America's problems?

[WuWei]

Ever notice how the mediocre, the low performers, seem to want to take?

[Rurudyne]

They are entitled … Democrats told them so.

[WuWei]

Watch how much they use the word “fair.”

[zantax]

Something the left never seems to understand, the rich don’t need income. Set the tax rate too high and they just won’t realize their gains and you will get less, not more revenue.

[Guilds]

@zantax

Something the left never seems to understand, the rich don’t need income. Set the tax rate too high and they just won’t realize their gains and you will get less, not more revenue.

Is that what they did between 1935 -1981?

[Eagle-Keeper]

@Guilds

taxing income from dividends and investments would make a big difference.

Those items are already taxed.

[Guilds]

@Eagle-Keeper

Those items are already taxed.

Income from rent, certain types of royalties, capital gains and dividends are not subject to FICA taxes.Jun 28, 2022

[zantax]

@Guilds

@zantax

Something the left never seems to understand, the rich don’t need income. Set the tax rate too high and they just won’t realize their gains and you will get less, not more revenue.

Is that what they did between 1935 -1981?

Don’t confuse marginal and effective tax rates.

[zantax]

If you look at the numbers, wherever the US sets tax rates, they get roughly the same percentage of GDP as revenue.

Federal Receipts as Percent of Gross Domestic Product

[Guilds]

@zantax

Don’t confuse marginal and effective tax rates.

I’m not.
I fully understand the creative accounting the rich did during that time frame as well.

[WuWei]

[zantax]

@Guilds

@zantax

Don’t confuse marginal and effective tax rates.

I’m not.
I fully understand the creative accounting the rich did during that time frame as well.

As I showed in the previous post, the higher marginal rates of that era did not result in a higher percentage of the GDP becoming federal revenue.

[TheRedComet]

If you’re gonna cut and reform the defense budget (which I support) you’ve got to cut and reform other problem areas as well. Namely the welfare state.

No more sacred cows. If you want to truly reduce the debt, everyone will need to sacrifice their pet projects.

[zantax]

For sure, after pushing Russia in to the arms of China and on the brink of WW3 is the ideal time to cut the defense budget.

[TheRedComet]

@zantax

For sure, after pushing Russia in to the arms of China and on the brink of WW3 is the ideal time to cut the defense budget.

For me I just want to cut the waste. There’s a metric ton of it. Like the LCS program.

Same goes for the welfare state. A ton of waste and no accountability. Just like the department of defense.

Can’t speak for Guilds, though. He might just want to cut it with a chainsaw rather than a scalpel. Which I don’t support.

Also I will add that if WW3 actually breaks out our defense budget for next year won’t matter too much. Everyone will be fighting with what they have on hand, nuclear weapons, and the aftermath won’t be much to write about it.

[Gaius]

@zantax

If you look at the numbers, wherever the US sets tax rates, they get roughly the same percentage of GDP as revenue.

Federal Receipts as Percent of Gross Domestic Product (FYFRGDA188S) | FRED | St. Louis Fed

Which would explain why the Fed balance sheet keeps expanding compared to GDP

[Eagle-Keeper]

@Guilds

Also cut the defense budget 10-20%

With fewer and fewer people wanting anything to do with joining the US Military that 10-20% may just happen organically:

Fewer and fewer Americans want anything to do with serving in the military

This is a trend I’ve read about over the past few years: Looks like the Army’s getting real desparate! Personally I wouldn’t consider serving if I were doing it again today.

[WuWei]

Gadgets are more expensive than soldiers

[Guilds]

@TheRedComet

If you’re gonna cut and reform the defense budget (which I support) you’ve got to cut and reform other problem areas as well. Namely the welfare state

Please name specifics.

[Guilds]

@TheRedComet

Can’t speak for Guilds, though. He might just want to cut it with a chainsaw rather than a scalpel. Which I don’t support.

I understand defense spending, can basically be a form corporate welfare…or a jobs program.
That being said, no,I do not what a chainsaw approach. It would need to be done in a true bipartisan effort. Cutting the waste would also be a key goal.