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> The Biggest Owner Is Not Foreign Entities, but U.S. Taxpayers In other words, the average US citizen has, over the years, been taxed way harder than they've
by ur-whale 5y ago
> The Biggest Owner Is Not Foreign Entities, but U.S. Taxpayers
In other words, the average US citizen has, over the years, been taxed way harder than they've ever realized.
And the argument that this is a "debt" and can therefore be "repaid" at some point does not hold, since it will be repaid in USD, whose value generally decreases over time and is controlled by the USG (they can produce arbitrary amounts of it).
Nice way to boil the frog.
- akira2501 5y ago> In other words, the average US citizen has, over the years, been taxed way har I look at it through the shares of income to the Treasury. In 1950 the Treasury took in $39 billion, adjusted for inflation that would be $458 billion today. 40% of that was individual income taxes, 10% was social security. 26% was corporate taxes, and 20% was excise taxes. In 2020 the Treasury took in $3,421 billion. 47% of this was individual income taxes, 38% was social security. 6% were corporate taxes, and 2.5% was excise taxes. The individual burden went from 50% to 85% over the past 70 years.
- mempko 5y agoEvery dollar the US spends goes into the private sector. Your bank account. US debt is private sector savings. Some of that savings is interest bearing like US treasuries. Think of it like a bathtub. Spending is the spout, and taxes are the drain. The US must spend more than it taxes otherwise there won't be money in the economy.