4 ms·

Go back to the pre-neoliberal tax rates and have the highest income tax brackets go up to 60-70%?

QuadmasterXLII 4y ago
Hell, restore the exact tax code from the end of the Reagan presidency and call it the “Reagan was right bill”. It would still be a massive step towards a balanced budget
- dantheman 4y ago
  Even better go the spending levels from back then.
  - pibechorro 4y ago
    Ding ding.
  - me_again 4y ago
    It's interesting to play out what it means in more detail. Try one of the many online 'balance the budget" games like https://us.abalancingact.com/2022-federal-budget https://us.abalancingact.com/2022-federal-budget . Total federal outlays in 1989 were $1,143,744M in today's dollars. That's less than is currently spent on Medicare and Medicaid, ignoring everything else in the budget. So you'll have to make some pretty substantial alterations.
    - tl 4y ago
      Your tool does not allow for classic federal tax rates. It caps in the high 30s claiming higher taxes "do not work" in spite of the fact tax rates were double that for decades.
      - me_again 4y ago
        Interesting, perhaps this isn't the best one. It's more the exercise of trying to tweak revenue and spending that I am recommending than this particular site. Otherwise people seem to imagine that the problem is much easier than it is.
  - jeezfrk 4y ago
    what about his deficits?
- mortehu 4y ago
  A balanced budget also means freezing the amount of money held by the public. This is not a problem free situation.
  - 2Gkashmiri 4y ago
    come on. Why is BNPL taking off? no-cost emi? why should regular folk be given free access to credit to buy groceries and shit? remember, the interest is charged, it just gets added to the cost so everything gets expensive. if only "essential" stuff like buying a home or a business got a loan, things would be much cheaper because overall there would be less interest to pay.
    - deleted 4y ago
      [deleted]
    - mortehu 4y ago
      You are responding to a thread about federal budget balancing. This is not similar to balancing your own budget. If the federal government had no debt, the public would have no money.
pibechorro 4y ago
Lol hell no
GoldenMonkey 4y ago
Why doesn’t the government ever have to go on a diet. It’s always productive people that have to pay more to government. For less. And government has zero accountability. Zero motivation to use our money efficiently. 600+ foreign military bases… $200 hammers… Justify more government wastefulness… before taking my earned money.
- jeezfrk 4y ago
  it always does go on a diet. but people demand it protect banks, oil, defense contractors, jobs, hospitals, poor states, poor people, rich people, rich states, .... and so on. you benefit from having the FBI, FDA, NLRB, FAA and even the EPA while people try to rob you, give you fake drugs, force you into endless debt and low pay, put you on dangerous crowded flights and crash railroad cars around you with cheap stinking chemicals that stay on your lakes and farms for years. these companies would rather you shuttup and buy from the only two identical stores left who raised their prices.... and shut down the government for your own problems. not theirs.

Hell, restore the exact tax code from the end of the Reagan presidency and call it the “Reagan was right bill”. It would still be a massive step towards a balanced budget

dantheman 4y ago
Even better go the spending levels from back then.
- pibechorro 4y ago
  Ding ding.
- me_again 4y ago
  It's interesting to play out what it means in more detail. Try one of the many online 'balance the budget" games like https://us.abalancingact.com/2022-federal-budget https://us.abalancingact.com/2022-federal-budget . Total federal outlays in 1989 were $1,143,744M in today's dollars. That's less than is currently spent on Medicare and Medicaid, ignoring everything else in the budget. So you'll have to make some pretty substantial alterations.
  - tl 4y ago
    Your tool does not allow for classic federal tax rates. It caps in the high 30s claiming higher taxes "do not work" in spite of the fact tax rates were double that for decades.
    - me_again 4y ago
      Interesting, perhaps this isn't the best one. It's more the exercise of trying to tweak revenue and spending that I am recommending than this particular site. Otherwise people seem to imagine that the problem is much easier than it is.
- jeezfrk 4y ago
  what about his deficits?
mortehu 4y ago
A balanced budget also means freezing the amount of money held by the public. This is not a problem free situation.
- 2Gkashmiri 4y ago
  come on. Why is BNPL taking off? no-cost emi? why should regular folk be given free access to credit to buy groceries and shit? remember, the interest is charged, it just gets added to the cost so everything gets expensive. if only "essential" stuff like buying a home or a business got a loan, things would be much cheaper because overall there would be less interest to pay.
  - deleted 4y ago
    [deleted]
  - mortehu 4y ago
    You are responding to a thread about federal budget balancing. This is not similar to balancing your own budget. If the federal government had no debt, the public would have no money.

pibechorro 4y ago

Lol hell no

GoldenMonkey 4y ago

Why doesn’t the government ever have to go on a diet. It’s always productive people that have to pay more to government. For less. And government has zero accountability. Zero motivation to use our money efficiently. 600+ foreign military bases… $200 hammers… Justify more government wastefulness… before taking my earned money.

jeezfrk 4y ago
it always does go on a diet. but people demand it protect banks, oil, defense contractors, jobs, hospitals, poor states, poor people, rich people, rich states, .... and so on. you benefit from having the FBI, FDA, NLRB, FAA and even the EPA while people try to rob you, give you fake drugs, force you into endless debt and low pay, put you on dangerous crowded flights and crash railroad cars around you with cheap stinking chemicals that stay on your lakes and farms for years. these companies would rather you shuttup and buy from the only two identical stores left who raised their prices.... and shut down the government for your own problems. not theirs.