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The problem with US debt comes from their unwillingness to tax billionaires. We just passed even more tax cuts for rich people and are scheduled to add more to
by 9283409232 2y ago
The problem with US debt comes from their unwillingness to tax billionaires. We just passed even more tax cuts for rich people and are scheduled to add more to the debt. Just tax rich people, it's not complicated.
- jack_h 2y agoThe economic projections I’ve seen have shown taxing the rich will increase tax revenue by around 1.5% of GDP. We’re slated to borrow 7.3%. That math doesn’t work. To be fair, the republican math with cuts (assuming no tax cuts) also doesn’t work. Neither side is serious about this issue.
- 9283409232 2y agoTaxing billionaires is just one of many necessary steps but it is the most important and vital step in my opinion. There are fundamental problems with how the US is run down to the local level but it starts with taxing billionaires and getting money out of politics.
- jack_h 2y agoTo be clear, I think raising taxes on everyone is going to have to happen along with spending cuts.
- 9283409232 2y agoWhat does the ideal solution look like to you? Are you happy with what DOGE is doing and if not what would you change? I'm asking genuinely because I don't think enough people put forth ideas in their own right.
- jay_kyburz 2y agoWhy point at billionaires, anyone with more than a million is living a comfortable life, everybody should be doing their part.
- 9283409232 2y agoBillionaires are the ones actively fucking the world and seeking tax cuts but you're right, there are plenty of multimillionaires that need to be paying their share.
- mola 2y agoYou can tax the rich, and then cut less of the good stuff. Or you can cut taxes and decimate everything. Guess what the billionaire class chose.
- jack_h 2y agoI fully expect uncomfortable spending cuts with raising taxes while trying to balance economic growth in order to correct this problem. Im dissatisfied with what both sides of the isle are actually doing.
- PaulDavisThe1st 2y agoHow can there possibly be an answer to "how much will tax revenue increase if we tax the rich" without specifying how much we tax the rich, and how we define the rich?
- fallingknife 2y agoIf you use a reasonable definition of rich like 150k for individuals then yes it could work. But that's not what people actually mean when they say it.
- jltsiren 2y agoFrom their unwillingness to tax people. American tax revenue as a fraction of GDP is 6-7 percentage points lower than in the average OECD country. That gap is over $1.5 trillion/year.
- philwelch 2y agoFalse. The combined net worth of all US billionaires is about 6 trillion dollars. The US national debt is over 36 trillion dollars.
- kbelder 2y agoAs the saying goes, Republicans can't do science, and Democrats can't do math. All this 'just tax the billionaires' is the latter.
- 9283409232 2y agoIf you thought I, or anyone else thinks that by taxing billionaires we would pay off the entirety of the debt, I don't know what to tell you bud.
- philwelch 2y agoSilly of me to take you at your word when you said, "the problem with US debt comes from their unwillingness to tax billionaires".
- 9283409232 2y agoSilly you indeed. I have no idea how you read that and interpret it as "taxing billionaires will pay the entire debt." As I mentioned in another comment, taxing billionaires is crucial step but one of many needed.
- philwelch 2y ago> I have no idea how you read that and interpret it as "taxing billionaires will pay the entire debt." It’s the direct, logical implication of the statement and you are obviously moving the goalposts after the fact. The truth is, any tax increases will have to affect just about everyone who pays taxes in order to make any real difference. There is no possible way that taxing billionaires more is even a significant chunk of the solution.