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> The top 1% pay 30-40% of all the taxes and have done so for decades. That's kinda the problem. We've been running a deficit for decades because the top tax r
by lesuorac 1y ago
> The top 1% pay 30-40% of all the taxes and have done so for decades.
That's kinda the problem. We've been running a deficit for decades because the top tax rate has been cut.
- FredPret 1y agoWe're running a deficit because huge promises were made to entire generations of people when we had a pyramid-shaped demographics, but now we have a population candle. If you tax rich people even more than now, you risk simply slowing down the economy long-term and making the whole situation much worse.
- lesuorac 1y agoIf you raise taxes on people with a lower marginal propensity to spend and transfer it to people with a higher marginal propensity to spend you'll have a stronger economy. We were running surpluses at numerous times across the past 100 years. Each of those surpluses ends with a reduction in the top tax rate.