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No, solution is to go back to a tax structure we and in the 1950s, were the very rich and corporations paid real taxes. Starting with Reagan, taxes cuts corpor
by jmclnx 11mo ago
No, solution is to go back to a tax structure we and in the 1950s, were the very rich and corporations paid real taxes.
Starting with Reagan, taxes cuts corporations and the rich has been the main driver of the debt. And I will add to that, falling wages for the middle and lower classes based upon inflation.
- rayiner 11mo agoThe tax level is about as high as it ever has been: https://fred.stlouisfed.org/series/FYFRGDA188S https://fred.stlouisfed.org/series/FYFRGDA188S
- deleted 11mo ago[deleted]
- s0sa 11mo agoI’d love to see a breakdown of where the tax revenue is coming from (e.g. demographics) over the same period of time.
- PopAlongKid 11mo agoAre you equating receipts with tax level? Tax is a rate applied to an income or wealth amount. Note that GDP includes government spending, which is not subject to tax but is based in part on debt. https://www.pgpf.org/article/six-charts-that-show-how-low-corporate-tax-revenues-are-in-the-united-states-right-now/ https://www.pgpf.org/article/six-charts-that-show-how-low-co...
- rayiner 11mo agoNo. The chart shows "Federal Receipts as Percent of Gross Domestic Product"
- potato3732842 11mo agoIf you are in favor of more taxes nominal vs effective rates is not a can of worms you want to open. Effective tax rate was lower in the past even if the nominal was higher. SALT was amounted to basically nothing back then whereas they are far more now.
- whimsicalism 11mo agosure but that sword cuts both ways. it is well documented pretty much nobody actually paid top nominal rates in the 50s because there were so many loopholes
- eqvinox 11mo agoTax level, sure, but not tax distribution.
- whimsicalism 11mo agoreal wages have been going up and the inflationary period saw a very high rate of increase in real wages particularly for low wage workers.