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If Biden wins and increases taxes upon the richest Americans (say, $500k annual income plus), would it not be better to apply it to the backbreaking debt as opposed to just giving health care to illegal aliens, paying off people’s’ loans, giving out house down payments, etc.?
If Biden wins and increases taxes upon the richest Americans (say, $500k annual income plus), would it not be better to apply it to the backbreaking debt as opposed to just giving health care to illegal aliens, paying off people’s’ loans, giving out house down payments, etc.?
Ideally or you can use the extra money to stimulate the economy and grow out of the deficit.
I've done the math too many times to count, but the combined wealth of "the rich" funds just federal spending for ~28 months.
That isn't "add x% to their income tax" or "add 1% to their stock transactions" I am talking about, but their actual total worth seized entirely, converted to dollars and assuming getting the current market value of every single asset without any sort of loss due to negative market forces like widespread panic that the government is seizing everyone's wealth.
That is every millionaire and billionaire in America, with 100% of their worth seized, leaving them penniless, homeless and destitute. You get just over two years of funds. In addition, you have destroyed any incentive to ever make money in this country, you have declared war on liberty and freedom, you have criminalized productivity and saving/investment, and you have completely destroyed any notion of the American dream.
Now how would that affect the debt? Well, first off, if that same amount of money was used solely for outstanding debt, it would chop just under a third of the outstanding federal debt. Okie doke. But "The Rich" pay ~90% of the income tax, and they are all now penniless and homeless, and are probably filing for welfare and food stamps. So they went from contributing 90% to probably taking out -20%..or so. Basically, your tax revenue is annihilated. So guess which direction the debt goes from there?
You can only skin a sheep once, but you can shear them repeatedly.
Anyone who thinks temporary revenue can defeat a permanent spending problem is misguided and ignorant.
But we have an obscene amount of debt. I’m not one for raising taxes, but we need to start making a dent in this, rather than keep borrowing and borrowing to give money out to specific groups.
I’d be OK with a flat 1% on all income under $50,000 (that means the half that pay no federal income tax will have to pay a few hundred), a flat 1.5% between $50,000 and $200,000, a flat 2% on the next amount up to $500,000 - and 3% on all earners over $500,000.
We need to make some sacrifices so as not to saddle future generations with this debt.
I've done the math too many times to count, but the combined wealth of "the rich" funds just federal spending for ~28 months.
That isn't "add x% to their income tax" or "add 1% to their stock transactions" I am talking about, but their actual total worth seized entirely, converted to dollars and assuming getting the current market value of every single asset without any sort of loss due to negative market forces like widespread panic that the government is seizing everyone's wealth.
That is every millionaire and billionaire in America, with 100% of their worth seized, leaving them penniless, homeless and destitute. You get just over two years of funds. In addition, you have destroyed any incentive to ever make money in this country, you have declared war on liberty and freedom, you have criminalized productivity and saving/investment, and you have completely destroyed any notion of the American dream.
Now how would that affect the debt? Well, first off, if that same amount of money was used solely for outstanding debt, it would chop just under a third of the outstanding federal debt. Okie doke. But "The Rich" pay ~90% of the income tax, and they are all now penniless and homeless, and are probably filing for welfare and food stamps. So they went from contributing 90% to probably taking out -20%..or so. Basically, your tax revenue is annihilated. So guess which direction the debt goes from there?
You can only skin a sheep once, but you can shear them repeatedly.
Anyone who thinks temporary revenue can defeat a permanent spending problem is misguided and ignorant.
Who said confiscate their wealth? I’m talking about 2% or 3% of earnings to go toward the debt.
But we have an obscene amount of debt...We need to make some sacrifices so as not to saddle future generations with this debt.
Well - there's always the option of spending less.
For some reason, I have a feeling such a concept is beyond the mental horizon of the vast majority of politicians and holders of elected office.
If Biden wins and increases taxes upon the richest Americans (say, $500k annual income plus), would it not be better to apply it to the backbreaking debt as opposed to just giving health care to illegal aliens, paying off people’s’ loans, giving out house down payments, etc.?
I say yes, but then again I"m a balanced budget guy going back to Perot, 1992. There aren't many of us "BB" guys left anymore.
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