Republican Tax Cuts For The Rich And The Debt Crisis

If it is legal it is not theft. The Constitution gives the government the right to tax. The voters have the right to vote for politicians who will raise taxes on the rich.

 

Increasing taxes will never fix the debt. First of all, the government apatite for spending is enormous. Now that the government is spending money by the trillions, no one in the private sector as enough cash to cover that. People envy billionaires. A trillion is a thousand billion. Wrap your head around that.

Second, if the tax increases came close to covering the deficit, the government would just spend more money. The incumbent politicians are stay in office by spending other people’s money.

Third, if you tax the devil out of the private sector, you will end up with a recession or a depression which will lower tax receipts and require more government spending for welfare programs.

Politicians are like an alcoholic who thinks they are solve their problems by drinking more alcohol.

 

I disagree. Hard work, honesty, and common decency are the keys to success. My college roommate was raised in a urine smelling tenement in Harlem with no dad around and a mom who was a seamstress. He's an MD today. Another one of my roommates relied on these same attributes as the son of a coal miner. He's a retired Army Colonel today.

 

Spending increased under Reagan because the military budget doubled.

I get my facts from these websites:

https://www.thebalance.com/national-debt-by-year-compared-to-gdp-and-major-events-3306287

http://www.irs.gov/pub/irs-soi/02inpetr.pdf

and this chart:



How am I mistaken?

 

Tax cuts have never resulted in a loss of revenue for the treasury. If you want a realistic example of the effects of society under the highest taxes, you only have to look at California. CA leads the nation in taxes and also poverty.

We don't have a tax problem; we have a spending problem.

 

"Data from the BLS shows that approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more."

Did all of those business owners not work hard? Were they dishonest? The reality is that those unsuccessful business owners took risks and failed. Luckily, we have a system that allows people to take risks and fail, without the fear of ending up starving. That system has worked very well. Why conservatives want to take it down, just so they can pay a few dollars less in taxes is beyond me. If there was no social safety network, we'd still be living in trees and afraid of predators the moment we'd set foot on the ground.

 

Reagan was a LONG TIME AGO.

 

Republican tax cuts for the rich have resulted in increases in the national debt.

As far as the voters are concerned our spending problem consists in not spending enough on popular domestic programs, and not raising taxes on the rich to pay for those programs.

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Published January 24, 2019 5:55pm EST
Fox News Poll: Voters favor taxing the wealthy, increasing domestic spending

Voters prefer increasing spending on domestic programs over cutting taxes and reducing spending, and their preferred way to finance that spending -- is tax the wealthy.

That’s according to a Fox News Poll released Thursday.

Fifty-one percent of voters want to spend more on programs such as infrastructure, national defense, education, and health care. That includes 63 percent of Democrats, 50 percent of independents, and 39 percent of Republicans...

At the same time, there is broad support for increasing taxes on the wealthiest families. Voters support tax increases on families making over $10 million annually by a 46-point margin (70 percent favor-24 percent oppose), and support a hike on those making over $1 million by 36 points (65-29 percent).

https://www.foxnews.com/politics/fo...xing-the-wealthy-increasing-domestic-spending

 

Debt.
You borrow from the village to learn and apply a skill that brings in more then what you borrow.

 

My reference is not small business. I spent my life in large organizations like the Army, Boeing, and Lockheed. In those types of environments, hard work, honesty, and common decency are keys to success. I really know nothing at all about running a pizza shop or a laundry.

 

Trump's tax cuts were for EVERYONE. Tax rates were cut ACROSS THE BOARD. Trump's cuts also included specific things like making education loan interest payments deductible. Such things are clearly aimed at the middle class trying to pay off their children's or their own education loans. Such stipulations would mean little or nothing to the rich.

 

"Reagan proved that deficits don't matter."

- Republican Vice President Dick Cheney.

Beginning with Reagan Republicans have cut taxes for the rich every chance they get.

 

On your later point that be true in total dollars but it certainly is not true as a percentage of GDP. We’re coming out of a decade where receipts were at their lowest level as a percentage of GDP since at least the 1950’s (farthest I went back).
16.8% 1950-1959
16.5%. 2010-2019

Since 1980 the average receipts (revenue) is 17.4% of GDP. So if the Conservative’s ideal spending rate is 18% of GDP it’s clear we have a revenue issue they’re not willing to acknowledge. We’ve got to address both sides of the issue.


Why has the economy been less productive since the Reagan era changes ( slower growth)? We’ve got to address this issue also.

 

When you work for a poor person, typically they pay with royalties for what ever task they need you for.

 

Nah, because the only thing worse then voting Democrat is not being wealthy and voting republican.

 

The top tax rate declined from 70% to 28%.

http://www.irs.gov/pub/irs-soi/02inpetr.pdf

The following chart shows what happened for at least half of the American population.



I get tired of posting the same facts to disprove the same misleading and dishonest Republican cliches and talking points.

 

I guess some just never get tired of running those same old posts that it's those RICH REPUBLICANS are not paying their fair share. The info I was able to get was that there were 6.98 million individuals who had income or assets over 1 million dollars. I don't know myself what percentage are Republican or Democrat. Do you?
Now if you want to say that the Top 10 % of the wealthy own 73 % of the overall GNP of the country you would have a better argument for wealth disparity.
61 million people paid NO income tax at all. So out of 122.5 Million households no taxes or very little were paid.


Income & Poverty
Median household income (in 2021 dollars), 2017-2021 $69,021
Per capita income in past 12 months (in 2021 dollars), 2017-2021 $37,638
Persons in poverty, percent 11.6%

 

There is a 'right' to taxation, but there also needs to be justification for the taxation.

And the voters, if even minimally educated on history, also have the right to not vote for politicians whole think discriminatory taxation is a good thing.

 

Nope. They are currently proving that by 'forgiving' debt that was legally accepted. Ain't life peachy?

 

Define 'royalties'. Could you mean 'barter'?

 

Except they expired for the middle class and poor...but you knew that and left out that fact on purpose.

 

Ummmmmmmmmmm, Reagan was 40 years ago. You talk about military spending but it is you guys sending blank checks to Ukraine.

 

You guys just refuse to talk about out of control spending, which is increasing inflation.

 

No, i mean
a sum of money paid to who ever helped you with your patent for instance.
Like an engineer who builds your idea on the promise of co ownership.

Forgiving debt is taxable. Nevertheless it being forgiven doesn’t negate the accumulated wealth you amassed from the availability of the initial funds. It allows you to now hire others faster as well if its forgiven.

 

And its worked out pretty well.
Russia has revealed themselves as a complete failure on the world stage. All without our own boots on the ground. Their hypersonic failure has sealed that nations defeat.
Go Biden.