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PSPS

(15,322 posts)

11. "You cannot fund a complete govt by merely taxing 1% of the population"

Reply to oldsoftie (Reply #5)

Sat Oct 10, 2020, 08:37 AM

Oct 2020

First, that statement, taken literally, isn't what is being proposed. But I presume that you mean that the revenue shortfall that inhibits the ability to fund a properly-functioning federal government can't be achieved by increasing taxes on the top 1%, and this is demonstrably false.

The deficits we're dealing with today, like virtually all of the other systemic maladies we have, had their genesis during the reign of Reagan. One of his first actions was to cut the top tax bracket by 2/3. That's when the US turned from the largest creditor nation to the largest debtor nation. And we have suffered as a country ever since, 40 years ago. The very presence of billionaires reflects a failing society.

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independent study concluded that 97% of the tax increase under Biden's plan would be paid by the top [View all] riversedge Oct 2020 OP

Wow! This Seems To Mean... ProfessorGAC Oct 2020 #1

Yeah, and naive (read that "honest and faithful") enough to think people still want the truth? jaxexpat Oct 2020 #2

There are Democrats AND rethugs in that 1% OldBaldy1701E Oct 2020 #3

What are you talking about? betsuni Oct 2020 #4

I am not sure what you are asking... OldBaldy1701E Oct 2020 #7

Democrats believe in Democratic issues, otherwise they'd be Republicans. betsuni Oct 2020 #9

I think you are missing my point... OldBaldy1701E Oct 2020 #14

"Group of wealthy Americans write open letter asking to be taxed more" SMC22307 Oct 2020 #16

So I see OldBaldy1701E Oct 2020 #25

$370 Billion a year. Nowhere near whats needed to pay for what we want passed. oldsoftie Oct 2020 #5

Considering how much is concentrated in that 1% OldBaldy1701E Oct 2020 #8

"You cannot fund a complete govt by merely taxing 1% of the population" PSPS Oct 2020 #11

Please show how its "demonstrably false". oldsoftie Oct 2020 #13

We're already deep in debt Turin_C3PO Oct 2020 #15

So we just throw our hands up & say "good luck!" to everyone under 40. oldsoftie Oct 2020 #18

Don't put words in my mouth. Turin_C3PO Oct 2020 #22

You said "might as well go further (in debt) by funding good programs". Whats the difference. oldsoftie Oct 2020 #24

I did PSPS Oct 2020 #21

Pre-Reagan there were also a ton more deductions. Nobody paid 70%. oldsoftie Oct 2020 #23

Well? Isn't it their turn now? calimary Oct 2020 #6

Is he going to get rid of Trump's "blue state" tax? shawn703 Oct 2020 #10

If he doesn't, there should be revenge on the taker states. roamer65 Oct 2020 #17

when the 1% dont pay, the 99% do. and in forms you cannot cheat your way out of. ihas2stinkyfeet Oct 2020 #12

Which is why we need a national sales tax. Cant evade it. oldsoftie Oct 2020 #19

Why do you think Repubs hate it so much? Wounded Bear Oct 2020 #20