Triple, Triple solution for National Deficits/Debt. [View all]

[ErikJ]

The national debt has spiralled 1500% since 1980 when Reaganomics began from $1 Trillion to 15 Trillion. Annual deficits now are roughly $1.5 Trillion a year.

1.Top marginal tax rates are now roughly 1/3rd what they were before Reagan.
As a result the wealth of the top 1% has roughly TRIPLED since 1980 when Reagan started cutting taxes on the the rich.

2. So we should TRIPLE the top marginal tax rate on the rich back to the 1940's and 50's rates. Also restore the pre-Reagan taxes on Capital gains, dividend income and corporate income taxes. This would bring in a rough estimate of $800 billion a year.

3. Defense spending has TRIPLED since 1997 from roughly $300 Billion a yr to $900 billion a yr., so we should cut defense spending back to 1997 levels saving $600 billion a year.

$800 + $600 Billion = $1.4 Trillion. Problem solved.