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oldsoftie

(13,538 posts)

30. That still doesn't work. Their tax receipts are still up

Tue Jan 29, 2019, 09:11 AM

Jan 2019

Even after the cuts, federal tax revenue rose to an all time high. And the dollars from the upper segment has increased by even more. The % of income tax paid by the top 1% increased after the cuts.
I'm NOT defending the cuts, think their rates should have stayed right where they were. I also think high frequency trading should be taxed. (thats a whole different issue, but a HUGE one I think) I'm just pointing out that the debt isnt going to be impacted much by taxing them more, even at 70%, because there simply arent that many of them. We don't tax a ton of revenue. "Stated income" is the hidden revenue stream
The new tax law also took many more OFF the tax rolls as well

If we like the social services that some of the EU countries provide, then we also should take a hard look at how they PAY for them. EVERYONE pays. We don't do that here.

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U.S. on track to add $12 trillion to national debt by 2029 unless Washington changes course [View all] UpInArms Jan 2019 OP

President Warren has a plan for that BeyondGeography Jan 2019 #1

My all time favorite song..................from one the greatest bands.....Tax the Rich......... turbinetree Jan 2019 #2

+1. Thanks for that memory. And Alvin Lee, RIP yonder Jan 2019 #11

YES.... one of the greatest songs ever. groundloop Jan 2019 #16

Ooh, I can't wait until those juicy tax cuts trickle down to the rest of us IronLionZion Jan 2019 #3

I can remember when President Clinton DirtEdonE Jan 2019 #4

A good chart says it all. sandensea Jan 2019 #5

A good chart (for a little while anyway) DirtEdonE Jan 2019 #8

Like most of them, that one too excludes Bush war spending - which was adding around $170 bn a year sandensea Jan 2019 #9

Wow DirtEdonE Jan 2019 #12

The GOPee is good at appealing to all the base pettiness out there sandensea Jan 2019 #21

Yeah, that's only the cost of the wars TexasBushwhacker Jan 2019 #25

Republicans really know how to make wars live up to their reputation sandensea Jan 2019 #26

Only thing to do is cut more taxes for the wealthy... PeeJ52 Jan 2019 #6

KGOP republicans are pissing all over America Achilleaze Jan 2019 #7

Lot of big deficits in the Reagan years. I thought he was the Small Govt. Great Fiscal Conservative progree Jan 2019 #10

"Small government" means small (and weak) enough that the rich guys can do whatever they want FiveGoodMen Jan 2019 #18

Now that they aren't using House of Roberts Jan 2019 #13

File this under "no shit". It goes up because no one wants to do what it takes to fix it. oldsoftie Jan 2019 #14

"Taxing the rich" wont fix the problem. There aren't enough "rich" to tax. FiveGoodMen Jan 2019 #19

Assets and income are two totally different things. We tax income. And we miss a LOT of it. oldsoftie Jan 2019 #22

That leaves a huge chunk of the world's wealth with a few handfuls of individuals ... forever FiveGoodMen Jan 2019 #23

The problem is that we don't tax the way other successful countries do. oldsoftie Jan 2019 #24

Funny how there were enough rich to drive up the debt with their tax cuts. SammyWinstonJack Jan 2019 #29

That still doesn't work. Their tax receipts are still up oldsoftie Jan 2019 #30

Their plan is working.... next step is to slash infrastructure and social programs groundloop Jan 2019 #15

How can they slash what has been being spent on infrastructure? Cold War Spook Jan 2019 #20

During previous campaigns Republicans bragged that if elected they would balance the budget. honest.abe Jan 2019 #17

Deficits don't matter Wolf Frankula Jan 2019 #27

Nothing is being done to stop this insane method for running an economy. democratisphere Jan 2019 #28

Gee, I know... let's get a mega-loan from Putin!!! Talitha Jan 2019 #31