The Democrats’ incoming House majority—and its Senate caucus of presidential wannabes—are about to face fiscal reality. When confronted with how to pay for their extraordinarily expensive policy agenda, the answer of liberal lawmakers, analysts, and advocates is nearly always the same: tax the rich....
Even if the 2017 tax cuts and 2018 defense spending hikes expire, the CBO projects a baseline budget deficit rising to 5 percent of GDP over the next decade. Additionally, the far-left wish list described above totals 18 percent of GDP. That brings a staggering budget deficit of 23 percent of GDP, or the current equivalent of $4.6 trillion per year. In closing that massive budget gap, tax scores from CBO’s “Budget Options” report show that upper-income tax increases are plausibly limited to one or two percent of GDP.... Imagine 100 percent tax rates on all income earned over the $1 million threshold. That’s politically impossible, but for the sake of argument, imagine it. Even that would add just 5 percent of GDP in revenues—until people quickly stop working at that income. Slightly more realistically, doubling the top two tax brackets, to 70 percent and 74 percent, would raise at best 1.6 percent of GDP, and that’s probably optimistic. Alternatively, the popular liberal Social Security solution of eliminating the payroll tax wage cap of $128,400 would close barely half of the system’s long-term shortfall of 1.5 percent of GDP. It would also bring marginal tax rates (including state taxes) above 60 percent in some states, thus leaving little room for additional income taxes to close the much larger Medicare shortfall or finance new spending...
In reality, spending like Europe requires taxing like Europe. This means, in addition to federal and state income taxes, a value-added tax (VAT)—essentially a national sales tax—that affects all families. CBO data estimates that raising 15 percent of GDP would require imposing an 86 percent VAT rate, or hiking the payroll tax from 15.3 percent to 56.5 percent. No wonder many spenders prefer the “just tax the rich” fairy tale...
From that rabid right-wing propaganda outlet.....er... Daily Beast.
A point I've raised here regularly. If you want a European-style social welfare state, you have to pay for it like they do - by taxing the Bejezus out of the middle class.
From that rabid right-wing propaganda outlet.....er... Daily Beast.
A point I've raised here regularly. If you want a European-style social welfare state, you have to pay for it like they do - by taxing the Bejezus out of the middle class.
From that rabid right-wing propaganda outlet.....er... Daily Beast.
A point I've raised here regularly. If you want a European-style social welfare state, you have to pay for it like they do - by taxing the Bejezus out of the middle class.
Calling the left delusion with the tax cuts create jobs crowd. hysterical how right wingers have absolutely no shame, just continue to throw **** and hope it sticks
Look at the 50s, biggest middle class expansion, the rich had high tax rates. country thrived. When the rich have all the wealth, we get the great depression and the great recession and the **** country we have now where most of the country are barely getting by while the rich continue to stockpile wealth
Calling the left delusion with the tax cuts create jobs crowd. hysterical how right wingers have absolutely no shame, just continue to throw **** and hope it sticks
Look at the 50s, biggest middle class expansion, the rich had high tax rates. country thrived. When the rich have all the wealth, we get the great depression and the great recession and the **** country we have now where most of the country are barely getting by while the rich continue to stockpile wealth
You hawks are oddly silent when the military budget is increased by hundreds of billions over just a few years, you never ask how that could be paid for. When it comes to things like UHC which are CHEAPER than what we have now, you suddenly become fiscally conservative and ask stupid questions like "How ya gonna pay for that, comrade??"
You'll declare there's always, always enough money for guns, but never enough for butter. For you guys it's truly purely about priorities, not about feasibility.
Calling the left delusion with the tax cuts create jobs crowd. hysterical how right wingers have absolutely no shame, just continue to throw **** and hope it sticks
Look at the 50s, biggest middle class expansion, the rich had high tax rates. country thrived. When the rich have all the wealth, we get the great depression and the great recession and the **** country we have now where most of the country are barely getting by while the rich continue to stockpile wealth
You hawks are oddly silent when the military budget is increased by hundreds of billions over just a few years, you never ask how that could be paid for. When it comes to things like UHC which are CHEAPER than what we have now, you suddenly become fiscally conservative and ask stupid questions like "How ya gonna pay for that, comrade??"
You'll declare there's always, always enough money for guns, but never enough for butter. For you guys it's truly purely about priorities, not about feasibility.
From that rabid right-wing propaganda outlet.....er... Daily Beast.
A point I've raised here regularly. If you want a European-style social welfare state, you have to pay for it like they do - by taxing the Bejezus out of the middle class.
So, if I understand your response...Just a note: The plan your source references is from the Congressional Progressive Caucus, not from democrats in general. In fact, the CPC membership is less than a third of democrats in congress. Also of note: republicans and conservatives have completely lost the right to complain about deficits, through there own actions.
Hmm... did we have massive federal income redistribution spending during the 50's?
It is amazing that folks who praise the federal taxation levels (as a percentage of GDP) in past decades completely ignore the federal spending levels (as a percentage of GDP) in those same decades.
rates not effective rates, big difference
Look at the 50s: The average tax revenue from GDP was 17.19% with a maximum of 19%
Lets look at average from the GWB presidency 17.07% with a maximum of 18.5% coming directly after the tax cuts
and what about Reaganonmics, he averaged 18.02% GDP tax revenue
So, if I understand your response...
1. It's not fair to conflate a portion of Congressional Democrats with all Liberals
2. It is fair to conflate a portion of Congressional Republicans with all Conservatives.... And this is a good response to a point about math .
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How many republicans opposed the tax cuts that significantly reduced what revenue would be generated? 1 in the senate, due to health issues keeping him away. 12 voted against it in the house. Which part of "small minority" is the same as "vast majority"?
Calling the left delusion with the tax cuts create jobs crowd. hysterical how right wingers have absolutely no shame, just continue to throw **** and hope it sticks
Look at the 50s, biggest middle class expansion, the rich had high tax rates. country thrived.
You hawks are oddly silent when the military budget is increased by hundreds of billions over just a few years
you never ask how that could be paid for. When it comes to things like UHC which are CHEAPER than what we have now, you suddenly become fiscally conservative and ask stupid questions like "How ya gonna pay for that, comrade??"
There are a number of European countries with a decent welfare program that has similar or lower tax rates than the US.
Alternatively, you guys could spend a lot less on the military and still have the biggest military spend in the world.
Depends whether you want a compassionate country that helps it's people when in need, or if you want a country that ignores their needs. The former generally produces happier citizens and lower social divisions.
That's absurd because you're essentially claiming government cannot be compassionate, setting us up for you know, a government that isn't compassionate.1. Whether or not a nation is compassionate is not determined by the extent to which the government exercises control over our lives and holds us down. More socialist countries actually tend to be LESS compassionate when measured in terms of actual compassion, vice government programs.
Based on what?2. Government transfer programs do not seem to produce happier citizens. They instead seem to produce entitlement and anger.
Calling the left delusion with the tax cuts create jobs crowd. hysterical how right wingers have absolutely no shame, just continue to throw **** and hope it sticks
Look at the 50s, biggest middle class expansion, the rich had high tax rates. country thrived. When the rich have all the wealth, we get the great depression and the great recession and the **** country we have now where most of the country are barely getting by while the rich continue to stockpile wealth
Labor Force Statistics from the Current Population Survey
Original Data Value
Series Id: LNS12032194
Seasonally Adjusted
Series title: (Seas) Employment Level - Part-Time for Economic Reasons, All Industries
Labor force status: Employed
Type of data: Number in thousands
Age: 16 years and over
Hours at work: 1 to 34 hours
Reasons work not as scheduled: Economic reasons
Worker status/schedules: At work part time
Years: 2008 to 2018
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2008 4846 4902 4904 5220 5286 5540 5930 5851 6148 6690 7311 8029
2009 8046 8796 9145 8908 9113 9024 8891 9029 8847 8979 9114 9098
2010 8530 8936 9233 9178 8845 8577 8500 8800 9246 8837 8873 8935
2011 8470 8464 8645 8652 8576 8427 8281 8788 9166 8657 8447 8171
2012 8305 8238 7775 7913 8101 8072 8082 7974 8671 8203 8166 7943
2013 8151 8178 7722 7964 7937 8103 8099 7816 7764 7936 7718 7827
2014 7302 7304 7451 7516 7260 7425 7400 7169 7007 7031 6885 6817
2015 6820 6693 6653 6622 6643 6386 6234 6411 6025 5807 6159 6027
2016 5960 6021 6099 6027 6491 5751 5898 5977 5893 5955 5719 5554
2017 5776 5670 5500 5309 5268 5264 5236 5209 5148 4880 4851 4915
2018 4989 5160 5019 4985 4948 4743 4567 4379 4642 4621
That's absurd because you're essentially claiming government cannot be compassionate, setting us up for you know, a government that isn't compassionate.
Then acting like charity is the only valid form of compassion. It's bunk.
You're note even understanding what's going on at the high level.
When the ultra-wealthy are taxed more, they are not significantly "held down" in any meaningful way. They are still ultra-wealthy.
They are still immensely powerful, influence politics more, live a life of luxury. So they buy one yacht they will use 0.1% of the year, instead of 2? That's holding them down...vs watching people go bankrupt because of the cost of basic heatlhcare (or any number of plights of the less fortunate, even just middle class)? What?! Which one 'controls' a persons life more in a negative way, and by number of people? It's not even close.
Based on what?
https://en.wikipedia.org/wiki/World_Happiness_Report
Disagrees.
Northern Europe looks happier on all accounts. They seem to feel they have less corruption too...lucky them. We've got criminals running our campaigns, sucks to be us.
That's absurd because you're essentially claiming government cannot be compassionate
Then acting like charity is the only valid form of compassion.
When the ultra-wealthy are taxed more, they are not significantly "held down" in any meaningful way.
They are still immensely powerful, influence politics more, live a life of luxury. So they buy one yacht they will use 0.1% of the year, instead of 2? That's holding them down...vs watching people go bankrupt because of the cost of basic heatlhcare (or any number of plights of the less fortunate, even just middle class)? What?! Which one 'controls' a persons life more in a negative way, and by number of people? It's not even close.
Based on what?
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