Quote:
Originally Posted by pxmcc
actually i was referring to Waco's claim that corporate tax revenue went up after Trump's tax cuts. sounds like more supply siders' fairy dust..
|
Tax cuts are like coupons. It increases revenue in the short run but is offset by an overall loss of revenue over the long term. The real solution to increasing tax revenues is to increase the tax rate across all income categories and to aggressively reduce tax loopholes.
Those among the lower income levels will need to see a tax increase both in income and ssi taxes along with an increase in the top ssi income bracket.
I’m not knowledgeable enough for specifics but I do know if we’re going to dig ourselves out of this mess every one will need to pay more. Cutting spending is a non starter.
The largest spending categories in the $6.16 trillion federal budget in 2023 were Social Security at 22% of the budget ($1.35 trillion), national defense and veteran support at 18% ($1.13 trillion), transfers to states at 18% ($1.09 trillion), and Medicare at 14% ($848 billion).
Cutting any significant amount of federal spending without affecting ssi, medicare, defense or interest payments is politically impossible.
Again, every one will need to pay more if we want to balance the budget.
Quote the Yellen:
