Are you referring to income tax? That's not how wealth is created, nor taxed. Income tax is much higher than capital gains, real estate and estate tax when a trust or other method isn't used to protect it wealth. Ever hear of a 'family corporation'?
What the Biden administration could/should have done is irrelevant to what this administration is doing.
Sure, those are important factors along with people killed in traffic and or by guns, but it's not like other advanced countries don't have similar issues. Except people killed by guns.
Good grief! US health care is two to three times as expensive (measures as percentage of GDP) as other advanced developed countries, but the health outcome population wise is pretty bad.
Obfuscation and baseless claims without answering my question.
Yes, they had a calculated plan to slash and burn without regard for the consequences. We'll see how this unfolds over time.
All Federal agencies are created by Congress and not through a Presidential order. It's pretty easy to find that out.
Yep, all of those needs to be fixed so that too generates more federal income. There are ways to generate more income to the government. Just like a person can get a 2nd job to satisfy the spending habits.
Someone needs to take their credit card away and force them to get that second job. That would result in a chorus of "I didn't do it, I just got here!".
And we’ve been spending like there are no consequences. The continued spending habits would be far more painful than the short term pain of slash and burn. Again nobody on the right or left has done anything meaningful to cut spending in decades and the debt accrued in the last ten years is insanity. Some short term extreme austerity measures are necessary.
it's my understanding that 'back in the day' prior to income taxing the Fed Gov't derived the majority of it's revenue from tariffs and the levy of taxation on alcohol and tobacco. Are we heading back
That was when there was no Social Security, Medicare and Medicaid, and even the military was tiny. You can read about it in https://paulkrugman.substack.com/p/never-underestimate-the-ignorance but here are a couple of figures.it's my understanding that 'back in the day' prior to income taxing the Fed Gov't derived the majority of it's revenue from tariffs and the levy of taxation on alcohol and tobacco. Are we heading back
And yet, they want to reduce revenues by $4.5 trillion, while increasing the debt limit by $4 trillion.
Article isn’t very clear and a bit misleading, $4.5 trillion over a 10 year period with $1.5 trillion annual spending cuts. In other words about a half trillion in tax cuts annually.
Yeah, it could have been a little clearer, but I don't read it as cutting $1.5 trillion in annual spending either but 10 years. As $1.5 trillion in annual spending is abut 22% of the yearly total federal outlays it does not seems reasonable that the Republicans would try doing that (a very steep cut).
And who paid the tariffs back then? I bet it was a hidden tax on the population as it is ever since. Certainly, it wasn't the country sending the goods.it's my understanding that 'back in the day' prior to income taxing the Fed Gov't derived the majority of it's revenue from tariffs and the levy of taxation on alcohol and tobacco. Are we heading back
I should have been more clear about my point. Cutting taxes while trying to wrestle down debt and deficit seem counterproductive. The Laffer Curve is a laugher and shouldn't be depended upon to generate more revenue.
