Musk says trump will crash the economy for our own good.

[Hector12]

Revenues have gone up after every major tax cut going back to Kennedy, Dumbass.

Spending is why we have the debt we have.

Revenue increases more when the top marginal tax rate increases. In 1992 the top marginal tax rate was 31.0%. Income tax revenue was $475,964 million

In 1993 President Clinton raised the top marginal tax rate to 39.6%. It remained that high until 2000. In 2000 income tax revenue had risen to $1,004,462 million.

https://eml.berkeley.edu/~saez/course/Labortaxes/taxableincome/taxableincome_attach.pdf

Federal Tax Revenue by Source, 1934 - 2018

Federal tax revenue by source, 1934-2018. Compare federal tax revenue by source over time from 1934 to 2018. See more federal tax revenue analysis.

taxfoundation.org

In the process some of the national debt was paid off.

 

[Hector12]

So if you agree with Musk, that long term prosperity is good, then why are you whining?

We do not believe that Trump's economic policies will lead to long term prosperity for anyone but the rich.

 

[struth]

We do not believe that Trump's economic policies will lead to long term prosperity for anyone but the rich.

I appreciate that's what you believe, cultist often have strong beliefs and ignore reality to hold on to them.

 

[Nostra]

Revenue increases more when the top marginal tax rate increases. In 1992 the top marginal tax rate was 31.0%. Income tax revenue was $475,964 million

In 1993 President Clinton raised the top marginal tax rate to 39.6%. It remained that high until 2000. In 2000 income tax revenue had risen to $1,004,462 million.

https://eml.berkeley.edu/~saez/course/Labortaxes/taxableincome/taxableincome_attach.pdf

Federal Tax Revenue by Source, 1934 - 2018

Federal tax revenue by source, 1934-2018. Compare federal tax revenue by source over time from 1934 to 2018. See more federal tax revenue analysis.

taxfoundation.org

In the process some of the national debt was paid off.

View attachment 1034282

Revenues increased after every major tax cut.

And show us which year our debt went down under Clinton.

This will be a hoot.....

 

[Hector12]

Revenues increased after every major tax cut.

And show us which year our debt went down under Clinton.

This will be a hoot.....

I already did. Here it is again.

 

[struth]

I already did. Here it is again.

View attachment 1034296

You don’t know the difference between the debt and deficit? Wow

 

[Hector12]

You don’t know the difference between the debt and deficit? Wow

Q: During the Clinton administration was the federal budget balanced? Was the federal deficit erased?

A: Yes to both questions, whether you count Social Security or not.



FULL ANSWER

This chart, based on historical figures from the nonpartisan Congressional Budget Office, shows the total deficit or surplus for each fiscal year from 1990 through 2006. Keep in mind that fiscal years begin Oct. 1, so the first year that can be counted as a Clinton year is fiscal 1994. The appropriations bills for fiscal years 1990 through 1993 were signed by Bill Clinton’s predecessor, George H.W. Bush. Fiscal 2002 is the first for which President George W. Bush signed the appropriations bills, and the first to show the effect of his tax cuts.

The Clinton years showed the effects of a large tax increase that Clinton pushed through in his first year, and that Republicans incorrectly claim is the “largest tax increase in history.” It fell almost exclusively on upper-income taxpayers.

Sources​

Congressional Budget Office, “Historical Budget Data,” undated, accessed 6 Sep 2010.

The Budget and Deficit Under Clinton - FactCheck.org

Q: During the Clinton administration was the federal budget balanced? Was the federal deficit erased? A: Yes to both questions, whether you count Social Security or not. FULL ANSWER This chart, based on historical figures from the nonpartisan Congressional Budget Office, shows the total deficit...

www.factcheck.org

Budget surpluses reduce the national debt. If you have difficulty understanding that you should have stayed in school.

 

[struth]

Q: During the Clinton administration was the federal budget balanced? Was the federal deficit erased?

A: Yes to both questions, whether you count Social Security or not.



FULL ANSWER

This chart, based on historical figures from the nonpartisan Congressional Budget Office, shows the total deficit or surplus for each fiscal year from 1990 through 2006. Keep in mind that fiscal years begin Oct. 1, so the first year that can be counted as a Clinton year is fiscal 1994. The appropriations bills for fiscal years 1990 through 1993 were signed by Bill Clinton’s predecessor, George H.W. Bush. Fiscal 2002 is the first for which President George W. Bush signed the appropriations bills, and the first to show the effect of his tax cuts.

The Clinton years showed the effects of a large tax increase that Clinton pushed through in his first year, and that Republicans incorrectly claim is the “largest tax increase in history.” It fell almost exclusively on upper-income taxpayers.

View attachment 1034300

Sources​

Congressional Budget Office, “Historical Budget Data,” undated, accessed 6 Sep 2010.

The Budget and Deficit Under Clinton - FactCheck.org

Q: During the Clinton administration was the federal budget balanced? Was the federal deficit erased? A: Yes to both questions, whether you count Social Security or not. FULL ANSWER This chart, based on historical figures from the nonpartisan Congressional Budget Office, shows the total deficit...

www.factcheck.org

Budget surpluses reduce the national debt. If you have difficulty understanding that you should have stayed in school.

Nobody has argued that the budge wasn't balanced and we had a budget surplus.

You however first claimed he lowered the Debt.

 

[Nostra]

I already did. Here it is again.

View attachment 1034296

Lies. The debt never went down.

1993	$4,411	63%	Omnibus Budget Act
1994	$4,693	64%	Clinton budgets
1995	$4,974	64%
1996	$5,225	64%	Welfare reform
1997	$5,413	63%
1998	$5,526	60%	LTCM crisis and recession
1999	$5,656	58%	Glass-Steagall repealed
2000	$5,674	55%	Budget surplus

U.S. National Debt by Year

The U.S. national debt grew to a record $34 trillion by the end of 2023. It was just $16 billion in 1930.

www.thebalancemoney.com

 

[Hector12]

Nobody has argued that the budge wasn't balanced and we had a budget surplus.

You however first claimed he lowered the Debt.

O.K., from 1992 to 2000 the national debt in absolute terms rose from $4,065 billion to $5,674 billion, so you are right about that.

However, the national debt as a percentage of gross domestic product (GDP) declined from 61% to 55%.

Now, let's look at the eight years Reagan was president. In 1980 the national debt in absolute terms was $908 billion. By 1988 this had grown to $2,602 billion. In 1980, which was the last year Carter was president the national debt as a percentage of GDP was 32%. During Reagan's last year in office this had grown to 50%.

U.S. National Debt by Year

The U.S. national debt grew to a record $34 trillion by the end of 2023. It was just $16 billion in 1930.

www.thebalancemoney.com

During the Reagan years the top marginal tax rate declined from 70% during Carters last year in office to 28% during Reagan's last year in office.

Historical Highest Marginal Income Tax Rates

taxpolicycenter.org

So you see, raising taxes on the well to do increases tax revenue quite a bit more than not raising their taxes.

 

[struth]

O.K., from 1992 to 2000 the national debt in absolute terms rose from $4,065 billion to $5,674 billion, so you are right about that.

However, the national debt as a percentage of gross domestic product (GDP) declined from 61% to 55%.

Now, let's look at the eight years Reagan was president. In 1980 the national debt in absolute terms was $908 billion. By 1988 this had grown to $2,602 billion. In 1980, which was the last year Carter was president the national debt as a percentage of GDP was 32%. During Reagan's last year in office this had grown to 50%.

U.S. National Debt by Year

The U.S. national debt grew to a record $34 trillion by the end of 2023. It was just $16 billion in 1930.

www.thebalancemoney.com

During the Reagan years the top marginal tax rate declined from 70% during Carters last year in office to 28% during Reagan's last year in office.

Historical Highest Marginal Income Tax Rates

taxpolicycenter.org

So you see, raising taxes on the well to do increases tax revenue quite a bit more than not raising their taxes.

I know I was right, he didn’t lower the debt

 

[Nostra]

O.K., from 1992 to 2000 the national debt in absolute terms rose from $4,065 billion to $5,674 billion, so you are right about that.

However, the national debt as a percentage of gross domestic product (GDP) declined from 61% to 55%.

Now, let's look at the eight years Reagan was president. In 1980 the national debt in absolute terms was $908 billion. By 1988 this had grown to $2,602 billion. In 1980, which was the last year Carter was president the national debt as a percentage of GDP was 32%. During Reagan's last year in office this had grown to 50%.

U.S. National Debt by Year

The U.S. national debt grew to a record $34 trillion by the end of 2023. It was just $16 billion in 1930.

www.thebalancemoney.com

During the Reagan years the top marginal tax rate declined from 70% during Carters last year in office to 28% during Reagan's last year in office.

Historical Highest Marginal Income Tax Rates

taxpolicycenter.org

So you see, raising taxes on the well to do increases tax revenue quite a bit more than not raising their taxes.

So you get caught in a lie and the best you can do is whine and cry about Reagan?

 

[Hector12]

So you get caught in a lie and the best you can do is whine and cry about Reagan?

It was not a lie, but a minor mistake. What matters is that a minor increase in the top marginal tax rate reduces the deficit as a percentage of gross domestic product.

I am confident that a massive tax increase for the rich would increase government revenue, and eventually pay off the national debt.

For years public opinion surveys have indicated majority support for higher taxes on the rich.

 

[Care4all]

All of that..

That? That sounds like a horribly painful economic collapse, at least 5 to 10 years to bring manufacturing or A/I to make things in the USA, and a dim future with much higher interest rates, much less in tax revenue and Bankruptcy....lowers our credit ratings, makes our country a poor country to invest in, the collapse of the dollar.....

Nothing nice for us.

 

[struth]

It was not a lie, but a minor mistake. What matters is that a minor increase in the top marginal tax rate reduces the deficit as a percentage of gross domestic product.

I am confident that a massive tax increase for the rich would increase government revenue, and eventually pay off the national debt.

For years public opinion surveys have indicated majority support for higher taxes on the rich.

Minor mistake? You claimed Clinton did something he absolutely didn’t do, in fact he did the opposite


You can’t tax your way out of debt, sooner or later you’ll run out of other peoples money

The way out of debt, is cutting spending

 

[Hector12]

Minor mistake? You claimed Clinton did something he absolutely didn’t do, in fact he did the opposite


You can’t tax your way out of debt, sooner or later you’ll run out of other peoples money

The way out of debt, is cutting spending

Specific spending cuts in domestic items is unpopular. Raising taxes on the rich is popular.

Raising the top tax rate and spreading the wealth around enabled Franklin Roosevelt to be reelected three times.

 

[Nostra]

Specific spending cuts in domestic items is unpopular. Raising taxes on the rich is popular.

Raising the top tax rate and spreading the wealth around enabled Franklin Roosevelt to be reelected three times.

Of course it is popular. There are far more deadbeats looking for a handout than there are wealthy people.

Tell us what your "fair share" is. How much of the tax burden should the top 1% pay? Top 10%?

Give us some numbers.

 

[Care4all]

No where is he quoted as saying it will take ten years. It might, but he’s not quoted as saying that in the OP.

Long term prosperity makes America better. To suggest otherwise is garbage

How long do you think it will take for the businesses to end their factory contracts for assembly lines? To find a place and retrofit it or build a factory from scratch, having machinery custom made for product, finding new sourcing for materials and importing them, training a brand new assembly line, moving workers to area of their factories...some from China to keep continuity in the product....

The Corps will not feel the pain of higher prices, we will....they may slow in unit sales but the higher price they charge consumers will make up the profit loss from tariff prices....

The businesses have to really be hurt badly to make the expensive and lengthy move here...and they are not going to be punished, only we are with higher inflation through the roof....

It takes quite a few years to hit their bottom line.

 

[Hector12]

Tell us what your "fair share" is. How much of the tax burden should the top 1% pay? Top 10%?

Give us some numbers.

I will let the voters decide those issues. During the 1950's the top tax rate never got below 88% and was usually higher.

The 1950's are what Trump's followers are thinking about when they respond too the logan, "Make America Great Again."

 

[Hector12]

You're attempting to deflect and blame Republicans for the situation without answering the question, so I will repeat myself:

"We all know the economy is on an unsustainable track and will eventually crash if we continue. What would you do to make that crash as painless as possible?"

Seriously, how would you make the oncoming crash as painless as possible? Have you even thought about that, or are you only interested in taking pot shots at Republicans and anything they propose to fix it? In case you missed it, the democrats are not interested in avoiding the crash at all.

I would impose massive taxes on the rich and spread the wealth around. That is how Roosevelt ended the Great Depression and got reelected three times.