Well, if the nasty rich used to pay 20% of total income taxes and then everyone gets a rate cut and now the nasty rich pay 40% of total income taxes, who is losing?
So they pay 40% of the total income taxes, yet the amount they pay is about 50% less than they used to. So again, you're making a pretty obtuse argument. Is that intentional? Surely you realize what you're doing. It's that kind of intellectual dishonesty that I despise so much from the right-wing. Of course you know that the top marginal tax rate has been cut from 70% to 39.6% (it did get as low as 28% before Clinton and Bush the Elder raised it). What do we have to show for these tax cuts? Nothing other than debt. In fact, household debt post-Reagan exploded to unprecedented levels. Total US
household debt is now in excess of 100% of GDP. That trend started almost immediately after Reagan's tax cuts.
No I don't. I think the top rate should be cut back to the 1988 level of 28%.
Why? That seems arbitrary. If cutting the tax rate from 39.6% to 35% led to the worst economic growth since the Depression, the loss of 460,000 net private sector jobs in 8 years, and the erasing of a surplus into 4 -
four- record deficits in 8 years that doubled the debt when we could have paid it off, why would cutting it even lower produce better results?
Yes, the government taxes and spends way too much.
So what do you want to cut? Because Medicare, Defense, and Social Security make up most of the federal budget. If you cut all discretionary spending you are
still running a deficit plus you have removed government demand from the marketplace with nothing to take its place. So how do you make up for that demand gap? The answer is that you can't. Because the policy is flawed and hinges on magical thinking like trickle-down. Do you also believe in Santa Claus, the Easter Bunny, the Tooth Fairy, and God? Because those are just as magical as your economic policy.
Wrong. I'd cut the government burden by at least half.
So that would mean cutting Medicare, Social Security, and Defense Spending by at least 33% each. Good luck with that.