Wealth Tax: Yeah! Why do Warren Buffett and Bill gates need so much money in their Trust?

Dana7360

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We will need to pay off debt somehow.
We need to stop spending---------making billionaires and politicians richer.
I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.
You obviously don't pay taxes----

CUT SPENDING --the government steals more than enough of my money. They are just robbing taxpayers and fyi ONCE AGAIN..you are completely ignorant if you think the billionaires don't have loopholes to get out of paying taxes leaving the middle class and lower upper class to pay for all of this graft and corruption. This is why billionaires donate aka BUY politicians-----

CUT spending----------make every dime be accounted for..........
I pay a shit ton of taxes. Increase taxes and spending will be cut. Until then people don’t care and debt will grow.


Clinton increased taxes on the rich and cut spending.

The result, balanced budget, billions in surplus, the money stolen from the social security fund paid back and a plan to have the Reagan/bush national debt paid off by 2010.

Too bad the republicans and bush boy trashed it.

Obama raised taxes on the rich and cut spending.

The result, the record 1.4 trillion deficit was slashed by nearly 1 trillion down to 400 and something billion. He didn't leave a plan to have the national debt paid off.

Too bad the republicans and trump trashed it.

trump left a record deficit and debt. With no plan to pay it off.

It's as I've been saying for years and you have been saying in this thread. Raising taxes on the rich and cutting spending decreases deficits and debt.
 

Dana7360

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We will need to pay off debt somehow.
We need to stop spending---------making billionaires and politicians richer.
I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.
Why is it always increase taxes rather than cut spending? If we cut out all the frivolous spending, we wouldn't need to keep raising taxes.

Also, its impossible to pay off the debt as there is more money owed than there is in existence. Every dollar borrowed is borrowed with interest, even if you gave back every dollar that was ever borrowed, you'd still owe the interest, which can only be paid by borrowing more money.

Its an endless cycle that can only be slowed by decreasing the rate of spending.
Because nobody cares about debt without a tax increase. Remember the tea party? They complained and complained about debt until they got tax cuts and then they disappeared. Meanwhile deficits increased drastically. The only way spending cuts will happen is if we get a tax increase and make people care about debt. Nobody cares about debt, they care about taxes.
increasing taxes has never paid down the deficit ....when DC gets more money they spend it and enrich their family friends and allies . the more they get the more they spend the more they spend the more they steal.
But it has. The first Bush increased taxes and that made people care about debt. Deficits drastically increased under Clinton due to this.

Deficits didn't increase under Clinton.

In fact, by Clinton's second term, the deficit was eliminated with billions in surplus.

Clinton raised taxes on the rich when he first came into office. None of the republicans voted for it.

Clinton raised taxes on the rich and cut spending.

He left a balanced budget with billions in surplus and a plan to have the reagan/bush national debt paid off by 2010. He also paid back all the money that had been stolen from the social security fund. Took it out of the red and back into the black.

Too bad the republicans and the bush boy trashed it.
 

yidnar

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We will need to pay off debt somehow.
We need to stop spending---------making billionaires and politicians richer.
I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.
Why is it always increase taxes rather than cut spending? If we cut out all the frivolous spending, we wouldn't need to keep raising taxes.

Also, its impossible to pay off the debt as there is more money owed than there is in existence. Every dollar borrowed is borrowed with interest, even if you gave back every dollar that was ever borrowed, you'd still owe the interest, which can only be paid by borrowing more money.

Its an endless cycle that can only be slowed by decreasing the rate of spending.
Because nobody cares about debt without a tax increase. Remember the tea party? They complained and complained about debt until they got tax cuts and then they disappeared. Meanwhile deficits increased drastically. The only way spending cuts will happen is if we get a tax increase and make people care about debt. Nobody cares about debt, they care about taxes.
increasing taxes has never paid down the deficit ....when DC gets more money they spend it and enrich their family friends and allies . the more they get the more they spend the more they spend the more they steal.
But it has. The first Bush increased taxes and that made people care about debt. Deficits drastically increased under Clinton due to this.

Deficits didn't increase under Clinton.

In fact, by Clinton's second term, the deficit was eliminated with billions in surplus.

Clinton raised taxes on the rich when he first came into office. None of the republicans voted for it.

Clinton raised taxes on the rich and cut spending.

He left a balanced budget with billions in surplus and a plan to have the reagan/bush national debt paid off by 2010. He also paid back all the money that had been stolen from the social security fund. Took it out of the red and back into the black.

Too bad the republicans and the bush boy trashed it.
nope [thanks to a republican congress] ...clinton kept most the Reagan tax cuts in place .... it was the republican congress that forced clinton to cut spending !
 

Dana7360

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We will need to pay off debt somehow.
We need to stop spending---------making billionaires and politicians richer.
I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.
You obviously don't pay taxes----

CUT SPENDING --the government steals more than enough of my money. They are just robbing taxpayers and fyi ONCE AGAIN..you are completely ignorant if you think the billionaires don't have loopholes to get out of paying taxes leaving the middle class and lower upper class to pay for all of this graft and corruption. This is why billionaires donate aka BUY politicians-----

CUT spending----------make every dime be accounted for..........
I pay a shit ton of taxes. Increase taxes and spending will be cut. Until then people don’t care and debt will grow.
Increase taxes and spending will be cut?

That's not true. Never has been true.

Why didn't that work in Greece? If you made just $48,000 a year, you were subjected to a 44% tax rate, plus your social security tax of 25%, plus the 24% VAT sales tax.

Why did Greece go broke? Why did they end up in a crisis, default on their bonds, and have people burning wood to keep warm, because they couldn't even afford natural gas?

Explain?
The first bush increased taxes and that made people care about debt. Clinton then decreased deficits.

Actually the first bush wasn't that concerned about deficit. He increased it.

He started with the 155.20 billion in deficit that Reagan left behind. By his last budget, the budget deficit had increased to 255.1 billion. That was in 4 years.

Clinton started with that 255.1 billion deficit that the first bush left behind, balanced the budget so that by the time he left office there was 128 .2 billion in surplus. That was after 8 years.

Yes the first bush raised taxes after his war I the middle east but that didn't stop his spending.

Clinton raised taxes and cut spending.

As far as the debt is concerned, Clinton added the least to the national debt of any president since Carter.

The first bush started with the 2.6 trillion that reagan left behind. In just 4 short years he took that up to 4.4 trillion. An increase of 1.8 trillion dollars. In just 4 years.

Clinton took that 4.4 trillion up to 5.8 trillion. That's an increase of 1.4 trillion. In 8 years.

The small tax increase in the first bush years had nothing to do with the balanced budget, surplus and lowest addition to the national debt of any president since Carter that was the result of the Clinton years. Clinton raised taxes on the rich AND cut spending.

The first bush didn't do that.
 

Admiral Rockwell Tory

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Admiral Rockwell Tory

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We will need to pay off debt somehow.
We need to stop spending---------making billionaires and politicians richer.
I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.
You obviously don't pay taxes----

CUT SPENDING --the government steals more than enough of my money. They are just robbing taxpayers and fyi ONCE AGAIN..you are completely ignorant if you think the billionaires don't have loopholes to get out of paying taxes leaving the middle class and lower upper class to pay for all of this graft and corruption. This is why billionaires donate aka BUY politicians-----

CUT spending----------make every dime be accounted for..........
I pay a shit ton of taxes. Increase taxes and spending will be cut. Until then people don’t care and debt will grow.
Increase taxes and spending will be cut?

That's not true. Never has been true.

Why didn't that work in Greece? If you made just $48,000 a year, you were subjected to a 44% tax rate, plus your social security tax of 25%, plus the 24% VAT sales tax.

Why did Greece go broke? Why did they end up in a crisis, default on their bonds, and have people burning wood to keep warm, because they couldn't even afford natural gas?

Explain?
The first bush increased taxes and that made people care about debt. Clinton then decreased deficits.
Clinton didn't do anything. It was the new republican control of Congress that did it.
 

Blues Man

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We will need to pay off debt somehow.
We need to stop spending---------making billionaires and politicians richer.
I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.
We should stop making employers send in their employee's taxes and people should have to write a check and pay quarterly taxes.

After that we should make tax day the day before election day so people will still be sore from the big wet bite the fucking government just took out of their asses.
That is a fun idea. We probably would have too many people owing however...
That's the point. Make people realize exactly how much the government is taking from them.

The corrupt politicians know that the middle class is where the money is. Why do you think the income tax is the tax of choice for the bulk of government revenue?
I understand the point and agree me with it. But if everyone’s money is spent come tax time we have created a whole new problem. And believe me it will be spent for many.
That's their problem. People need to learn how to handle their own money.

I always managed to pay my quarterly taxes on time so can everyone else.
I do too. But I think it would be a huge hit to revenue. And then do we jail lots of people? Too many new problems.
Gee imagine forcing people to actually be responsible for themselves

That's horrible.
If it leads to less revenue and more people in jail you have made problem worse.
That conjecture is based on the idea that you think the average person cannot be responsible.

That is a rather arrogant view of people in general.
I think the facts support it.

Average Credit Card Debt in America: 2021 - ValuePenguin
That does not support the claim that people will not pay their taxes.
People deeply in credit card debt are going to be good at keeping tax money handy? No chance.
Once again that is their problem.

Let the IRS do its job and collect taxes from deadbeats
 

Blues Man

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We will need to pay off debt somehow.
We need to stop spending---------making billionaires and politicians richer.
I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.
You obviously don't pay taxes----

CUT SPENDING --the government steals more than enough of my money. They are just robbing taxpayers and fyi ONCE AGAIN..you are completely ignorant if you think the billionaires don't have loopholes to get out of paying taxes leaving the middle class and lower upper class to pay for all of this graft and corruption. This is why billionaires donate aka BUY politicians-----

CUT spending----------make every dime be accounted for..........
I pay a shit ton of taxes. Increase taxes and spending will be cut. Until then people don’t care and debt will grow.
no it won't.

If government has more money they will spend that too
 

struth

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We will need to pay off debt somehow.
We need to stop spending---------making billionaires and politicians richer.
I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.
Why is it always increase taxes rather than cut spending? If we cut out all the frivolous spending, we wouldn't need to keep raising taxes.

Also, its impossible to pay off the debt as there is more money owed than there is in existence. Every dollar borrowed is borrowed with interest, even if you gave back every dollar that was ever borrowed, you'd still owe the interest, which can only be paid by borrowing more money.

Its an endless cycle that can only be slowed by decreasing the rate of spending.
Because nobody cares about debt without a tax increase. Remember the tea party? They complained and complained about debt until they got tax cuts and then they disappeared. Meanwhile deficits increased drastically. The only way spending cuts will happen is if we get a tax increase and make people care about debt. Nobody cares about debt, they care about taxes.
increasing taxes has never paid down the deficit ....when DC gets more money they spend it and enrich their family friends and allies . the more they get the more they spend the more they spend the more they steal.
But it has. The first Bush increased taxes and that made people care about debt. Deficits drastically increased under Clinton due to this.
Do you live in a upside down world? Bush increased taxes, the deficit still increased, then a recession. Clinton came in, increased taxes again, the Dems got booted out of Congress, the GOP took Congress, taxes were cut, and we ended up with lower deficits, a "balanced" budget, and then a surplus.
 

Turtlesoup

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We will need to pay off debt somehow.
We need to stop spending---------making billionaires and politicians richer.
I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.
You obviously don't pay taxes----

CUT SPENDING --the government steals more than enough of my money. They are just robbing taxpayers and fyi ONCE AGAIN..you are completely ignorant if you think the billionaires don't have loopholes to get out of paying taxes leaving the middle class and lower upper class to pay for all of this graft and corruption. This is why billionaires donate aka BUY politicians-----

CUT spending----------make every dime be accounted for..........
I pay a shit ton of taxes. Increase taxes and spending will be cut. Until then people don’t care and debt will grow.
Increase TAXES and revenue will drop as fewer people will work and more spending as our courrpt are ALWAYS pushing for will occur pushing us further into debt you dip. Don't you ever read the history?
Increase taxes and tax payers will care about debt, making spending increases political suicide.
Nonsense....1/2 the people don't pay taxes--they could care a less about the tax rate.

History is clear on this.....

Raise taxes--fewer work and fewer pay in
Tax payers who care have been screaming their heads off for years---only to be ignored as the corrupt globalists bring in more 3 rd world welfare hos and breed more welfare hos who push for more spending and more taxes, which the corrupt political class arranges these bigger spending bills to make more money for the political classes puppet masters and thusly the politicians themselves.

We are upper middle class----even my husband and I are discussing sheltering our assets, taking disability (Covid was hard on him) for him instead of working----we could and likely should become moochers instead of paying for the mooches. THE country is going to crash and burn under all of this debt anyways---it is just a matter of time now.
 

Cellblock2429

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Lizzy Cheekbones teamed up with Bernie "Please may I have another screwing over at the voting Booth" Sanders to propose a "wealth tax"

It's slated to be only 2% annual tax on wealth over $50MM, but why stop there?

Are CCPdemocrats aiming too low? I mean the Gate Trust alone must have $50 BILLION!!! Why aren't dems targeting that idle wealth?
Why not raise the minimum wage instead so even the Poor can pay their share of the tax burden? We subscribe to Capitalism and have a Commerce Clause to faithfully execute. There should be no theoretical upward limit to markets under Capitalism. Besides, simply taxing the rich more does not solve for income or wealth inequality, like simply raising the minimum wage can.


No the tax that is being discussed in this thread won't do much about the income/wealth gap.

What will is returning to high taxes on high income and unearned income.

When a greedy person knows that 70% of income over 3 million dollars a year will be lost to taxes, that greedy person won't take wages or income above that 3 million dollars.

When a greedy person knows that 70% of unearned income above 250 grand a year will be lost to taxes, that greedy person doesn't take unearned income above that cap.

We did that before Reagan. It worked well.

When the greed factor is taken out of the equation many good things happen like the following:

1. Jobs won't leave America.
2. Prices for consumers can decrease.
3. Workers are paid a living wage with proper benefits.
4. The business invests in R&D and can buy new equipment.
5. Workers aren't laid off just in time for stock price evaluation for executive bonuses so the bonuses are higher.
6. More money is in circulation not concentrated in the hands of a small group of people.
7. Since more people have more money in their hands business is making more money from more sales from more people.
9. We can stop having a large group of people who need pubic assistance to live. We subsidize wages for many filthy rich companies because they don't pay their employees a living wage. Less people on public assistance.

When a company doesn't have to constantly generate higher and higher profits, that company doesn't have to go looking in other nations for the cheapest labor. The jobs stay here. They did until reagan lowered taxes. All of a sudden, our jobs were leaving. In those years the jobs went to Japan.

When a company doesn't have to generate those high profits, they can keep the price of their goods or services lower to the consumer.

Those are just some of the benefits of removing unchecked greed from business.

Business won't leave America. The rich won't leave America. They have no place to go. Either they go to another first world nation and pay higher taxes than here or go to an undeveloped nation. Which they aren't going to do either. They didn't do it when we had that system before reagan. It didn't harm business. They still got rich but there wasn't a big wage gap and business paid much more in taxes. So did the rich.

We already have the map to the solutions to the problems we face today.

The greatest generation gave it to us. It's proven to work too. In fact, America became a super power when we had that system. We also built the largest middle class in the world.
/——/ After Trump brought billions of tax sheltered money back to the US, democRATs will send it right back oversees. The wealthy didn’t get rich by being stupid.
 

ThisIsMe

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We will need to pay off debt somehow.
We need to stop spending---------making billionaires and politicians richer.
I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.
Why is it always increase taxes rather than cut spending? If we cut out all the frivolous spending, we wouldn't need to keep raising taxes.

Also, its impossible to pay off the debt as there is more money owed than there is in existence. Every dollar borrowed is borrowed with interest, even if you gave back every dollar that was ever borrowed, you'd still owe the interest, which can only be paid by borrowing more money.

Its an endless cycle that can only be slowed by decreasing the rate of spending.
Because nobody cares about debt without a tax increase. Remember the tea party? They complained and complained about debt until they got tax cuts and then they disappeared. Meanwhile deficits increased drastically. The only way spending cuts will happen is if we get a tax increase and make people care about debt. Nobody cares about debt, they care about taxes.
But, the problem with that is, if we get into this idea that, hey, if we need more money, then we can just raise taxes. It gives no incentive to reduce spending if government thinks they can keep raising taxes to cover spending.

You have to cut spending because there is a limit to how much you can tax the people. At some point, people will be giving more money to the government than they keep for themselves....we're almost already there.

People in general don't care, and don't even think about the debt, they think about how much money they have in their paychecks. Most people don't even realize what the government is using all of their money for, they just take it for granted that "when payday comes, the government gets their cut and I get mine".

When you raise taxes, government doesn't say "oh hey, we have more money, let's do something so we can lower taxes later", they say "hey, we have more money now, so we can spend more" or, often, "we have to raise taxes to cover what we've already spent".

The debt ceiling keeps going up and up, every year it seems like we run into the debt ceiling and they keep raising it. That represents money that has to be paid back to someone, with interest. If you keep incurring debt, you can't make the payments if you never increase taxes. This is why I think we need to focus on spending cuts. We have to get spending under control so we can maybe someday lower taxes.

I'm no economist, but I did stay at a holiday Inn express last night......and I also realize that if you keep borrowing more money, you have to keep increasing your taxes to cover that borrowing.
 

georgephillip

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First, the rich are paying the same property taxes as everyone else. They paying that "wealth tax" as you put it.
The rich are paying a wealth tax on their real estate, but the rich are different from you and I, most of their wealth does not come from land. Larry Ellison is a good example.

Bloomberg estimates Ellison's total fortune at just under $81 billion.

His real estate holdings range from Malibu to Rhode Island to owning 98% of the Hawaiian island of Lanai, yet they total less than $6 billion.

Unlike the vast majority of Americans, Larry's paying a wealth tax on about 7.5% of his net worth.

"MARCH 2, 2021
The Average American Pay Tax on Half of Their Wealth, Shouldn’t Rich Americans?"
 

struth

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First, the rich are paying the same property taxes as everyone else. They paying that "wealth tax" as you put it.
The rich are paying a wealth tax on their real estate, but the rich are different from you and I, most of their wealth does not come from land. Larry Ellison is a good example.

Bloomberg estimates Ellison's total fortune at just under $81 billion.

His real estate holdings range from Malibu to Rhode Island to owning 98% of the Hawaiian island of Lanai, yet they total less than $6 billion.

Unlike the vast majority of Americans, Larry's paying a wealth tax on about 7.5% of his net worth.

"MARCH 2, 2021
The Average American Pay Tax on Half of Their Wealth, Shouldn’t Rich Americans?"
A wealth tax and property taxes are two different things. We don't have a federal property tax, that would violate the US Constitution.

There are two types of property taxes that state and local govt levy, a personal property tax, ie cars, boats....real estate is on, well real estate. The tax rates vary state to state, and the value of the property being taxed is appraised by the Govt, then taxed. The rates are the same for all citizens in the State or locality. This tax like a sales is based on consumption of the taxed.

The tax proposed by Sanders and Warren is simply a 2 percent on the money, that has already been taxed mine you, for simply being there....
 

Brain357

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We will need to pay off debt somehow.
We need to stop spending---------making billionaires and politicians richer.
I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.
Why is it always increase taxes rather than cut spending? If we cut out all the frivolous spending, we wouldn't need to keep raising taxes.

Also, its impossible to pay off the debt as there is more money owed than there is in existence. Every dollar borrowed is borrowed with interest, even if you gave back every dollar that was ever borrowed, you'd still owe the interest, which can only be paid by borrowing more money.

Its an endless cycle that can only be slowed by decreasing the rate of spending.
Because nobody cares about debt without a tax increase. Remember the tea party? They complained and complained about debt until they got tax cuts and then they disappeared. Meanwhile deficits increased drastically. The only way spending cuts will happen is if we get a tax increase and make people care about debt. Nobody cares about debt, they care about taxes.
increasing taxes has never paid down the deficit ....when DC gets more money they spend it and enrich their family friends and allies . the more they get the more they spend the more they spend the more they steal.
But it has. The first Bush increased taxes and that made people care about debt. Deficits drastically increased under Clinton due to this.

Deficits didn't increase under Clinton.

In fact, by Clinton's second term, the deficit was eliminated with billions in surplus.

Clinton raised taxes on the rich when he first came into office. None of the republicans voted for it.

Clinton raised taxes on the rich and cut spending.

He left a balanced budget with billions in surplus and a plan to have the reagan/bush national debt paid off by 2010. He also paid back all the money that had been stolen from the social security fund. Took it out of the red and back into the black.

Too bad the republicans and the bush boy trashed it.
Yeah too used to using increased when it comes to deficits...
 

Brain357

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We will need to pay off debt somehow.
We need to stop spending---------making billionaires and politicians richer.
I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.
You obviously don't pay taxes----

CUT SPENDING --the government steals more than enough of my money. They are just robbing taxpayers and fyi ONCE AGAIN..you are completely ignorant if you think the billionaires don't have loopholes to get out of paying taxes leaving the middle class and lower upper class to pay for all of this graft and corruption. This is why billionaires donate aka BUY politicians-----

CUT spending----------make every dime be accounted for..........
I pay a shit ton of taxes. Increase taxes and spending will be cut. Until then people don’t care and debt will grow.
no it won't.

If government has more money they will spend that too
Our politicians are cowards. If taxes increase and spending increases become political suicide, deficits will shrink.
 

Brain357

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We will need to pay off debt somehow.
We need to stop spending---------making billionaires and politicians richer.
I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.
Why is it always increase taxes rather than cut spending? If we cut out all the frivolous spending, we wouldn't need to keep raising taxes.

Also, its impossible to pay off the debt as there is more money owed than there is in existence. Every dollar borrowed is borrowed with interest, even if you gave back every dollar that was ever borrowed, you'd still owe the interest, which can only be paid by borrowing more money.

Its an endless cycle that can only be slowed by decreasing the rate of spending.
Because nobody cares about debt without a tax increase. Remember the tea party? They complained and complained about debt until they got tax cuts and then they disappeared. Meanwhile deficits increased drastically. The only way spending cuts will happen is if we get a tax increase and make people care about debt. Nobody cares about debt, they care about taxes.
But, the problem with that is, if we get into this idea that, hey, if we need more money, then we can just raise taxes. It gives no incentive to reduce spending if government thinks they can keep raising taxes to cover spending.

You have to cut spending because there is a limit to how much you can tax the people. At some point, people will be giving more money to the government than they keep for themselves....we're almost already there.

People in general don't care, and don't even think about the debt, they think about how much money they have in their paychecks. Most people don't even realize what the government is using all of their money for, they just take it for granted that "when payday comes, the government gets their cut and I get mine".

When you raise taxes, government doesn't say "oh hey, we have more money, let's do something so we can lower taxes later", they say "hey, we have more money now, so we can spend more" or, often, "we have to raise taxes to cover what we've already spent".

The debt ceiling keeps going up and up, every year it seems like we run into the debt ceiling and they keep raising it. That represents money that has to be paid back to someone, with interest. If you keep incurring debt, you can't make the payments if you never increase taxes. This is why I think we need to focus on spending cuts. We have to get spending under control so we can maybe someday lower taxes.

I'm no economist, but I did stay at a holiday Inn express last night......and I also realize that if you keep borrowing more money, you have to keep increasing your taxes to cover that borrowing.
Tax payers will only pay so much before anger.
 

Blues Man

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First, the rich are paying the same property taxes as everyone else. They paying that "wealth tax" as you put it.
The rich are paying a wealth tax on their real estate, but the rich are different from you and I, most of their wealth does not come from land. Larry Ellison is a good example.

Bloomberg estimates Ellison's total fortune at just under $81 billion.

His real estate holdings range from Malibu to Rhode Island to owning 98% of the Hawaiian island of Lanai, yet they total less than $6 billion.

Unlike the vast majority of Americans, Larry's paying a wealth tax on about 7.5% of his net worth.

"MARCH 2, 2021
The Average American Pay Tax on Half of Their Wealth, Shouldn’t Rich Americans?"
Income is not wealth.

It is typical of partisans to ignore the meanings of words in their propaganda.

Wealth is net worth not income.
 

Blues Man

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We will need to pay off debt somehow.
We need to stop spending---------making billionaires and politicians richer.
I would argue we need to stop cutting taxes and require a tax increase for any spending. We keep cutting taxes so nobody cares about debt. They will care when taxes increase.
Why is it always increase taxes rather than cut spending? If we cut out all the frivolous spending, we wouldn't need to keep raising taxes.

Also, its impossible to pay off the debt as there is more money owed than there is in existence. Every dollar borrowed is borrowed with interest, even if you gave back every dollar that was ever borrowed, you'd still owe the interest, which can only be paid by borrowing more money.

Its an endless cycle that can only be slowed by decreasing the rate of spending.
Because nobody cares about debt without a tax increase. Remember the tea party? They complained and complained about debt until they got tax cuts and then they disappeared. Meanwhile deficits increased drastically. The only way spending cuts will happen is if we get a tax increase and make people care about debt. Nobody cares about debt, they care about taxes.
But, the problem with that is, if we get into this idea that, hey, if we need more money, then we can just raise taxes. It gives no incentive to reduce spending if government thinks they can keep raising taxes to cover spending.

You have to cut spending because there is a limit to how much you can tax the people. At some point, people will be giving more money to the government than they keep for themselves....we're almost already there.

People in general don't care, and don't even think about the debt, they think about how much money they have in their paychecks. Most people don't even realize what the government is using all of their money for, they just take it for granted that "when payday comes, the government gets their cut and I get mine".

When you raise taxes, government doesn't say "oh hey, we have more money, let's do something so we can lower taxes later", they say "hey, we have more money now, so we can spend more" or, often, "we have to raise taxes to cover what we've already spent".

The debt ceiling keeps going up and up, every year it seems like we run into the debt ceiling and they keep raising it. That represents money that has to be paid back to someone, with interest. If you keep incurring debt, you can't make the payments if you never increase taxes. This is why I think we need to focus on spending cuts. We have to get spending under control so we can maybe someday lower taxes.

I'm no economist, but I did stay at a holiday Inn express last night......and I also realize that if you keep borrowing more money, you have to keep increasing your taxes to cover that borrowing.
Tax payers will only pay so much before anger.
Most tax payers have no clue what they actually pay in taxes.
 

AFrench2

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Lizzy Cheekbones teamed up with Bernie "Please may I have another screwing over at the voting Booth" Sanders to propose a "wealth tax"

It's slated to be only 2% annual tax on wealth over $50MM, but why stop there?

Are CCPdemocrats aiming too low? I mean the Gate Trust alone must have $50 BILLION!!! Why aren't dems targeting that idle wealth?
Why do you hate government spending?
 

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