Posted on 09/06/2023 5:59:04 AM PDT by Red Badger
If inflation really takes off (and they won’t be able to massage the numbers anymore) we will see interest on the debt skyrocket and take up most of the federal budget. The pain and suffering will be immense.
Biden and company will be tarred and feathered in the history books but that will be scant consolation in the dystopia coming down the pike.
He did The Crash...
He did the Monster Crash!.................
thanks ... now I have goofy monstas dancing around in my head ...
sheeeech
It’ll be done in a flash!................
The Republican candidates have a solution for this issue—send lots more money to Ukraine!
P.S. Don’t forget to pay the Big Guy his 10%.
I don’t think any politician Republican or Democrat is willing to serve up the medicine necessary to fix the problems with the economy
No one is going to propose reforming Social Security or Medicare much less make real cut to the military
Tax increases on the top of 1% also have to be on the table
Cutting discretionary spending is not going get it done
We need energy dominance, lower spending and growing economy for a few years and that won’t happen without some major reforms
“Unexpectedly”.
Drink!
Tax increases on the top of 1% also have to be on the table
why? they are paying over half the taxes.
EVERYONE needs skin in the game. Even if it’s only a 1% rate
Are we going to have to start drinking again?
This was as predictable as saying the sun will rise in the East tomorrow. Just wait until the debt grows to $40 trillion and annual interest doubling the amount of the defense budget. Neither party is capable of addressing it, and that goes for Mike Freaking Pence!
Because that’s where the money is, you can’t tax the average American anymore given the economy, there was a huge and massive transfer of wealth during Covid the number of billionaires skyrocketed, plus the gap between rich and poor is huge and getting bigger, if you want real political war then keep screw average people while enriching the truly wealthy
Taxing the wealthy sounds simple but is actually stunningly difficult.
The wealthy can hire world class tax attorneys to scrutinize the tax code and find a wide variety of loopholes for their clients.
The notion that Congress would close those loopholes to any significant degree is laughable on its face.
It’s not difficult if you have the political will to enact real tax reform and eliminate many of the loopholes
We are so far in debt and we can’t ask average Americans to pay the entire bill, everyone needs to pay more and the really wealthy need to pay more, this isn’t 1980 when Reagan was POTUS we are In much worse shape now
Raising taxes will not close the defict. The will slow the economy down even more and lower revenue.
“real tax reform and eliminate many of the loopholes”
Lol.
Those are politician talking points—absolutely meaningless in the real world.
Any wealthy person can create corporations, foundations, trusts, international versions of the same, etc etc etc.
Do you know any wealthy people and ever talked to them about how they avoid taxes?
It is mind blowing what they can do—true magic.
This isn’t 1980 we need drastic measures and that includes tax increases, combined with spending cuts, regulation reforms and massive increases in domestic energy production
We won’t have a growing economy regardless of the tax rates
I didn’t say it was going to happen, I’m advocating what should happen, I did say there was no politician Republican or Democrat that is willing to make the hard decisions right now, we are on the precipice of a major recession
That’s why we are screwed
NO NO NO!!!
Ask the right damn question: the USA needs REVENUE increases.
If you dont discuss tariffs then you are not a serious deficit hawk.
Raising taxes DECREASES revenue. That is a fact.
Raising taxes and interest rates at the same time will mean a Marxist revolution sooner rather than later. No thanks.
I get it—it just irritates me when I hear talking points that sound like the ones politicians have been spouting for decades—we all know they are lying at this point.
The title says it is unexpected but the first sentence says it is expected.
My other point is that wealthy people really are different than we are.
They have several houses in several countries—if they are a touch paranoid one of those will be in a country without an extradition treaty with the US.
If you tax “income” they will make sure not to show any as coming to them.
If you tax “property” they will just lease instead of own.
Foundations are another example—they have been in the tax code for many decades and it seems like every rich leftist has one...the Clintons show how it is done—want a fancy wedding for your daughter just charge it to the foundation...
Another scheme is life insurance—you can borrow against it and nothing taxable is happening.
Municipal bonds—miserable investment but tax free income...
As for operating businesses—if you own several in different countries you can make sure that the profits miraculously flow to the subsidiary in the jurisdiction with the lowest income taxes...
and on and on and on and on....
and with tax accountants ready to defend them on each and every move if the IRS decides to audit anything.
The game is totally rigged—and even if a politician turned down all the bribes and actually wanted to fix it would be like holding up your hand to stop a tsunami.
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