Posted on 05/29/2023 9:52:03 PM PDT by SeekAndFind
It’s a good thing that Trump endorsed McCarthy and Ronna! They are right up there with his other appointees! Wray, etc
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Kavin’ McCarthy
“That £7,000 is about $100,000 in 2023 money. The 55% bracket kicked in at about $140,000 in 2023 money.”
I believe that UK tax rates in 1978 were even more confiscatory than what you describe.
I plugged in £7,000 in 1978 into a CPI inflation calculator and got the following:
“Value of £7,000 from 1978 to 2023
£7,000 in 1978 is equivalent in purchasing power to about £51,381.33 today, an increase of £44,381.33 over 45 years. The pound had an average inflation rate of 4.53% per year between 1978 and today, producing a cumulative price increase of 634.02%.
This means that today’s prices are 7.34 times as high as average prices since 1978, according to the Office for National Statistics composite price index. A pound today only buys 13.624% of what it could buy back then.”
https://www.in2013dollars.com/uk/inflation/1978?amount=7000
Under the current exchange rate, £51,381.33 is equal to $63,669.53. That means that the 41978 UK 40% tax bracket would start at the equivalent of around $64,000 (not $100,000) today, and the 55% bracket would kick in at the equivalent of a little less than $91,000 (not $140,000) today. And the 75% bracket would start at less than $160,000!
Democrats are the Evil Party,
Republicans are the Stupid Party.
More true now than ever.
The idea that getting a deal -ANY deal - is worse than no deal is something that only cowardly and stupid people believe and allow. May the Almighty save us from the Leftist/Communist Dems, because the cuck Pubbies sure won’t.
“Why do voters consistently vote for politicians that just plain suck?”
————
Because they figured out that they can (indirectly) vote themselves money from the public treasury. However, they either failed to understand basic economics, or never had it in the first place (thanks, pubic skrewl system), and thus didn’t understand that if everyone else does the same, you end up with out-of-control spending and debt, and the inflation that inevitably results. This country has the government that it - on the whole - deserves. Not all of us do, but we economically-literate voters are in the minority, a situation that has beefed the case since sometime in the 1970s, at least.
Spoiled little children never end up happy, even if they get what they want for years. The spoiled children making up most of the public is just beginning to find that out.
What was the Pound worth in Dollars in 1978? Get that number, THEN apply the intervening 45 years of inflation, that’s how you get an accurate read on what 7,000 Quid then was worth in Dollars today.
Per https://www.macrotrends.net/2549/pound-dollar-exchange-rate-historical-chart the average closing price of the Pound was $1.92 in 1978. That’s $13,440 in 1978. Multiply that by the inflation factor of 7.34, and you get $98,112. Not $100K in today’s dollars, but pretty close.
“Default, and eventual cancellation of the debt is the only way forward.”
Wow. There are few people on this forum I would take seriously saying such a thing. But you are one of them.
I have a hard time imagining how that would work in any positive manner, but perhaps in contrast to the alternative of letting it go until there are few options available.
The Bible and other historical records suggest that giving lenders too much power over borrowers results in the enslavement of the latter by the former.
This is why usury is a sin, and used to be a crime.
I went to medical school for $1600 in 1972, and NY State paid half.
My daughter who is applying this year is looking at $90,000/year, but - wait for it - no problem, just borrow the money.
We have already let it go until there are few options available.
The best of the limited options is Jubilee, followed by restoration of sound money.
And, before everyone piles in with "Justice demands that millions lose their homes, because what would we do without Blackrock and Vanguard?" - just hope that the richest usurers have their bags packed, because this is going to end the way it always does, and there is nothing new under the sun.
The GOP bankrupted our nation, its children & grandchildren.
The nation is collapsing & they won’t stop it. They personally profit from this system.
Sound money would fix it. Instead, we are doing to digital government fake money. They will decide who gets to eat and who doesn’t. They are going to shut private farms down.
McCarthy’s worth at 45 Million...
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