Trump’s economic plan would add 4x more to national debt than Harris

Nonsense is saying the top 5% pay 60% of the taxes.

 

The freaking thread is about the deficit. The original reply I made was about raising taxes on the rich. If you want to include sales taxes and property taxes then good for you. It has zero to do with the topic.

 

Facts are nonsense to this guy. Dang ole facts.

 

Even if we restrict it to federal taxes, your statement was false. The top 5% do not pay 60% of federal taxes.

 

I’ve already posted the sites and the stats. You want to be “right” by getting into semantics. The top 5% of earners pay 66% of the individual federal income tax. That is a fact.

 

You should have said this to begin with. Because it's also a fact that federal income taxes are only about half the total of all federal taxes collected. Given that the other half of federal taxes tend to be regressive, it's not semantics to point out that you are literally ignoring half the federal taxes we pay.

 

It was pretty obvious what the topic was to everyone but you. I doubt you pay much in federal tax anyway so it’s not likely an issue for you.

 

Corporate tax and estate taxes are regressive? Ok.

 

Yeah, the topic was the federal debt and taxes. Why only misleadingly talk about half the taxes? Do you think the other 50% of federal taxes don't matter?

 

Should the top 5% pay even a greater share of income tax? Answer that and stop the BS.

 

Not necessarily. We could raise SS taxes on them instead. Let them pay the same SS tax rate as everyone else. As is someone making 50k per year pays 6.2%. Someone making 10 million a year pays 1%.

 

The people making 10MM aren’t getting that income via w-2 so they can skirt SS and Medicare tax anyway. You can uncap it and it won’t make a difference to the truly wealthy.

 

Cool. Let's do it then. And we can get the truly wealthy via higher cap gains or a wealth tax.

 

I’ll vote against anyone proposing this if it means uncapped tax liability for the same limited benefits. As it is many of us will pay far more into the system than we’ll ever see and your solution is to make it even worse. No thanks.

 

Will this be before or after musk bankrupts Twitter?

 

What would you cut in spending and why?

My end-game view, which the minds of THFSG can give me some textbook answer, the US national debt is backed by the US military. Who is going to come and call it? Why would the US print money and “ inflation” our way to zero? Why would we do this?

 

Yeah let’s “get them”. A wealth tax is impractical. Good luck enforcing that and auditing a truly wealthy persons balance sheet. It isn’t all brokerage accounts but rather limited partnership interests; fractional business interests, art, yachts and planes. The IRS can barely understand basic accounts.

 

Too bad. Staff up with some smart forensic accountants and get it done.