‘Insatiable appetite for reckless spending’: President Biden’s $7.3 trillion budget blueprint would

The problem with most democratic proposals is they are always fund a-z with tax increases on the wealthy and corporations. I’m not against those as being part of the plan, but they aren’t the answer for everything.

Here are the issues i see around these proposed solutions

the top tax rate is 37%. Plus you have ACA tax so really about 40%. Plus most states have state income taxes. In some places you can get up or over 50%. There is a point to which taxes get high enough that they are inefficient and incentivize legal (and illegal ) tax avoidance. At some point they could reduce work or incentives, or cause money/business to leave US.

As to corporate tax rate, the current 21% was too low. The prior 35% was too high. So maybe 25-28%.

Corporate taxes and capital gains / dividend taxes are both taxes on owners capital so you have to look at them in combination.

 

I’m quite certain that I’m past my prime. Any 64 year old who tell you they’re not is definitely lying. But even in my mildly degraded state in know that I am clearly operating above those that perpetuate nonsense like transitory inflation and promote cutting promised benefits from people who have paid in to a system for years, and think that a 78 year old doctor who’s been “out of the office or lab” for 40 years can lead the nation through a pandemic. Funny how people rail about evil corporations defaulting or cutting pension payments yet run and do the same damn thing when it’s their obligation.

 

You owe me $30T. You have received the benefits of nice roads, military protection, social security, internet infrastructure and a whole host of shit you haven’t covered. You’ve free loaded your whole life off my generation’s debt and you’re acting like you aren’t a sad taker. You are a deadbeat Dad to millions of us leaving us your debt. And you have the nerve to post like you’ve actually paid into what you are taking out. Bull shit.

Boomers piss me off when they act like they’ve paid their dues. You are leaving us your dues.

 

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