So you are back to "Richest country in the world says the only way to lower its deficit is taking money from the poor and middle class". I mean we tax those with money. We take money from those with money. Seems weird to take money from those who own zero percent of the US's wealth.
The US is just screwed. I fear we are at or near the tipping point where servicing our debt is going to be unsustainable. At 5% interest, we are talking about nearly $2 trillion in interest alone. That is close to what medicare and SS combined cost. And yet, the creeps in the WH are pushing through another tax cut. Ridiculous.
I want to know on what planet making $500k in income isnt considered a high earner. Or what kind of person with that kind of income isnt making serious money on other less heavily taxed stuff like investments.
Still, you have to acknowledge how unfair it is that poor people with low incomes, no wealth, and no margin are not paying a lot in taxes. American is more fair getting more money from people with nothing and giving breaks to those who are earning all the money. Its the American way.
Yeah, paying 6 cents on the dollar on sales tax is so sweet compared to only taking home 70% of half a million dollars, you have to wonder how this scam was perpetrated.
I am so ready for the winning to start. Anyone have an update on when we can expect that? Or what it will even look like?
No winning for poors. Big gov Don is good at two things, ruining people or companies for his own benefit. We are going to add a third thing, the US country/economy. Looks like things are starting to spill outta the cup.
No winning today. Dow sinks 800 points as bond market starts to freak out over Trump’s tax bill | CNN Business Stocks, bonds and the dollar fell on Wednesday as concerns mount about the premier status of American assets. The Dow closed lower by 817 points, or 1.91%. The broader S&P 500 slid 1.61% and the tech-heavy Nasdaq Composite fell 1.41%. The three major indexes each posted their worst day in one month. Stocks moved sharply lower and bonds sold off after a 1 p.m. ET auction for 20-year Treasury notes that saw weak demand and was “disappointing,” according to Chip Hughey, managing director for fixed income at Truist Advisory Services. While the 20-year Treasury note usually garners less attention than the 10-year or 30-year notes, all eyes have been on investors’ perception of Treasuries since Moody’s on Friday downgraded US government debt.
Austerity is already a bad idea for the economy, but austerity plus debt expansion coupled with credit downgrade ...
It'll all be worth it when we have jobs! [checks notes] - oh, we were already at full employment? It'll all be worth it when we lower our debt! [checks notes] - oh, we're just cutting taxes and increasing spending? It'll all be worth it worth it when the world respects us again! [checks notes] oh - the entire world is selling out of US equities, bonds, and are forming alliances with other states? It'lll all be worth it when fentanyl usage drops! [checks notes] - oh - it was already plummeting? It'll all be worth it to watch the libs melt down. [checks notes] Yep - they're freaking out! What snowflakes.
I guess someone that makes 500k doesn’t ever spend that take home pay and pays no sales tax? I’m sure they sit on it.
At 5865 on S&P from a low less than 7 weeks ago of 4985. Indexes are down less than 2% YTD. This isn’t Armageddon.
I looked at a site that had a list of other countries revenue as a % of GDP and compared to most of our first world brethren we look to be 4-13% behind them in revenue as a %. It appears we would need a 23.7% rate (with no spending cuts) to have a deficit neutral budget. I don’t know how what specifically we have to do to achieve it, but it’s clear our current trajectory is unsustainable.
They pay sales tax, sure. But its not like they are consuming radically more than a normal person and hoarding goods. They might buy a more expensive shirt, but they aren't buying 100 of them, setting them on fire, and buying a hundred more in month. And of course there are those Warren Buffet types who just go to Costco, drive a mid-range sedan, wear a golf polo or whatever like everyone else.
The US can't afford the avocado toast, it's time to cut spending. You can start with a 747-8 "gift". Total unnecessary and waste of money. Parades, Cut more.
The higher the income, the lower the percentage of that ncome that will be spent on sales tax eligible goods.
