Nobody Talks About How to Fight Inflation
- Thread starter West Dundee Hawkeye
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- United States Tax revenue: % of GDP was reported at 16.4 % in Dec 2023.
- This records a decrease from the previous number of 18.5 % for Dec 2022.
- US Tax revenue: % of GDP data is updated yearly, averaging 17.0 % from Dec 1968 to 2023, with 56 observations.
- The data reached an all-time high of 19.5 % in 2000 and a record low of 13.7 % in 2009.
Why would she pay payroll taxes?He was talking about tax on income - Federal income tax and payroll taxes (social security and Medicare).
Warren Buffett and His Secretary on Their Tax Rates
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Buffett's income is probably almost entirely qualified dividends and capital gains, taxed at 20%. After deductions, his tax was 17.4%. His secretary pays regular income tax at her rate plus 7.65% payroll taxes. After deductions, her rate was 35.8%.
Why wouldn't she?
Employees pay 7.65% Medicare and Social Security and the employers match it.
I've said many times that if Republicans really believed their supply-side BS, they would have been calling for higher taxes on the wealthy to tamp down inflation. Maybe our tax policies for the past 40+ years have just been designed to funnel as much money to wealthy donors as possible rather than to promote the general welfare.
You are correct. I was thinking of payroll taxes as the portion the employer pays.
Bill Clinton told America back in the ‘90’s…” trickle down doesn’t work”….America chose not to listen.
Between that, subsidizing large business, bailing out bad businesses, and the war industry. Of course cuts will go to social security, medicare, and school lunch programs.
Because it’s like the national debt. Nobody wants to hear about not spending money you don’t have.
That isn't what he said. He said that money should come from the 1%. I agree.
Economists Say Increasing Immigration Will Reduce Inflation
Economic research has found one of the best ways to reduce inflation is to increase immigration.
www.forbes.com
Yet no expert shares your opinion. If you think reducing the labor force, and the increased wages that will be a result of that will reduce inflation you are stupid.
Add to the fact that important labor will not be accomplished.Economists Say Increasing Immigration Will Reduce Inflation
Economic research has found one of the best ways to reduce inflation is to increase immigration.
Yet no expert shares your opinion. If you think reducing the labor force, and the increased wages that will be a result of that will reduce inflation you are stupid.
Facts never stop the stupid.Economists Say Increasing Immigration Will Reduce Inflation
Economic research has found one of the best ways to reduce inflation is to increase immigration.
Yet no expert shares your opinion. If you think reducing the labor force, and the increased wages that will be a result of that will reduce inflation you are stupid.
Most likely, they will fall across the board and land on people who are already loaded with "Private Debt." (mortgages, student loans, credit cards, and completely outsized car loans)
... leaving them with less ability to pay this down.
In any case even if the added taxes did go to reducing the debt, it would likely be offset by much higher private debt as people stretched out their payments or defaulted on their debts. (Transferring the obligations to private lenders). There is no collective gain in any of this.
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A couple of things on the Micro side that are usually overlooked:
- Lumber prices: Like Oil, we have zillions of acres of harvestable timber that we seem to simply burn off every fire season. This leads us to import building materials and send dollars out of the country. We should be harvesting timber, selling it domestically and internationally and, and watching lumber prices decline, along with the cost to build a house and eventually the cost to build a million houses.
- Domestic drilling should be ramped up dramatically. If we have some left over, sell it internationally. We SHOULD have a surplus! (a very large surplus!) ... Build a debt reduction program around that income, as that money gets funneled through the economy and in turn the IRS and the various state taxing entities.
-Energy infrastructure, specifically Refineries, pipelines, and nuclear power plants ... Simply make the cost to produce energy lower by creating an array of new, expanded and most importantly, highly efficient sources of power.
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Bottom line: produce more of everything here and sell the extra overseas which would in turn grow our economy ... and increase the total tax haul for the government, leaving folks to budget for paying off their own debt. If we rely on government to develop plans to spend money that is already committed or budgeted by individuals and companies, disaster will ensue.
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Labor force? LMAO! They are slinging drugs, stealing shit and on welfare..... JFC.......Economists Say Increasing Immigration Will Reduce Inflation
Economic research has found one of the best ways to reduce inflation is to increase immigration.
Yet no expert shares your opinion. If you think reducing the labor force, and the increased wages that will be a result of that will reduce inflation you are stupid.
As % GDP?
Nope
They used to run 18-20%
Bush and Trump tax cuts dropped them to 16%+. If you want to balance the budget, you have to catch up, which means they need to go above 20% to "revert to the mean". And most of those cuts have gone to the uber-wealthy - with the claim they would "pay themselves back" in economic growth.
Only, the uber-rich do not drive the economic growth, the middle class does.
Yep
The tax cuts on corporations and the rich have just crushed the deficits #s
Get things back to that running norm, and you can balance budgets, again.
You cannot "reduce budgets" your way out of this mess - the tax cuts must be reversed
Sounds like awe need Bill Clinton back in office for another term or two…..
Phuquing taxes are LOW Micheal.. time for rich/corporations to pony-up…Please tell me how 1% of the richest pay 47% of the taxes…. Just remember these folks control 90% of the nations wealth. Pay your fair share! Revise the tax code…. It’s been 40 years since that has happened.
But it’s the corporations and the filthy rich who are buying off ‘our’ representatives in DC. The representatives who write those tax codes.
Don’t hold your breath waiting for change. 😗
Elon Musk paid 11 billion dollars in taxes. You could confiscate every penny from the top 1% and it would fund the government for about 60 days. We might have a spending problem.
Our government costs us $38 trillion dollars every 60 days?
What was Elon's effective tax rate? People like to talk about the tax dollar totals paid by billionaires. Ooh look at this big number and you want them to pay more??
Also, no one talked about the fantabulous deal Trump negotiated with OPEC, no one negotiates like Trump. 10% OPEC output reduction started April 2020. The "other" thing in 2020 that caused inflation.
Not even! These stupid MF'ers keep squawking about the "billionaires!" How many billion does it take to make a trillion? Exactly 1000! How many US billionaires are there? Roughly 740 with a combined wealth of $5.5 trillion. So even if cumala the marxist confiscated the wealth of every American billionaire, it wouldn't make a dent in the debt > https://www.usdebtclock.org/, but yes, simply increasing their taxes is the answer? How ****ing stupid can you get? 🤡 🤣 🤣🤡 Yes, those "Trump tax cuts" are exactly why we are $36,000,000,000,000 in the hole after 4 years of Cumalanomics and the massive importation of ILLEGALS!!! People this ****ing stupid shouldn't be allowed to vote............
It is a revenue problem
Revenues have been down ~2% from the running average due to Bush and Trump tax cuts on corporations, the wealthy and cap gains. To return to the original running average, they need to be increased by ~4% for the next couple decades, which will take a significant bite out of the debt and deficits.
It's irrelevant.
Tax cuts have dropped revenues below the running average. That's unsustainable.
There isn't enough revenue in the US to satisfy the insatiable spending habits of our federal government,.. We have a heroin addict and your solution is to identify the dosage level that keeps him high, functioning, and stable...
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