Let’s not forget that farms and ranches can be inherited and Biden’s death penalty has the ability to tax those businesses so the debt cannot be paid and the 2nd or 3rd generation properties will be absorbed by ........the government. First he put out an act that forgives “socially inhibited” people (or some such wording and highly unconstitutional) the debts on their farms and ranches and then throws the death penalty on them.
Unlike most countries, you can actually move between classes. Of course, you can go up, and you can go down.
Article in the Wall Street Journal stated that Biden's proposal to raise the top capital gains tax to 43% will actually reduce revenue to the government due to the fact that the top income bracket simply moves investments and such to tax free investments. It will reduce the taxes on the "rich" while increasing the taxes on lower brackets. No matter what the numbers say, those are mostly to fool the uninformed into thinking the rich will pay more taxes. Most of those making the rules are among the "rich" and don't raise taxes on themselves any more than allow themselves to be covered by Social Security and Medicare. The Dems count on one thing: their base is uninformed and don't check what is said. Generally things are accepted as they are stated, not regarding the real meaning.
You likely recall Obama being asked if he would increase the tax rates even if it meant no increase in revenue. (Keep in mind that the offset is from partly reduced economic activity, lower levels of employment, etc.) He said "Yes, out of fairness." In some circles, giving a 5th grade response is a sign of maturity. And your point is well-taken. If the system is owned by the rich, then how stupid do you have to be to embrace any idea coming from them that's purported to self-inflict harm? <<this is a rhetorical question. What people also refuse to acknowledge is that money can only buy power in our government when that power is up for sale in the first place.
All of it, according to liberals. Of course, once they get there themselves, they are conveniently exempted. When I owned an ambulance company, we took in a couple of million a year but it all went back out again. Our employees drove nicer cars than we did.
Possibly, but after decades of "trickle down economy" it's harder to do today than when we were younger. Remember the tuition free state collleges and universities?
That's a good point. I don't really know. I don't know how Reagan's policies affected things. And I don't actually recall free college...I went to community college at night & paid for it. But it might have been before or after my time. I believe there are a lot of factors at work, a lead one being our moving to more of a service economy and "knowledge work." The other is the difficulty in getting an interview or any consideration without having a degree these days. It's a weird requirement that hurts a lot of folks. I ran into it at the tail end of my career, only having a 2 year degree.
The “trickle down economics” theory is often attributed to Reagan but if we look at Trump’s economics we see just about the same thing. Trickle down eco is the lowering of taxes for those on the higher end of the hog so to speak. The proposition is that by lowering taxes on those who employ, then the more employees can be hired thereby increasing the amount of taxes collected. In short, the more people working the more taxes paid. The more taxes that are collected the more programs can be initiated. In essence, the theory is a win-win and as we saw during the Trump administration as opposed to the Reagan admin, it was working. The only big difference other than the obvious difference in successes is that the media didn’t portray Trumps economic program as “trickle-down”. Oh yes, one other thing about it. By lowering corporate taxes to compete with taxes charged on the international market the U.S. not only kept corporations from moving but a couple even returned to the U.S. thereby providing even more openings for employment and the payment of more what? taxes. And no, I haven’t heard of a free college or university unless there was an endowment set up such as Holmes Bible College in Greenville, S.C. whereby the promising but poor can get the same education as those who can pay. I’m not saying there wasn’t a free college or university but merely saying that I haven’t heard of any other than the type I described above.
I think California had free college at one point, but I don't recall when it started or when it ended. Federal revenues are highest when tax rates are lower (to a point). I don't recall who discovered this, but I remember reading an article and seeing a graph that depicted the "perfect tax rate" for maximum government receipts. Of course, no one seems to care about income anymore for the government. The Feds just spend, spend, spend, spend with no regard to tax receipts. The Fed will simply "make more money" out of thin air. Eventually the house of cards will fall.
Yup. And the follower to "maximum government receipts" should be "for what purpose," but it never is.
I think if D. Trump had had another 4 years he might have tried to dismantle the Fed which would have meant that we go back on the gold standard instead of trust. As long as the government can keep printing money and imagining it’s real they will keep on printing it.
It is now called "Modern Economic Theory", which theorizes that a government can spend any amount of money as long as it has control of the currency. I suspect that is no longer the case, with the advent of crypto currencies. We'll see.
They always have the option of defaulting on our global debt. That might have short-term ramifications, but the hard truth is when the dust settles, others are gonna exercise their best risk option on that day. And going forward (depending on the unrelated ways we may be damaged), we're still gonna be the safe harbor. It's cynical, but it's business. I've seen it any number of times. Survival ain't pretty. The one thing that might really harm us long-term is if the then-current administration carves out an exception for a favored nation or two. Selective Screwing will not go over well.