I see a thread of pictures and links so don't bother.
Tuition Increases and Layoffs Are Coming to a Broad Set of Universities
- Thread starter Hume
- Start date
I'm waiting by the phone and it still isn't ringing and it still isn't you.
The universities may have to resort to tapping into their billions in endowment $$$$$$$.
I would think that the last thing we would want to cut was the goose that laid the golden egg.
If things are that bad, we should consider taxing more, or making cuts to least productive parts of the economy.
Instead, trump is taxing the wealthy less, spending far, far more, and cutting the most important parts of the budget.
Everyone received a tax cut in his first term, Never Right Walter.
You really, really need to up your game.
Feb 25, 2025 — President Donald Trump's 2017 tax cuts primarily benefited low- and middle-income families while increasing the share of taxes paid by the wealthy.
Correcting the Record: Trump’s Tax Cuts Were a Boon for the Working Class – Ways and Means
waysandmeans.house.gov
If we taxed millionaires and billionaires at the rate they used to be taxed, we would have a surplus, and slowly pay off the debt.
That being said, our debt is an important part of the economy. We do not want to pay it off. Paying it down might be a good idea, but never paying it off. Honestly, I would be happy just controlling its growth. The debt still grows, but at a rate that is less than the long term economic growth.
trump put a $10k cap on SALT deductions which raised my taxes a lot, so you are wrong.
Yakuda
Verified User
Evil prick of the forum ^^^^^
^ASSHOLE OF THE FORUM.
Yakuda
Verified User
Evil prick of the forum^^^^^ this is so much fun
ok bye
Or we can aim at economic growth and cut the fat from programs. The only way to overcome a deficit like the one we have is through growth, no taxation will be enough to do this. As I noted earlier, you can "tax the rich at 100%" or just flat steal every penny they have and we would still be in debt and have deficit spending. You've run out of other people's money, you will not be able to tax your way out of this one.
Education, research, etc. would seem to be the best way to get economic growth.
Many of these programs have half a percent of overhead. At that point the main type of waste is mismanagement. Too much overhead has been cut.
And yet the larger countries with the lowest tax rates usually have negative growth.
Who tries to pay back long term debt in one year? It just not make sense. So much of our economy is based on having some government debt, we would not want to pay it all back. We certainly would not want to do it in one year.
We could return taxes on the rich to 1990's levels, and have somewhere near zero deficit. We would then grow our economy to keep debt reasonable by comparison. We did just that, in the 1990's.
Nobody does, nor did I say we could do it in one year. I said that even if we stole every penny they make and have we could not pay that debt. If we do not cut the deficit and grow the economy we will never make a dent in it.
You cannot tax yourself into riches, it will never happen.
Taxing the rich 100% of yearly income to try to payoff all the 100% of the debt would be trying to payoff the entire long term debt in one year.
We can do an apples to apples comparison if you want. The richest 10% own 70% of the wealth(if we are going to try to do this in a year, we need to go after wealth, not income). The total wealth in the USA is about $135 trillion. The total US Debt not held by the US Government is about $30 trillion.
So a 32% tax on the wealth of the top 10% of Americans would wipe out the net national debt. This would be brutal to the economy, and not something I would support, but it is not 100% as you claimed.
For a year? If you take every penny they make for the life of the loans, that is more than enough to pay the loans. So as long as you are not trying to pay the entire debt in one year, you can do it. Basically, you would be paying off the national debt in 20 years, so would need to look at the amount of money the wealthy make in 20 years.
Again, paying off all the debt would be terrible for the economy, so I am not recommending it.
Beyond that, the way you stated it, many years you would be wrong. Wealthy people make a lot of unrealized gains. If you taxed those unrealized gains in a good year, you would be able to pay off the national debt in one year.
I cannot state this enough, it would be a very bad idea to try to payoff the national debt, especially in one year.
The only President who has made a dent in the debt in our lifetimes was Clinton, so we should be looking to Clinton for our solution.
Reasonable taxes spent wisely has usually been the cause of a nation building wealth.
Yakuda
Verified User
Bye evil prick
According to the Tax Foundation, the top 10% earned nearly $7.3 trillion in adjusted income. The debt will come due over 20 years, so we will multiple that over 20 years. I know they will make more over those 20 years, but we are using a conservative measurement here. That is $146 trillion. The net national debt is $30 trillion, so it would require 21% taxes, not 100% as @Damocles claims. It would only require more than 100%, if you try to payoff the entire debt in one year.
Now raising taxes by 21% of income would be difficult, but it would still make our taxes lower than many other countries. More importantly, it is not something we want to do. For a decade, Australia had no need for federal debt, and still issued it because it was needed by the economy. We need some debt.
Now raising taxes by 21% of income would be difficult, but it would still make our taxes lower than many other countries. More importantly, it is not something we want to do. For a decade, Australia had no need for federal debt, and still issued it because it was needed by the economy. We need some debt.
Yakuda
Verified User
Let's start slowly"
"The richest 10% own 70% of the wealth" citation please. And please don't say, "everyone knows it". Thank you.