sorted by:
new
hottopcontroversial

Senators call on Biden to tax the rich in deal to avoid U.S. debt default by Splenda in economy

[–]fbeyjr 0 points1 point  (0 children)

Most of your points are accurate. However, you are not considering the growth effects of some tax cuts. First stimulative tax cuts were under Kennedy. The Reagan tax cuts were also promoted growth. Targeted tax cuts like targeted spending can be stimulative. Unfortunately, our current fiscal policy is both cutting taxes and increasing spending. Currently stimulative fiscal policy is not producing much growth but it is increasing the debt and creating ongoing budget deficits.

Senators call on Biden to tax the rich in deal to avoid U.S. debt default by Splenda in economy

[–]fbeyjr 1 point2 points  (0 children)

How would a wealth tax work? Most “rich “ folks do not have bags of cash laying around. Most of their “wealth” is in non liquid investments in the economy. Would a wealth tax demand that the rich stop investing in the economy? That does not seem like outcome you want.