That is because domestic spending programs are as popular with the voters as tax increases for rich people and corporations.

Nevertheless, when the top tax rate was never lower than 70% and often much higher, the national debt as a percentage of gross domestic product (GDP) declined from 114% at the end of the Second World War to 32% during President Carter's last full year in office.

https://www.thebalancemoney.com/national-debt-by-year-compared-to-gdp-and-major-events-3306287

We can indeed fix the debt problem by soaking the rich. That is what most Americans want, so let's do it.

 

Details are coming out about brandons plan to spend and tax America right into oblivion.
The dog thinks most Americans are pleased to see brandon go after "the rich" to pay for his spending spree.
The thing is, brandon's spending spree, together with his tax the rich plans, only underscore one thing;
WE CANNOT TAX OUR WAY OUT OF DEBT

We especially take note of the double death tax, where when one spouse dies their "assets" are taxed, and then when the second spouse dies, it all gets taxed a second time.
Brilliant. Absolutely brilliant.

But of course, in true despicable fashion, we'll need to pass the damn thing to find out what's in it.
We suspect dog is vulnerable to a rude awakening when the IRS comes knocking on his door.​

‘Insatiable appetite for reckless spending’: President Biden’s $7.3 trillion budget blueprint would raise one tax rate to as high as 44.6% — here’s how the changes could impact you (msn.com)

‘Insatiable appetite for reckless spending’: President Biden’s $7.3 trillion budget blueprint would raise one tax rate to as high as 44.6% — here’s how the changes could impact you
Story by Laura Grande

President Joe Biden has a message for the wealthiest Americans: get ready to pay your fair share.

Following his State of the Union address last week, Biden announced his federal budget proposal — including his plans to cut taxes for working families by increasing them for both the wealthy and big corporations.

The budget blueprint, which would be for fiscal 2025 (which begins in October), will serve as the first of many tax battles expected to go down in Washington over the next year.

Republicans have already taken issue with the proposed $7.3 trillion budget, with House of Representatives Speaker Mike Johnson referring to it as an “insatiable appetite for reckless spending” and a “disregard for fiscal responsibility,” according to a Reuters report.

While it remains to be seen if Biden’s policy priorities will make it into the final draft of the budget since that’ll require approval from a Republican-led Congress, here’s a closer look at how some of these proposals could impact Americans.

Capital gains
One major area of contention is the fact that Biden’s budget calls for a 44.6% federal rate on investment income and other earnings for those making more than $1 million.

This income, known as capital gains, includes any profits from selling an asset, such as stocks, cryptocurrencies and real estate. Any gains in the asset’s valuation are subject to tax, just like any other income. But keep in mind that only gains that come from the sale of an asset are subject to this tax.

As it stands, Biden’s budget proposal would essentially increase the capital gains tax to match the standard taxation of wage and investment income.

To break this down further, that would mean long-term capital gains for those earning at least $1 million would be taxed at a whopping rate of 39.6% — a significant increase from 20%.

And the wealthiest Americans will also be asked to step up their contributions to the Medicare tax by increasing their rate to 5% (from 3.8%) in an effort to buttress the program’s trust fund. Along with the capital gains rate, this brings the wealthiest taxpayers’ liability up to a 44.6% federal rate on investment income and other earnings.

The Biden administration claims this would reduce deficits as a share of the economy over next decade. However, critics worry these higher taxes lead to decreased economic output and growth, reduce U.S. competitiveness and further complicate the tax code.

A second death tax
The plan also proposes taxing assets when an owner dies, ending a benefit that currently allows unrealized appreciation to go untaxed when transferred to an heir.

In essence, death taxes are imposed on a person’s estate upon their passing. These taxes are the responsibility of the beneficiary who receives the property via the deceased’s will or estate.

These taxes are also referred to as estate taxes, death duties and inheritance taxes, and generally apply to estates and inheritances over a specific value.

The Biden administration’s federal budget plan for fiscal 2025 calls for taxing unrealized capital gains at death above a $5 million exemption ($10 million for joint filers), resulting in mandatory capital gains at death, in addition to the current death tax.

Where does it go from here?
Biden’s budget proposal will be flipped to Congress, which is in charge of writing the federal budget. The draft prepared by the White House is viewed as the starting point for negotiations between the president’s administration and lawmakers moving forward.

However, Biden’s proposal will likely undergo a major facelift as the Republican-controlled House is unlikely to go along with many, if not most, of the recommendations, specifically those that raise taxes on the wealthy.

Now, dog and the other liberals will be pointing out that the brandon tax increases don't kick in until one is demonstratably rich, with a $1 Million or maybe a $5 Million dollar lower limit.
But we have to ask; since even brandon can't claim this pig bill of his will reduce the debt (NOTE ABOVE, HE SAYS IT WILL REDUCE THE DEFICIT, NOT THE DEBT) at some point he'll need to skewer some other group to address the DEBT. And the easiest way to do that is to lower the bottom limit. Perhaps to $100,000 and $1 MILLION for capital gains.
​

 

Using B, I, and U does not make your argument impressive. It shows emotion, where thinking matters. Emotion comes from a more primitive part of the brain, a part we share with other mammals. Dogs get angry, but they are not good at solving their programs.

I have quietly proved, using this website:

https://www.thebalance.com/national-debt-by-year-compared-to-gdp-and-major-events-3306287

and this website:

https://www.irs.gov/pub/irs-soi/02inpetr.pdf

that the national debt only became a problem when Republicans cut taxes for the rich.

You can jump up and down, wave your arms, yell and scream all you want. I am still right. You are still wrong.

 

So, dog, what's your solution again to fix the debt issue?
Tax our way out of debt? Tax the fat greedy rich cats into poverty?

You do realize that your man(woman) is proposing a near doubling of the pre covid budget, right?
And more than doubling the taxes collected.
The new taxes brandon says he needs are MORE THAN THE TAXES COLLECTED IN 2020.

You really think the robbers in Congress or the administration will stop there?
They won't.

You think we need to spend over $7 TRILLION?
For what?
Laundry for ILLEGAL MIGRANTS?
"FREE" health care for all?

 

Now we've all heard about the long suffering hard working government employees.
How they serve so selflessly, and do that for less than they could make in the private sector.
Turns out, that isn't quite the truth.
Anyone surprised?​

A ‘Fairness Initiative’ to Tackle Too-High Government-Employee Pay (msn.com)
A ‘Fairness Initiative’ to Tackle Too-High Government-Employee Pay
Story by Neal B. Freeman

It’s time for the Fairness Initiative. And for Mike Pompeo.

• I wrote last week about a report from the Committee to Unleash Prosperity (CTUP), the group headed by The Redoubtables — Steve Moore, Steve Forbes, and Art Laffer — to the effect that the average government employee now makes more in wages and benefits than the average private-sector employee. Forty percent more.

• Some readers begged to differ. Not to contest the general point that government workers are more highly compensated, but rather to assert that CTUP’s 40 percent number is too high. I spent a morning rooting around in the data and concluded preliminarily that, at least for comparable work — on an apples-to-apples basis, that is, rather than fruit-to-fruit — the 40 percent figure may be considerably understated.

• But just this once, let’s leave the money details to one side. Let’s talk about the principle of the thing.

• It has long been embedded in the national imagination that the government worker, at some financial sacrifice to himself, is serving the nation we all share as fellow citizens. Thus the term “public servant,” which carries with it the clear implication that the private citizen is thought to be superior, in terms of the civic hierarchy at least, to the government employee.

How then, did the government employee come to enjoy virtually lifetime job security while at the same time becoming more highly compensated than the people he is said to be serving?

• The answer is that, over the years, you have given the government employee one raise after another, one health-care benefit after another, one pension bump after another.

• Do you remember why you did so? Was it to express your gratitude to Homeland Security for keeping you safe in your person and secure in your property? Was it because Internal Revenue had been so prompt and courteous in its various communications with you? Was it because Veterans Affairs had been so responsive to your post-combat needs?

• You probably don’t recall those compensation discussions because you were not part of them. The “negotiations” to set pay and benefits for government employees, which are conducted between two groups of government employees, tend to be resolved quickly and with alarming amicability. On one side of the table are union officials representing government workers. On the other side are government employees representing you and your fellow taxpayers. You did not choose those representatives. In all likelihood, you are unaware that they are representing you. They were chosen for you by Joe Biden. And when the two parties get down to hard bargaining, there is no unseemly discord. Not a single fistfight has been reported.

• We know, thanks to NR’s Dominic Pino, that the Congressional Budget Office now projects federal budget deficits to “grow steadily over the next 30 years.” In other words, the federal government will one day soon be pressured by debt markets to look not just for revenues but for savings.

• The planets may thus be aligned to bring forward — drum roll, please — the Fairness Initiative.

• Don’t press me for details, but more than a decade back I had engaged a purple-state governor to propose, as part of his annual budget message, this initiative at the state level — at a time when government compensation packages were feared to be approaching private-sector pay levels. The governor, alas, ran into serious and ultimately terminal political troubles and soon faded from view. Stuff happens. In his stead, then, I present herewith the Fairness Initiative, suitable for governments at the federal, state, and local levels: It shall be the policy of this government to cap public-sector wages and benefits at private-sector comparables.

• It’s only fair.

• And a note to the nonsocialists of all parties: Take this idea and run with it. There are no royalties payable.

• As some of you will have noticed, I have been plumping here and elsewhere for the selection of Mike Pompeo as the GOP vice-presidential nominee. My support is based on the fact that, unlike the other possibilities floated in recent weeks, Pompeo is ready now to assume line responsibility for one of the salient challenges facing the country — our national security — and he is ready to serve now as commander in chief should a vacancy materialize in the Oval Office.

• There is another reason, a tactical reason, to support him. Unlike the other possibilities — most of them small-state governors and obscure congresspersons — Pompeo comes fully vetted in a year when the media will surely give Trump’s choice a full, head-to-toe body scan. Pompeo, who finished first in his class at West Point, has been vetted since he was a teenager.

• It is always a good time, but especially so during Easter week, to give a thought to those less fortunate than ourselves. I think today of those nine people who will never outlive the memory that they finished behind Joe Biden in law school. Thoughts and prayers, my friends.

 

Just as I expected: you have not posted a single fact to refute my argument that the GOP is responsible for the debt crisis.

 

That is because civil servants need to pass civil service exams.

 

Shooter doesn't need to "refute" your stupid argument.
Shooter has said from the beginning that BOTH SIDES OF THE AISLE ARE RESPONSIBLE for the debt crisis.
Shooter has also said from the beginning that arguing about who is "more responsible" is a futile exercies.
It doesn't matter.
What matters is dealing with the debt.
Now.
Today.

So, troll dog, with no respect intended, you can keep yammering about who is more responsible for the debt and be ignored.
Simply, siddown and shut up.
The adults are working.

 

40%?
Plus bonus?
Don't think so.
Not at all.

 

And just like that, repukes care about debt again, eh

 

The irony of the debt is that the truck driving, beer drinking, gun toting, trailer dwelling, unwashed, illiterate, genetically ambiguous hoards in flyover country have mostly gone to college, paid for their college, gotten successful jobs, and are now expected to pay for the lazy stupid liberals who partied through college, ran up enourmous school debt, now live in their parents basement, sucking off government welfare, and refuse to pay their debt.

 

Dear President Biden please raise my taxes. We do need to address the deficit and debt and I want to pay my share. Its total bullshit to think we can live in the most powerful and arguably best country in the to world and not have to pay taxes. But when you do just make sure the wealthy and corporations pay the same percentage of taxes on their incomes as I do. Get rid of all the tax shelters and deductions for things like private jets. End corporate welfare like the billions in subsidies for oil companies. End the cap on Social Security. Give the IRS the resources they need to go after tax cheats. Fairness is all I ask.

 

False information

 

You are definitely deranged

 

Oh now that’s embarrassing Blues states have more student loans.
No wait, what? Red states default more.

 

Where does your info come from?

 

Wtf
Blue and Red
I am American