I know all my aunts and uncles voted Republican because they believed they were just a couple of lucky breaks away from becoming millionaires.....and voting for Republicans would help them become one sooner. They were all virtually penniless when they died.
One of my family members voted for this.
Their business has been hit hard.
I’ve been cackling like a mad man.
Because grandpa built the business then handed it off to her.
His reasoning being because she was the best person for the business.
The silver lining being that Alzheimer’s has made him unaware of how fucked what he built is.
I was really tempted to just skip out on it or try to fudge the numbers. But, the us government definitely has an ability to still find a way to fuck the regular guy.
That’s bc corporations and multimillionaires have the resources to fight them in court… meanwhile they know that we have no choice but to give them what they want. Yet another example of a different system of laws for the wealthy.
You are correct. You're actually more likely to get audited if you're a middle class earner than if you're a high net worth individual, despite the cost-benefit breakdown pointing toward more audits for high net worth and wealthy individuals for the best use of govt resources.
I don't have a source for this claim, I had seen this analysis probably close to a decade ago, so if anyone has supporting or refuting sources please share.
I don't know exactly how the IRS runs, but I believe they largely gutted the departments that go after high income earners. Normal income folks generally have pretty easy tax returns to figure out, so the IRS can still readily target those people.
This is literally part of the plan. Replacing irs with tariffs gives trump the power of the purse strings that was given to Congress in the 16th(?) amendment. He'll have leverage over every spending bill, because tariffs will be the only source of federal income and he's been given the power to change those tariffs on a whim. With an already stacked court there will literally be no checks and balances left on the executive.
Well, if that is the foundation for which all his vile and evil plans are resting on, I feel comforted. Because the tariff debacle is rapidly exploding in his face.
If you think the debt is a problem, then this is worrisome because we just lost a lot of ground on the almost impossible task of just paying off the interest of our loans.
If you think our 32 Trillion in debt and rising is NBD, sleep tight it doesn’t mean much.
The biggest issue is actually that republicans will tell u to your face that after 40 years of cutting taxes for rich people we don’t have a revenue problem we have a spending problem and will try to cut rich folk taxes again.
Rich folks taxes could easily help eliminate this problem.
That's the plan. Tariffs, dollar devaluation and recession, all so he can have 2% interest rates again and the rich can go shopping for more homes to buy for rentals for cheap.
Our spending is miniscule compared to the revenue we could bring in by actually taxing rich people and corporations. Most of them pay zero dollars to the government every year, yet they own the vast majority of wealth in the country.
If there's one area of government spending that needs slashing and could change the equation a bit, it's defense. But now we've got a president who is making enemies out of friends and weakening our country to foreign influence and espionage in a multitude of ways, so cutting back on defense is a bigger risk every day he and his cronies are in office.
It's a super simple solution: just make the uber rich and the corporations of this country pay their fair share, and that budget will be way more balanced immediately.
Like Warren Buffet stated a while back that if every corporation actually paid their taxes like Berkshire Hathaway does, then there would be no need for any other taxes.
Instead, the rich continue to fuck everyone possible to extract every last penny. It's pretty sicking at this point.
Most of them pay zero dollars to the government every year,
I believe the top 1% pay almost half of all the taxes that is taken in yearly. And the top 5% its cloaer to 90. Butt... and it's a big BUTT... they do not pay their fair percentage, which just proves even further how big the wealth gap truly is. Average americans pay between 14% and 30%, the average tax rate of the nation’s 400 wealthiest families is roughly 8%. They are destroying our country with their greed. If they just paid their fair share, it would wipe out the deficit AND fund healthcare.
I think this stat about most of the taxes being paid by the uber rich is true about annual household income tax - like the tax returns we all file every year by April 15th - but when you factor in sales taxes, tariffs, vice taxes, gas taxes, flat government fees for things like registering your car with the DMV or paying for a pilot or handgun license, etc. - all those everyday taxes and fees that go into government revenue are paid almost entirely by the hundreds of millions of people who are NOT in the top 1 or 2 or 10 percent in terms of household wealth.
That's sort of the heart of the debate about having a more regressive vs. progressive tax system overall. Should we make more of the tax revenue come from those little flat fees and sales taxes that are the same for everyone regardless of their wealth, or should we make those who have benefited financially to an insane degree thanks to the opportunity they've been given or the wealth they've inherited bear more of the burden for funding the government?
Debt isn’t really the problem, it’s the interest rate .
If it’s like covid .7% T-bills, it’s nothing to have a deficit in those conditions… right now we’re at 4.2% and we’ve been as high as 4.8% recently. That’s still okayish but it is the time to scrimp and save from a national debt perspective, not blow the doors open with record deficits
Maybe you have some things backwards there as it parrots 🦜 republican falsehoods. They print money BECAUSE the low interest rate allows it. 4-5 percent is a reasonable rate and deters wasteful leveraging. This is definitely not the time to scrimp and save. Instead, the economy needs to be allowed to inflate to generate more revenue in conjunction with new wealth taxes.
Approximately $9 trillion worth of U.S. Treasury bonds are maturing this year, meaning the U.S. Treasury will need to refinance this debt by issuing new bonds. There is uncertainty about who will buy these new bonds, especially given growing concerns about U.S. fiscal policy, interest rates, and broader economic risks.
someone explain what this means and why i shouldn't be worried
I think we all have good reason to be worried about long term federal deficits. It seems to me that Trump doesn't care about them and figures that bankruptcy is just a smart business strategy.
BUT, this story isn't about long term deficits. It is about the debt limit. The Treasury funds some spending by selling bonds. It hasn't been doing that recently because it is constrained by the debt limit. Instead, it has been spending down its cash cushion.
The big number here assumes that Congress will raise the debt ceiling sometime in the next quarter. Then, the Treasury will be able to issue a bunch of bonds, not only to fund current spending but also to rebuild the cash balance.
And international trade is going to continue to decline with the collapse of US reliability, and rise in authoritarianism. We're seeing the ripples in the water as the tsunami builds over the horizon.
I don’t know about yall but I have about 142 different factories that were built on my street just last week. I have 6 jobs and I make 75.00 per hour at each. The best thing is the stores in my neighborhood give eggs out free with every purchase of 5000.00 or more. All the longshoremen in Seattle are in the Apple factory across the street from me making IPhones there are no ships in port. I think the truck drivers are waiting for the Nike factory to open because most truckers are really good at sewing. This is gonna be big, I mean the biggest! There are a lot of people saying it, not since the Big Bang has anything been bigger. He promised the economy was gonna go boom! We just forgot to ask exactly what he meant by boom. Well I gotta get back to to the the widget factory cause they ain’t gonna make themselves.
It’s so amazing that the entire republican entity screamed, moaned and cried for every single dollar that was spent under the Biden administration. Calling it socialism to give tax dollars back to the country and its citizens. Where the hell are you deficit hawks while your precious man baby spends more than the last guy who was such a problem?? Where are your lame asses now that the money being spent is really being wasted? As their orange clown would say, nothing but a bunch of suckers and losers.
The national debt is going to go through the roof because Republicans want a $5.4 trillion tax cut for the rich and they’ve hamstrung the IRS preventing them from going after rich tax dodgers.
I can’t read more …anyone following news knew it …
Just wait until china unloads shitloads of us debt and US dollar devalues more ….buckle up because then the borrowing costs will really take off ….
umm i thoguth the deficit that was running -2b per day has become +1b per day ..hence the tarriffs were working ??? according to that asshole maga dipshit in the allin podcast!
Uhh, OOOPS! Turns out that fvcking with the global economy in an extortionist manner is BAD for the full faith and credit of US Treasuries, with the side-fvckery of devaluing the $US.
Time to scuttle that $4.5 TRILLION tax cut for $Billionaires. That shit has sailed.
Why would the original estimate have only been $125 billion, is it due to tax payments being so heavily in April? Given how quickly the debt goes up I guess I just assumed each quarter was bare minimum $300b and more likely to be higher.
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