Would the House of Representatives approve a bill giving huge tax cuts for people in the top 2% of Income?
Paid for by huge tax increases for the bottom 98%?
- summertimeLv 77 years agoFavorite Answer
Its a strong possibility they will. Unless of course they get an attack of religion and do the opposite. Like Justice Roberts got in passing the mandate in the AFCA.
- GungyLv 67 years ago
The debt adds $1 trillion+ every year. Taxing the top 2% adds $1.7 trillion over 10years.
Let's see, $1 trillion x 10 years = 10 trillion + the $16 trillion now = $26 trillion.
Taxing the top 2% $1.7 trillion totally collected by the 10th year. = $1.7 trillion.
===> That $1.7 trillion doesn't even dent the interest rate on borrowed money in 10 years.
Makes a lot of sense to liberal math wizards though.
@Brian.....the deficit is an annual calculation based on spending vs. revenue. The national debt is the running total of each year's deficits. It's mathematically impossible to collect $1.7 trillion from any source and expect it to reduce the debt which the borrowed money interest rates are higher than what you collect. when it all adds up, there's is no math that can result in having $1 pay off a $20 debt.
It's all politically barking at a tree. The original Simpson/ Bowles report commission by Obama came to the exact same conclusions. Politically, Obama tossed it in the garbage. The commission clearly verified that the only way to reduce the debt is to cut an amount higher than your spending and increase revenues higher than your annual deficit. The top 2% or even every person over $250k is nothing and wastes every ones time except those who buy into the campaign rhetoric. It's all spin and junk economics. Obama's own joint commission said so. There is no credibility in it.
- Brian BLv 77 years ago
The Republican Party ran this year on a 20% flat tax, also known as 40% reduction in the wealthy's tax rate and a 33% increase in the poor's tax rate.
@ Gungy. You are doing your math wrong. Tax revenues are considered a credit for the purposes of debt calculation. The tax on the rich will reduce the deficit by 6% a year.
- McNamaraLv 77 years ago
You're retarded. Tax cuts aren't "paid for" by anyone, least of all the bottom 98%. Hell, half the country pays no net taxes.
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- EPLv 77 years ago
No, why would you think that. Already there are people who get more back than they put in, do you think that makes any good sense?
- Big MoLv 77 years ago
Yep, maybe thats what John Boehner is holding out for.
- mommanukeLv 77 years ago
Absolutely! After all, the top2% are the "job creators" and the lower classes really don't need the money.
- EmmaLv 77 years ago
all indications coming from the right says...absolutely