Hondo98 asked in Politics & GovernmentPolitics · 2 months ago

Why don't Republicans realize that because neither party will cut spending, taxes WILL go WAY up, no matter what else happens.?

The ONLY way Congress could pay the $400 billion in interest they paid this year was to deduct $225 per taxpayer per month from your hard earned pay (averaged out).  The scary thing is that that's less than 2% of the smaller national debt we had a year ago.  Now, the debt is much larger.  We usually pay 5% of the entire national debt in interest, every year.

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  • 2 months ago

    Hondie, in this case the age of the reader will have everything to do with their POV.

     

    For example, I'm not going to be around when the bills come due; read: when government borrowing rates are north of 4% again instead of being virtually zero. So I'm very much What, ME Worry!?! about the whole thang. Good point, though!!! :-))

  • Lili
    Lv 7
    2 months ago

    Tax cutting is a Republican mantra; they just can't get past it.  However, it almost always benefits only a limited number of taxpayers in any significant way.

    They've willfully closed their eyes to the massive deficit, which was a result even BEFORE the pandemic of the government's cavalierly overspending in order to keep the economy artificially pumped up.

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