Austerity Doesn’t Work

[Anonymous]

With the U.S. government pushing austerity measures, all my EU and UK friends chuckle because austerity did nothing for them.

Raise taxes on the rich.

[Anonymous]

Please show the math on how you would balance the US budget by only taxing the rich, with zero cuts to spending.

Hint: you can't. There aren't enough rich people.

[Anonymous]

Anonymous wrote:Please show the math on how you would balance the US budget by only taxing the rich, with zero cuts to spending.

Hint: you can't. There aren't enough rich people.

Myth. Raise taxes.

[Anonymous]

Anonymous wrote:Please show the math on how you would balance the US budget by only taxing the rich, with zero cuts to spending.

Hint: you can't. There aren't enough rich people.

Taxing rich people and corporations would allow us to catch up to the first world in social services.

Trump has done the opposite, he’s taking money from normal Americans to give to the rich and corporations while blatantly illegally enriching himself.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Please show the math on how you would balance the US budget by only taxing the rich, with zero cuts to spending.

Hint: you can't. There aren't enough rich people.

Myth. Raise taxes.

Right? These people are such marks.

[Anonymous]

In 2022 Massachusetts raised taxes on millionaires by 4%, and conservatives said the rich would flee. Instead, the state saw a 39% increase in the number of millionaires. The state passed universal free breakfast and lunch for all public school children. It is now one of the least poverty-stricken states in the country. NYC mayoral candidate Mamdani proposed raising taxes on the rich by 2%.

[Anonymous]

Anonymous wrote:With the U.S. government pushing austerity measures, all my EU and UK friends chuckle because austerity did nothing for them.

Raise taxes on the rich.

Which is what the U.K. did, and accomplished nothing useful thereby.

[Anonymous]

Anonymous wrote:Please show the math on how you would balance the US budget by only taxing the rich, with zero cuts to spending.

Hint: you can't. There aren't enough rich people.

DP. We know balancing the budget doesn’t work by giving them tax breaks.

[Anonymous]

Anonymous wrote:In 2022 Massachusetts raised taxes on millionaires by 4%, and conservatives said the rich would flee. Instead, the state saw a 39% increase in the number of millionaires. The state passed universal free breakfast and lunch for all public school children. It is now one of the least poverty-stricken states in the country. NYC mayoral candidate Mamdani proposed raising taxes on the rich by 2%.

This! On a national level, would solve so many problems in the U.S.

[Anonymous]

Anonymous wrote:With the U.S. government pushing austerity measures, all my EU and UK friends chuckle because austerity did nothing for them.

Raise taxes on the rich.

Exactly.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Please show the math on how you would balance the US budget by only taxing the rich, with zero cuts to spending.

Hint: you can't. There aren't enough rich people.

DP. We know balancing the budget doesn’t work by giving them tax breaks.

We created multi-trillion dollar debts by giving tax breaks to corporations and the wealthiest Americans.

Back in 1998-2001 we were running budget surpluses under "tax and spend" Clinton. That was the last time we've run a surplus.

Back then, we had a top income rate of 39.6% compared to 37% now. We should raise it again, along with raising the contribution cap on social security.

Back then we had a nominal corporate tax rate of 35% versus 21% now (though many companies get away paying far less due to the proliferation of loopholes and incentives). We should require companies to pay a minimum 15% tax regardless of loopholes or incentives starting at $10m annual revenue (15% aligns to the OECD 15% agreed to by 140 countries to reduce offshoring) starting at 10m revenue for IT, $20m revenue for companies with mid-sized companies with large back-office operations, and $50m for manufacturing. Those numbers are lower than the OECDs but those are more realistic for when companies start thinking about offshoring, and if Trump is serious about bringing manufacturing and other jobs back to the US those are the numbers he needs to start looking at, with "top-off" taxes kicking in to penalize companies that do still look to offshore anyhow.

We also need to significantly reduce defense spending which has more than doubled, along with fixing our out of control healthcare system which has caused medicare/medicaid to quadruple.

And we need to do all of this while boosting GDP growth, which means providing sanity and stability and investment and jobs rather than the dysfunctional chaos that Trump is causing.

[Anonymous]

This! On a national level, would solve so many problems in the U.S.

No, it wouldn't even balance the budget. I dare you to show the math that would even make that work.

[Anonymous]

Anonymous wrote:

This! On a national level, would solve so many problems in the U.S.

No, it wouldn't even balance the budget. I dare you to show the math that would even make that work.

MAGA is so dumb.

[Anonymous]

Anonymous wrote:In 2022 Massachusetts raised taxes on millionaires by 4%, and conservatives said the rich would flee. Instead, the state saw a 39% increase in the number of millionaires. The state passed universal free breakfast and lunch for all public school children. It is now one of the least poverty-stricken states in the country. NYC mayoral candidate Mamdani proposed raising taxes on the rich by 2%.

Millionaires like someone has over $1-2 m saved for retirement ?

[Anonymous]

Anonymous wrote:In 2022 Massachusetts raised taxes on millionaires by 4%, and conservatives said the rich would flee. Instead, the state saw a 39% increase in the number of millionaires. The state passed universal free breakfast and lunch for all public school children. It is now one of the least poverty-stricken states in the country. NYC mayoral candidate Mamdani proposed raising taxes on the rich by 2%.

The Massachusetts numbers came out of an extremely progressive think tank and have been widely criticized as lies.