Reply to How can we reduce the national debt by $1 trillion?

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[quote=Anonymous][quote=Anonymous][quote=obturningrussian][quote=Anonymous]Let alone $36 trillion? Any ideas?

#ThingsILoseSleepOver[/quote]

im not and never will be good at economics, but im going to say maybe "taxing the rich" or something, which will never happen under this administration[/quote]

I'm guessing you've never run the math on that idea.  [/quote]

The math on that idea shows that the GWB and Trump tax cuts added $10 trillion to the debt.  Reversing those tax cuts will reverse a chunk of the deficit.

Additionally, we should probably be considering a wealth tax on high-wealth individuals, for example a 2% wealth tax on Americans worth over $50 million.  It could generate between $2.75 and $3.75 trillion in revenue over 10 years.  Elizabeth Warren has proposed such a wealth tax.  A 2% tax is also below the rate of inflation so even worst case that wealthy individual's wealth would continue to grow.

Republicans poisoned the well on taxation with Grover Norquist insanity.  That's another thing that needs to be fixed.  Any Republican who thinks the ONLY way to reduce the deficit is to cut spending and who absolutely refuses to consider the revenue side needs to be tossed out of office.  [/quote]

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