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Reply to "Republicans and the debt ceiling "
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[quote=Anonymous][quote=Anonymous]A big chunk of debt came from massive tax cuts for the rich and big corporations. Those need to be rolled back. It's bizarre that Republicans seem to think the debt is entirely because of spending and refuse to acknowledge that their own tax cuts added trillions to the debt.[/quote] A lot of the deficit now is from paying interest on all the debt that's been piled up. You can't balance the budget with tax increases on the rich. It will have to hit the middle class. Take a look at Europe's tax brackets to see how it works. For example, Denmark- 8% flat rate as labour market rate, 12% on income to $70000, 15% on income above that. Doesn't seem so bad, but then there is a 25% rate on top of that as a municipal tax. It ranges from 22-27% based on location. It's not clear if this can be deducted from state tax(which we would call a federal tax) They also have other taxes like share taxes and VAT taxes. [/quote]
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