The economic projections I’ve seen have shown taxing the rich will increase tax revenue by around 1.5% of GDP. We’re slated to borrow 7.3%. That math doesn’t work. To be fair, the republican math with cuts (assuming no tax cuts) also doesn’t work. Neither side is serious about this issue.
How can there possibly be an answer to "how much will tax revenue increase if we tax the rich" without specifying how much we tax the rich, and how we define the rich?
Taxing billionaires is just one of many necessary steps but it is the most important and vital step in my opinion. There are fundamental problems with how the US is run down to the local level but it starts with taxing billionaires and getting money out of politics.
To be clear, I think raising taxes on everyone is going to have to happen along with spending cuts.
What does the ideal solution look like to you? Are you happy with what DOGE is doing and if not what would you change? I'm asking genuinely because I don't think enough people put forth ideas in their own right.
Why point at billionaires, anyone with more than a million is living a comfortable life, everybody should be doing their part.
Billionaires are the ones actively fucking the world and seeking tax cuts but you're right, there are plenty of multimillionaires that need to be paying their share.
You can tax the rich, and then cut less of the good stuff. Or you can cut taxes and decimate everything. Guess what the billionaire class chose.
I fully expect uncomfortable spending cuts with raising taxes while trying to balance economic growth in order to correct this problem. Im dissatisfied with what both sides of the isle are actually doing.