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re: National debt tops $22 trillion for the first time as experts warn of ripple effects
Posted on 2/13/19 at 11:42 am to Ebbandflow
Posted on 2/13/19 at 11:42 am to Ebbandflow
quote:
Think of how we would be doing if we correctly taxed offshore money, didn't have a 20 year long War, and didn't make a gigantic tax cut for corporations in the United States. Pretty sure it's more than a drop in the bucket
For the past 70+ years, the US tax receipts average out to about 18.5%. Taxing more doesn't increase the percent and taxing less doesn't either. If you want to increase tax receipts you have to grow the GDP. It isn't rocket science.
Posted on 2/13/19 at 11:56 am to wickowick
quote:
For the past 70+ years, the US tax receipts average out to about 18.5%. Taxing more doesn't increase the percent and taxing less doesn't either. If you want to increase tax receipts you have to grow the GDP. It isn't rocket science.
Averaged out, yes, but they have fluctuated. Even a 1% swing is significant. 1% of $20 trillion in GDP is $200 billion. Over 5 years, that’s a trillion. You can’t say that tax rates don’t affect collections meaningfully.
A small percentage of a big number is still a lot.
This post was edited on 2/13/19 at 11:57 am
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