Interest on debt $1T. Roughly 25% of all tax revenue.

16 comments

1. Another way to ask is what program can’t be cut? The rest of other programs are the candidates to be cut

2. I think the better idea is to unfuck the budget by removing the Trump tax cuts. Then it will be a smaller percentage of revenue.

3. Cut section 8 housing

4. Which might be relevant if federal taxes funded federal expenditures, but they don’t.

5. Maybe we shouldn’t have given multiple trillions of dollars of tax cuts to the wealthy then.

6. Imagine starting this conversation from a place of what should we cut instead of how do we increase tax revenue.

   True colors much?

   *Edit* Tax Collection as a % of GDP is at an all time high

   Ha the fucking ha ha. Lol

7. We should cut makes cuts across the board and raise taxes across the board.

8. Just imaging how many people could benefit from taxes if we didn’t ship 1 trillion to rich that buy Treasury bonds.

   That is the bigger wealth distribution than low tax rates for wealthy people ever will be.

9. Hyperinflation or austerity crash. There is no budgeting out way out of this smoothly.

10. It’s almost as if raising interest rates was a bad idea. Who would have thought?

11. We should cut the tax cuts on the wealthy that we couldn’t afford and they didn’t deserve.

12. Since others have addressed the obvious, how ridiculous it is to propose cuts before even looking at taxes….but since we’re talking about it, I’d say the military by about 50% would be a good start.

13. How about start taxing ultra wealthy and ultra profitable corporations? They seem to have benefited the most to the economic policies of the Trump administration and COVID.

14. There’s like 1200 billionaires and 350 million people that aren’t billionaires. I can’t understand why all the not-billionaires would be so against seizing a bunch of money from the billionaires. Wealth recapture.

    Does the random financial analyst that contributes to his 401K and invests in SPY not understand he will never be a billionaire and anti-billionaire measures will never cost him anything?

    I’d personally like to call the bluff of these people to leave the country if they’re insistent on hoarding so much wealth. Call me stupid idgaf but I would try to seize a bunch of their money if I had unilateral dictator power, and if they wanted to emigrate I would try to revoke their passports.

15. Inflation is back down. Cut interest rate 2%, tax the rich heavily, and increase the tax on capital gains.

    Interest rate cuts inflate asset prices by bringing forward cash flows. We make it painful for the wealthy to benefit from that through an increase in capital gains.

16. > The current fiscal path is unsustainable and tax collection as a percent of GDP hovers near an all time high.

    You must be trollin. Good one!

    > Let’s discuss what programs and departments we should immediately cut.

    Military spending, PPP loans, subsidize corporations, and bailouts (BTFP).