Our Debt has crossed 100% GDP

[Le Roi de Pot]

Republicans haven't said a peep about it ..but will suddenly become very concerned about deficits shortly after Jan 2021

Here are some options

1) Increase the highest marginal rates for corporations and individuals including new higher slabs


2) Tax income from overseas income ... This is going to be hard.. As there will be a million loop holes.

3) progressive sales tax on bonds and socks ( cumulative not per transaction) .. so if you sell under million dollars in stocks for the year ...no sales tax ... But if you buy and sell 100 k Worth of stocks 12 times a year .. the 200 k will have a small sales tax


4) tax consumer data assets by big data companies .. Google / Facebook have tons of data about us.. when we sleep, when we fart, whom we like.. charge a tax based on both data stored and data accessed.

5) get rid lower rates for capital gains

6) inheritance = income ..tax accordingly ..with exemption of actively managed small businesses.

Anything else?

[My Pet Orangutan]

1. Biden is committed to 1) & 5)

2 'elses'

- A financial transaction "Tobin" tax.
- Elizabeth Warren's wealth tax proposal - perhaps starting at 2% over $100m, and 3% over a $1billion.

But how about a little out of the box - funny money thinking. Empower the Fed to cancel over 7 years, it's substantial holding of treasuries - a debt 'Jubilee'

https://www.washingtonpost.com/opinions/2020/03/21/debt-jubilee-is-only-way-avoid-depression/

[gab13by13]

2. 7. small tax on high speed trades.

[Le Roi de Pot]

3. yes .. that makes a lot of sense too

Fuck that too .. most helps hedge funds

[Captain Stern]

4. How about we spend less?

It's good to figure out ways to raise more money, but we could tackle it from the other direction at the same time.

How about we quit funding the military like we're going to have to fight every single other country in the world at the exact same time?

I don't mind paying more taxes when the money is going towards something that matters. But, I don't think spending as much as we do on our military makes sense.

If all of our allies were to suddenly decide to attack us, our mistake probably wouldn't be in how much we were spending.

[Le Roi de Pot]

5. Sudden large spending cuts can trigger a recession

even if it is military - the spending funds many salaries

[Captain Stern]

6. Ok. Then let's not make those cuts happen all at the exact same time.

Would that work out ok?

[ProfessorGAC]

11. Would Need A Comprehensive...

...plan for investment in pure research & infrastructure to create jobs outside of the defense industry.
A big reason why cutting the defense spending has become a third rail is because the thing is an enormous jobs plan.
Of course, that plan would take time, and would have to be implemented in phases.
So what you suggest could work as long as it doesn't displace a great amount of workers in a trillion dollar industry.
That many people being without jobs in a short time would trigger a bigger recessionary event than COVID did.

[myccrider]

7. How a [drumroll] Patriotic Pandemic Pretax

For 10 to ? years impose a 1% [2%?] pretax on all *gross* income of corps and wealthy above some threshold that I’m not qualified to determine.

Sell it as a sign of patriotic support by the wealthy class to reduce the national debt.

Also, rescind tax breaks for fossil fuel companies.

[TexasBushwhacker]

8. Get rid of the Social Security cap

and make capital gains above a certain amount subject to Social Security and Medicare taxes. It is OBSCENE that a hedge fund manager can make millions and pay capital gains rate and not a dime to Social Security or Medicare. If more people and companies were contributing, we might even be able to lower the rate.

There should be an Alternative Minimum Tax for corporations. I understand that they get credit for taxes they pay in other countries, but they are here using our roads, being protected by our military, etc. They should goddamn pay US taxes!

And for God's sake, eliminate or raise the limit on taxing Social Security benefits.

[grantcart]

9. Warren's 2 % tax on assets over $ 50 million (?) Is the most sensible IMO

[sarcasmo]

10. Trump knows bankruptcy.