How are we going to pay for all this shit?

[Tiny]

OK, The COVID relief bill just passed will cost 1.9 trillion. Biden has just proposed another 2.2 trillion for Democratic priorities and infrastructure, and reportedly will propose another 2 trillion spending bill in April for more Democratic Party priorities. That adds up to about 6 trillion in round numbers.

Alexandria Ocasio Cortez and Joe Manchin believe the $2.2 trillion just announced is too low. AOC wants it upped to $10 trillion and Manchin wants $4 trillion.

And then there's the Green New Deal, beloved by all the progressive Democratic Politicians. The American Action Forum estimates that would take $51 trillion to $93 trillion over the next ten years.

So most of this money is supposed to come from people who make more than $1 million a year, and all of it from those who make over $400,000 per year. President Biden has promised people making less than $400,000 per year will not have their tax rates increased.

Here's a link to the IRS tax statistics:

https://www.irs.gov/statistics/soi-t...d-gross-income

The latest year available is 2018. In that year, the total taxable income of people making over $1 million per year was $1.6 trillion. If you add the amount of taxable income of people making from $500,000 to a million a year, that goes up to $2.3 trillion.

However, these people are already paying a large % of their income in federal and state income taxes to help pay for existing programs. Let's say 30% of their income to be conservative -- I'm pretty sure it's more than that. That means if you take every dime they make, that they're not already paying in taxes, you end up with $1.1 trillion ($1 million cutoff) or $1.6 trillion ($500,000 cutoff) to pay for all this shit the Democratic Party politicians are proposing.

There's a snowball's chance in hell these politicians can do what they want to do by just taxing the rich.

[bambino]

We’re not.

[winn dixie]

Heres an idea for the cancel culture libs. Concentrate on cancelling the debt. Instead of adding trillions with do nothing help programs!

[HedonistForever]

I would be rolling on the floor laughing if it just wasn't so sad what these idiots are going to do to this country.


The bank of China is loving this.

[Jacuzzme]

The money is in 401Ks, IRAs, and SEPs. It’s just a matter of time before Uncle Sam decides to ass rape them. Cash under the mattress is starting to look better and better.

[GastonGlock]

It's literally people at the top using people at the bottom to punish people in the middle.

[bambino]

Originally Posted by GastonGlock

It's literally people at the top using people at the bottom to punish people in the middle.

We’re just collateral for the Fed and Central Banking system. Have been for a century. They print cash, our taxes pay the fig.

[Expresso Jim]

So where was all of this outrage when Trump/McConnel/Ryan ran amok spending-wise 2016/2020, or Bush/Cheney 2000/2008, or Reagan in the 80s? This fiscal outrage only rears its head when there's a Democratic President. That's the only time we ever see fiscally responsible Republicans.

[Tiny]

Originally Posted by Expresso Jim

So where was all of this outrage when Trump/McConnel/Ryan ran amok spending-wise 2016/2020, or Bush/Cheney 2000/2008, or Reagan in the 80s? This fiscal outrage only rears its head when there's a Democratic President. That's the only time we ever see fiscally responsible Republicans.

I have addressed your excellent points here

https://www.eccie.net/showthread.php?t=2755729

And, maybe a little obliquely, here:

https://www.eccie.net/showpost.php?p...0&postcount=47

The last time we've had responsible federal politicians in office was during President Clinton's second term, when Republicans controlled Congress.

However, the current crop of politicians we have are in a league unto themselves. We aren't fighting World War II. And we're no longer in a deep recession -- the economy's recovering nicely. Democratic Party economic and budget gurus like Larry Summers are saying we're going to overstimulate the economy. Yet still the politicians are intent on spending like there's no tomorrow and running federal budget deficits as a % GDP well into 2 digits.

I just took a quick look at historical budget deficits as a % of GDP and tried to find a parallel -- developed countries that ran huge budget deficits as % of GDP during peacetime, when the country was no longer in recession. The only example I could find was Greece in the late 1980's/early 1990's. And we know what happened then.

[Tiny]

Originally Posted by GastonGlock

It's literally people at the top using people at the bottom to punish people in the middle.

How so?

[bambino]

Only 9% of the Covid package actually went to Covid related issues. Only 15% of the “Infrastructure” package goes to actual infrastructure projects. That’s why folks are angry. But sooner or later, the Piper will come knocking. It won’t be pretty.

[matchingmole]

Tariffs will pay for it all...........lol...if not Mexico

[WTF]

Originally Posted by matchingmole

Tariffs will pay for it all...........lol...if not Mexico

No, no,no.....we will cut taxes, that always pays for itself so I've heard!

[WTF]

Or are they going to raise taxes on SS and Medicare like Reagan did and have a large surplus with the illusion of balancing the budgets?

[Unique_Carpenter]

I think we just cut every elected politicians office staff down to half of what they have to start.
Then get the federal debt limit fixed so it can never be increased again.

Oh, wait, those are only possible in an alternate universe.