Democrats should demand tax increases to increase debt ceiling: This article describes what taxes should be raised. While it does not propose that it be tied to the debt ceiling, I...

jcboy3

This article describes what taxes should be raised. While it does not propose that it be tied to the debt ceiling, I think it should. If Republicans are so concerned about the debt, then they should be willing to increase revenue in order to pay it off. Leverage the issue, and solve the fiscal imbalance we face.

"Congress Has Many Options to Improve Our Fiscal Health by Raising Revenue"

"Partially Reverse Trump’s Corporate Tax Giveaways: $1.3 trillion"

"Make Multinational Corporations Pay What They Owe: $1.3 trillion"

"nd the Advantageous Tax Treatment of Millionaires and Billionaires: $650 billion"

"Stabilize Medicare for the Next Generation: $650 billion"

https://itep.org/congress-should-raise-taxes-on-the-rich-debt-ceiling-separate-issue/

btbg

jcboy3 wrote:

This article describes what taxes should be raised... (show quote)

Raising corporate taxes is bad policy, especially while there is high inflation. There should be no corporate tax, not higher corporate tax. Making multinational corporations pay what they owe is exactly what is supposed to happen. That is not new policy, that is just enforcing the law. Can't address the advantageous treatment of millionaires because I don't know specifically what you are talking about. For example if you are talking about inheritance tax I am totally against that since it risks taking farmland from farmers, among other problems, so it depends on what you are talking about.
And, the real head shaker, how does spending more money to stabilize medicare generate revenue?

jcboy3

btbg wrote:

Raising corporate taxes is bad policy, especially ... (show quote)

Stabilizing Medicare means raising Medicare taxes, as stated in the article.

Racmanaz Loc: Sunny Tucson!

jcboy3 wrote:

This article describes what taxes should be raised... (show quote)

What a stupid idea lol

jcboy3

Racmanaz wrote:

What a stupid idea lol

What a stupid response.

WNYShooter Loc: WNY

jcboy3 wrote:

This article describes what taxes should be raised... (show quote)

I think they should increase any and all taxes that Liberals pay since they are always the ones whining that taxes are too low. It's also a fact that, in addition to the taxes they already pay--if in fact they pay any at all, they could just voluntarily send as much money as they want to the IRS any time they wanted. Oddly enough, none of them ever do. Seems they always want somebody else to pay the extra taxes.

anotherview Loc: California

Do all necessary to collect the $1.7 trillion student debt. Apply the revenue solely to reduction of the national debt.

jcboy3 wrote:

This article describes what taxes should be raised... (show quote)

jcboy3

anotherview wrote:

Do all necessary to collect the $1.7 trillion student debt. Apply the revenue solely to reduction of the national debt.

Collection costs money, and frequently it costs more to collect a student loan than the loan amount. Funding is through US Treasuries. Loan repayment could be used to reduce the debt, if the student loan program were terminated. But much of the money goes to fund other federal student aid programs as well.

WNYShooter Loc: WNY

jcboy3 wrote:

Collection costs money, and frequently it costs more to collect a student loan than the loan amount. Funding is through US Treasuries. Loan repayment could be used to reduce the debt, if the student loan program were terminated. But much of the money goes to fund other federal student aid programs as well.

It really doesn't really cost the Fed Gov all that much to collect on student loan debt. They just garnish the debtor's tax refund AKA Student loan tax refund offset to force repayment. For those who structure their tax payment so that they have no refund to garnish, they just garnish the debtor's wages through a simple court filing. All of that was put on hold during Covid, and is supposed to come back online sometime this summer.

DennyT Loc: Central Missouri woods

Raising taxes if any type is wrong . The problem is spending
But
The house should lower spending but not here. It should bring the appropriations bill not in the debt ceiling discussion .

Just my opinion but if took a hardline in the appropriations bills and refused any continuing resolution or even worse an omnibus. They would enjoy great support.

Blurryeyed Loc: NC Mountains.

jcboy3 wrote:

This article describes what taxes should be raised... (show quote)

How about asking the 50% of the country that pays no income taxes yet still has the privilege to vote to chip in and help with deficit reduction.

Blurryeyed Loc: NC Mountains.

DennyT wrote:

Raising taxes if any type is wrong . The problem is spending
But
The house should lower spending but not here. It should bring the appropriations bill not in the debt ceiling discussion .

Just my opinion but if took a hardline in the appropriations bills and refused any continuing resolution or even worse an omnibus. They would enjoy great support.

You do know that the overwhelming majority of federal spending are entitlements, Medicare, Medicaid, Social Security, and other welfare spending, there is no way that the federal government can balance the budget without addressing mandatory spending.

DennyT Loc: Central Missouri woods

jcboy3 wrote:

What a stupid response.

I agree with Rac. Raising taxes is just as dumb borrowing more.

Cut spending!!! ( but not as part of debt ceiling)

DennyT Loc: Central Missouri woods

Blurryeyed wrote:

You do know that the overwhelming majority of federal spending are entitlements, Medicare, Medicaid, Social Security, and other welfare spending, there is no way that the federal government can balance the budget without addressing mandatory spending.

They are called “ entitlement “ to fool people into thinking they are owed .
Congress could change anyone of them at anytime. There is no such thing as mandatory spending. Anything passed into law could be considered “ mandatory.

Blurryeyed Loc: NC Mountains.

DennyT wrote:

They are called “ entitlement “ to fool people into thinking they are owed .
Congress could change anyone of them at anytime. There is no such thing as mandatory spending. Anything passed into law could be considered “ mandatory.

Mandatory Spending is not my term Denny, it is widely used when considering the federal budgets, by economists, congress, and the CBO as well as others. Of course funding laws can be changed but as it is this is spending that is on auto-pilot and not considered during the budgetary process, it is at times it is expanded as laws are changed as to who under what circumstances is eligible to receive these benefits but it is rarely if ever curtailed.