Want the truth about debt in the US? The problem isn’t spending — it’s the tax cuts | Opinion

[aubiefifty 18,259]

 

 

3–4 minutes

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The truth about U.S. debt

Why are we only talking about spending cuts in debt limit negotiations? Research by the Center for American Progress shows that 57% of the debt is due to the Bush and Trump tax cuts and that if those tax cuts were rescinded, the debt would decline each year, permanently. Those tax cuts mostly benefit big corporations and super-wealthy individuals. An ordinary American family pays more taxes than many of the biggest corporations. This means that we are subsidizing corporate America and its billionaire owners.

Now that these tax cuts have caused budget deficits, Republicans aim to use shortfalls to drastically cut so-called discretionary spending (including highways, air traffic control, education, housing, Medicaid, VA benefits, etc.). They also want to rescind funds already allocated to fighting climate change, plus those earmarked for updating IRS technology and hiring IRS staff (which will further reduce revenue).

Instead, let’s put those tax cuts on the chopping block. Tax cuts are discretionary, too.

Beverly Smaby, Tacoma

 

i agree with this lady and i believe she is telling the truth. we are still taking from the poor to give to the rich and it sucks.

[icanthearyou 4,468]

We have been cutting taxes for the wealthy since the Kennedy administration.  We have been deregulating since the Reagan administration.  We have all but destroyed organized labor.  We have moved too far to the political right.  There are few balancing forces left,,, other than a civil revolt.

Partisan politics offers no explanations.  Real politics is civilized class warfare.  One side is fighting.  The other is fighting themselves.  Freedumb.

[creed 1,791]

I believe all options should be on the table. We are #1 in world deficit and our credit rating is in peril, which will hurt the poor and middle class even more. Think of how many poor people we could help just off the interest fees on the debt. Where is our voice? Start by writing your representation and let them know to quit playing politics with the deficit and investigate both raising taxes and eliminating wasteful spending to eliminate debt. 

[TexasTiger 14,310]

5 hours ago, aubiefifty said:

 

 

3–4 minutes

---

The truth about U.S. debt

Why are we only talking about spending cuts in debt limit negotiations? Research by the Center for American Progress shows that 57% of the debt is due to the Bush and Trump tax cuts and that if those tax cuts were rescinded, the debt would decline each year, permanently. Those tax cuts mostly benefit big corporations and super-wealthy individuals. An ordinary American family pays more taxes than many of the biggest corporations. This means that we are subsidizing corporate America and its billionaire owners.

Now that these tax cuts have caused budget deficits, Republicans aim to use shortfalls to drastically cut so-called discretionary spending (including highways, air traffic control, education, housing, Medicaid, VA benefits, etc.). They also want to rescind funds already allocated to fighting climate change, plus those earmarked for updating IRS technology and hiring IRS staff (which will further reduce revenue).

Instead, let’s put those tax cuts on the chopping block. Tax cuts are discretionary, too.

Beverly Smaby, Tacoma

 

i agree with this lady and i believe she is telling the truth. we are still taking from the poor to give to the rich and it sucks.

Dubya Bush was such a disaster in so many ways— this one is under appreciated. He killed a balanced budget. Killed a working balance between spending and taxing. The great lie is that Republicans are fiscally conservative— that ended with Reagan who began this deficit spiral. They’ve done a masterful job of painting Dems as the free lunch party while being exactly that themselves. Neither ever had a plan for addressing the debt or the budget. 
Anyone who doubts Bill Clinton was a better retail politician than Reagan, consider this— Clinton was elected promising to RAISE taxes. Who else has done that?

[icanthearyou 4,468]

In a financialized economy, debt is critical.  Debt must grow.

We do not understand power and,,, it's relationship to politics and economics.