Message from NCY1689 in #FedsShallRiseAgain! #fed-discussion
Lmao
You know the irony here is
our debt was much lower pre-reset
Because taxes were far figher, much earlier
It was about 12 Trillion
But taxes were ridiclous
60% top rate
and that was a moderate position
JCL was called extreme for pushing for 45%
like too low extreme?
yes
Of coruse TNF was pushing for 90%
lol
And it was set at 50% for a while
but sbane and I grudingly conceded to 60% because we care about debt
lol
I think only Maxwell voted no on that 60% rate
ironic now
lol
and now the top rate is 39.6%
well RL 2016
i think the tax reform bill AZ sent me a while back proposed changing it to 50%
but I don't know whatever happened to that
here's the current budget Truman wrote
FEDERAL BUDGET: FY2018
Revenues:
Income Taxes: $ 1561.83 Billion
by tax bracket
0-13K 10%
13K-50k 15%
50K-130K 25%
130K-210K 28%
210K-413K 33%
413K-441K 35%
441K+ 39.6%
Corporate Taxes: $ 340.00 Billion
0-100K 0%
100K-1M 15%
1M-10M 21.5%
10M+ 28%
I wish he had given break downs for each line of text
each bracket I mean
I've been thinking about whether it's possible to add a new top rate of 49% for 1M+ and cut some lower rates
or something like that
Its possible
We also need to find some ways to raise more revenue for healthcare
I have some questions about that estimate
for instance
Mediciad has to funding sources
Federal and state
Is the state portions being included or not in their estimates
The other rather thing we could address budget wise is Social Security, though not immediately a big driver of the deficit
the state contributions are not included
for medicaid
That explains the shortfall then