> On the Democratic side, taxing millionaires at a 100 percent rate and seizing every penny of billionaire wealth doesn’t get us close to closing our growing fiscal gap. **Instead, a tax-based solution would require broadly raising the (combined) payroll tax to 25 percent (from its current 15.3 percent) and imposing a 10 percent value-added tax (essentially a national sales tax).** As for liberals’ other favorite target, slashing the defense budget down to the 2 percent of GDP minimum for NATO nations would require laying off most active-duty personnel, while shaving just 1 percent of GDP off a budget deficit eventually heading toward 14 percent of GDP.
Pain.
!ping SNEK
!ping RINO
grig109 on
!ping ECON
Swampy1741 on
Nothing particularly new here. Cut Medicare and Medicaid, raise taxes.
I don’t disagree with it, but as the author points out everyone will hate it and it’s in the same place as every single other proposed solution.
3 Comments
> On the Democratic side, taxing millionaires at a 100 percent rate and seizing every penny of billionaire wealth doesn’t get us close to closing our growing fiscal gap. **Instead, a tax-based solution would require broadly raising the (combined) payroll tax to 25 percent (from its current 15.3 percent) and imposing a 10 percent value-added tax (essentially a national sales tax).** As for liberals’ other favorite target, slashing the defense budget down to the 2 percent of GDP minimum for NATO nations would require laying off most active-duty personnel, while shaving just 1 percent of GDP off a budget deficit eventually heading toward 14 percent of GDP.
Pain.
!ping SNEK
!ping RINO
!ping ECON
Nothing particularly new here. Cut Medicare and Medicaid, raise taxes.
I don’t disagree with it, but as the author points out everyone will hate it and it’s in the same place as every single other proposed solution.