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View Diary: We don't have a Deficit Problem -- We have a Revenue Problem (232 comments)

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  •  This solution is wrong too (2+ / 0-)
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    mickey, jamess

    David Stockman, of Ronald Reagan fame, has said a one year surcharge of 15% on the wealthy would cut the deficit in half. That means a two year surcharge would eliminate it. So yes, that shows that we obviously have a revenue problem. Current tax rates are lower than under Reagan.

    Simply raising the top tax rate 4 or 5 per cent would eliminate the deficit in eight years or less. Making sure that corporations cannot shield income with off shore accounts and other shenenigans would further cut the time needed to balance the budget to. . .who knows?

    These simple things would be the most important first acts in a program to get the deficit back on track and. . .here is the vital part. . .  it is easy enough to explain to get Americans behind it and to get it passed. The key part is emphasizing that the tax rates will still be lower than under conservative uber-hero Ronald Reagan.

    This is what we can get passed. offering a 70% tax rate on high incomes is a non-starter. . .it simply will not pass regardless of the merits.

    •  You seem to be confusing deficit (1+ / 0-)
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      & debt.

      Non enim propter gloriam, diuicias aut honores pugnamus set propter libertatem solummodo quam Nemo bonus nisi simul cum vita amittit. -Declaration of Arbroath

      by Robobagpiper on Wed Feb 16, 2011 at 04:54:25 AM PST

      [ Parent ]

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