Quote:
Originally Posted by donquixote99
OK, let's say the Federal Deficit will be $2 trillion this year. I think it will be less, but let's keep in simple. The US GDP this year will be something over $25 trillion. We'll just say $25 trillion, again to keep in simple. So, dividing 2 by 25 tells me we can erase the deficit more or less totally by increasing taxes by 8% of GDP.
For perspective, OECD data says in 2021 the US was the 7th lowest of the 38 OECD countries in tax as a % of GDP. Our ratio in 2021 was 26.6%. Raising that by 8% would take us to just a bit over the OECD average in that year, which was 34.1%. OECD data
So erasing the deficit is a big can-do, if it's as important as people think to do that. Just have to raise taxes some. Progressively now, none of that flat tax nonsense.... |
The wealthy and corporations have bought both Repugs and Dems. Raising the required taxes on the powerful elite in the present matrix is nigh impossible.
The massive printing of fiat especially in the last 15 years has highlighted the conundrums in the economy.