i'm, with you until you get to medicare. i think bernie has figured a lot more from that financial transaction tax (i'll check. he may postulate a higher rate (but still fractional %), but that seems like a no brainer. he also likes raising the contribution cap, which would at least be adjusted for inflation.Not True. Trump's interest on the Debt in 2021 was "only" $400b.
I do agree that the GOP tax cut was a disaster, as is "Helicopter Joe's" disaster of a presidency.
New taxes and the "Penny Solution" or "Two Cent Solution" can still get the US to a Balanced Budget.
Here are the new taxes I support, along with a "penny solution" cutting the Federal Budget by 1% a year for 10-years.
1. Add a 4% Federal Sales Tax on all sales (gains ~400b/yr)
2. Add a 0.1%? financial transaction tax on ALL financial buy/sell transactions (stocks, bonds, derivatives, bitcoin, etc.) (gains 777b/yr)
3. Add a Remittance Tax on all money sent out of the US (gains ~$150b/yr, see below)
4. Remove the cap on SS tax, and raise the ages from 62/67 to 63/68 (saves SS)
5. Raise the tax and co-pay for Medicare
6. Add a co-pay for Medicaid7. So if all of the above taxes were implemented, the $1T Budget Deficit would become a $350b surplus to start paying down the $32T Debt
Financial Transactions Tax: What You Need to Know - SmartAsset
A financial transactions tax is levied on trades made of stocks, bonds, derivatives and other financial products. It is favored by progressives.smartasset.com![]()
The United States Loses $150 Billion Annually in Remittances
Many Americans know very little, if anything, about “remittances,” (also known as “remittance payments”) and how they affect the U.S. economy. The term “remittance” refers to money earned in the United States that is transferred to relatives, friends or business associates who are still abroad...www.fairus.org