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Maybe add better controls on state and federal grants. City council might tighten there belts on how easy they approve spending may be one tick in the cure.
It all plays a role. 26 trillion is going to break the bank sooner than later.
Messrs. Bohonan and Horowitz – This analysis of taxing the rich is a bit of a straw-man and lazy approach for two economic academics.
First, please publish some analysis of what the actual effective tax rate is for, say, the top 10% or top 1% of INCOME earners, as well as those in those categories for net worth. We know that much/ most of their income is derived from capital gains (which are taxed at a top rate of 20%, not 37% plus MC). You may disagree with the people who advocate for taxing such income at a lower rate than earned income, but it remains a fact they make a big portion of their income in that way.
Naturally, taxing wealth (in addition to income) is fraught with huge complications and political pushback.
Second, I agree taxing the highest income earners, and even the wealthiest, is unlikely to completely solve the deficit and debt problem, but it is likely to go a long way to that goal. Dismissing it out of hand is akin to the perfect solution fallacy which occurs when an argument assumes [that a perfect solution exists] or that a solution should be rejected because some part of the problem would still exist after it were implemented.
You can do better.
+1
If you’re not proposing tax increases as part of solving the deficit, you’re wasting everyone’s time.