Mitt Romney says Tax the Rich!
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Mitt Romney advocates raising the FICA income cap, limiting the "stepped up basis" for the estate tax and the "1031 exchange" provision, closing the "carried interest" loophole.
On the "cut spending" front, he wants means-testing for Social Security and Medicare benefits.
And he acknowledges that the "faster growth" promises that accompany tax cuts may never come true.
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Means testing Medicare is dicey. All the rest I agree with.
You can be financially quite comfortable by common definitions and still get wiped out by the wrong diagnosis.
Maybe make Medicare available at a sliding scale premium. Even 5k+ a month for upper middle class people. But don’t do away with it.
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Yeah, "faster growth" is all well and good, but I don't think it will fill the gap. It will take higher taxation in one form or another. better to do it now before the SS and debt become insurmountable.
Means testing is a no go in my book, especially if they remove or significantly raise the cap. if you pay, you get.
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The top 10% of the country already provides like 75% of the tax revenue. I am hoping new NASA Administrator Jared Isaacman just finds an asteroid that has 100 trillion in diamonds in it and lassos it for the USA.
@89th said in Mitt Romney says Tax the Rich!:
The top 10% of the country already provides like 75% of the tax revenue. I am hoping new NASA Administrator Jared Isaacman just finds an asteroid that has 100 trillion in diamonds in it and lassos it for the USA.
I know it's just a joke, but It's a good thought experiment to understand economics to realize that such a thing would not move the overall needle for the world, it would just redistribute economic power from those who want to buy the new diamonds to those who own the asteroid diamonds. Now, if we found something actually useful on an asteroid, such as a clean energy source, that'd move the needle overall.
But it's true that if NASA found it and owned the diamonds, then America would be richer.
Lots of people don't understand the economics of crypto, but if you understand the asteroid diamond thought experiment, you'd understand the economics of crypto. The key distinction being rarity alone vs usefulness & rarity.
A useless rare thing can be considered valuable, as long as enough other people agree that the useless rare thing is valuable.But I guess diamonds aren't completely useless, so the analogy isn't perfect.
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I knew someone pedantic would come in and correct me that if we had an influx supply of diamonds they would not longer be worth anything. It reminds me of my grandpa who once discovered water and he was the richest man on earth for about 3 minutes until everyone around him realized we literally had oceans of it, then he had to be poor again.
