Quoting Ken777 (Reply 57):
In WW II there was a lot of government funding via War Bonds & Savings Bonds of various kinds. You certainly didn't see the tax rate for millionaires and billionaires cut. |
Remember that War Bonds (which paid for more than 70% of the cost of WW
II) were entirely voluntary in nature. The citizens of the US chose to loan the government money, which was mostly repaid in the 50s.
In 1944 the top tax rate was 94%, and the bottom rate was 41%. Income Tax receipts were 9% of GDP (out of total fed revenue of 20%)
In 1970 the top tax rate was 70%, and the bottom rate was 22%. Income Tax receipts were 9% of GDP (out of total fed revenue of 19%)
In 1988 the top tax rate was 28%, and the bottom rate was 15%. Income Tax receipts were 8% of GDP (out of total fed revenue of 18%)
In 2000 the top tax rate was 36%, and the bottom rate was 15%. Income Tax receipts were 10% of GDP (out of total fed revenue of 20%) Note that 2000 was a year of vastly inflated tax revenue due to the dot-com bubble)
In 2010 the top tax rate was 33%, and the bottom rate was 10%. Income Tax receipts were 6% of GDP (out of total fed revenue of 15%)
The tax rates may have changed drastically, but the actual tax revenue generated has not varied that much. One problem is that high tax rates tend to drive part of the economy underground. Another (most visible in 2010) is that when the economy tanks, income taxes are disproportionately affected, vs a system that had a substantial tax based on consumption, such as VAT.
One thing is for certain - if we increased the highest rates, or even all the rates, by a few percentage points, or even a lot more, there is no evidence whatsoever that you will get anything more than a small, marginal increase in government revenue.
Quoting Ken777 (Reply 57):
Under Bush/Cheney the war was fully on the credit card. Off Budget. And Bush & Cheney had no problem in tax cut after tax cut. Look how that worked out. |
It was off-budget only in terms of the budgeting process. When looking at historical tables, those costs are all included. The only items that are "off-budget" when looking at historical data are 1) Social Security, and 2) the post Office.
I think they should have sold war bonds, myself.
Quoting Ken777 (Reply 57): Only if you are one of those "Patriotic Americans" who would love to eliminate the Dept of Veterans Affairs. Think of the cost of standing behind all those Vets with all those benefits. |
That's one thing i would never want to cut, particularly for those who have served in combat and/or have been injured. However, are you telling me that there is no waste in the VA? Should we really pay for lifetime benefits for someone who served as a private for a few years, never saw any combat, never was deployed? I'm not saying yes or no - frankly I have not delved into the subject.
Quoting Ken777 (Reply 57): The long term costs of the Ego/Oil War in Iraq is estimated at 3 Trillion. |
Whenever you say stuff like that it just makes you come out as a moron. Stop it for your own good.
Quoting Ken777 (Reply 57):
If the federal government decides to spend $250 Billion a year on infrastructure development for the next 25 years (adjusting for inflation) it is going to rack up so hefty debt. But that is going to provide jobs, company profits, corporate & individual income tax payments, reduction of payments for unemployment benefits. |
If it was a worthwhile, self-sustaining investment, sure. But what if you build a $250 billion HSR project, and nobody uses it? Sure it employed some people for a while but then it becomes an albatross around the taxpayers' neck. Governments have historically been extraordinary adept in supporting projects that fall flat on its face without federal backing, although I'll grant that once in a blue moon, they get something right (eg the Internet / DARPA).
And back to the subject - here we have a 100% privately funded venture that will employ a lot of Americans (not just Canadians) and generate a lot of tax revenue, and Obama doesn't want it???
Quoting Ken777 (Reply 57):
"Irrelevancies" is a word that indicates the Gulf Wars Veterans are heading so a full blown hard right screwing. Used to be the conservatives would have been the leaders in supporting the troops and veterans. |
And I expect they still are. You are dealing with a lot of propaganda on behalf of people who have a vested interest in the system. It's like the school debate - If it were proposed to change our school system completely where the cost would be half as much, and it has been 100% proven that the students would learn more and better, it will be trumpeted as being "against education".