US HOUSE DOING THE BUDGET AGAIN TODAY. A "BACK DOOR" SOLUTION?
In the 1980s, we removed the temporary taxes on extra-high incomes that let us do the expensive Viet Nam war without a deficit. Why not a temporary tax to fix our deficits now?
TEMPORARY, BUT ENOUGH. Tax corporates in proportion to wealth, which has increased immensely since the corporate tax cuts in 2017 and onward. Call it "payback time". Look at rise in stock prices since, say 2021, tax owed in proportion to just that. Big the first year, then small, levied UNTIL Moodys reverses its downgrade, gives us back the Triple A (AAA) rating we still had mid-May? . No need to kick grannies out of nursing homes, kids out of day care, and have teens standing outside high schools with "work for food" signs.
MOODY'S DOWNGRADE, VERY BIG DEAL. Mid-May, Moody's downgraded US debt, the last rating company of the big three, to downgrade us. It had been Triple A, or AAA.
That downgrade raises our rates on interest owed. Not only on our deficit, rate contagion it also percolates over to higher interest rates on our mortgages and credit cards.
US HOUSE DOING THE BUDGET AGAIN TODAY. A "BACK DOOR" SOLUTION?
In the 1980s, we removed the temporary taxes on extra-high incomes that let us do the expensive Viet Nam war without a deficit. Why not a temporary tax to fix our deficits now?
TEMPORARY, BUT ENOUGH. Tax corporates in proportion to wealth, which has increased immensely since the corporate tax cuts in 2017 and onward. Call it "payback time". Look at rise in stock prices since, say 2021, tax owed in proportion to just that. Big the first year, then small, levied UNTIL Moodys reverses its downgrade, gives us back the Triple A (AAA) rating we still had mid-May? . No need to kick grannies out of nursing homes, kids out of day care, and have teens standing outside high schools with "work for food" signs.
MOODY'S DOWNGRADE, VERY BIG DEAL. Mid-May, Moody's downgraded US debt, the last rating company of the big three, to downgrade us. It had been Triple A, or AAA.
That downgrade raises our rates on interest owed. Not only on our deficit, rate contagion it also percolates over to higher interest rates on our mortgages and credit cards.