Understanding the Tax and Spend Big Government in Pictures

[OfTheCross]

Understanding the Budget: Revenues

 

[OfTheCross]

So we take in $2.1T in taxes and give back $1.8T in tax credits

Lol. Funny money.

 

[Professor Emeritus]

Hmmm, from the Peter G. Peterson Foundation, eh? I wonder whose interests they're looking to serve?

Peter George Peterson was an American investment banker who served as United States Secretary of Commerce under the Richard Nixon administration. Before serving as Secretary of Commerce, Peterson was chairman and CEO of Bell & Howell from 1963 to 1971. From 1973 to 1984 he was chairman and CEO of Lehman Brothers. In 1985 he co-founded the private equity firm The Blackstone Group, and served as chairman. In 2008, Peterson was ranked 149th on the "Forbes 400 Richest Americans" with a net worth of $2.8 billion. He was also known as founder and principal funder of The Peter G. Peterson Foundation, which is dedicated to promoting fiscal austerity.

Also, it's extra funny to me that he signed the "Giving Pledge" to give away half his wealth to charity and then just gave that money to his own anti-government spending lobbying effort.

 

[mastermind]

Imagine quoting the Pete Peterson Foundation and thinking you’re on to something.

 

[FAH1223]

The U.S. government has operated with budget deficits for most of its history.

Tax revenue as a percentage of GDP can easily go up if you tax the rich and close loopholes in the tax code for corporations

And at quoting the Peterson Institute

 

[mastermind]

Hmmm, from the Peter G. Peterson Foundation, eh? I wonder whose interests they're looking to serve?




Also, it's extra funny to me that he signed the "Giving Pledge" to give away half his wealth to charity and then just gave that money to his own anti-government spending lobbying effort.

Don’t even have to go that deep, he is the author of the modern “the deficit is a threat to this nation,” movement.

 

[OfTheCross]

Why y'all worried so much about the source? The numbers are what they are.

 

[Pressure]

Why y'all worried so much about the source? The numbers are what they are.

Because of the conclusion you're attempting to draw.

 

[OfTheCross]

Because of the conclusion you're attempting to draw.

Y'all have no idea what I'm thinking, breh.

 

[Pressure]

Y'all have no idea what I'm thinking, breh.

We are more than familiar with the @DEAD7 I'm just trying to spark healthy debate routine and the it doesn't matter that I'm posting information from a conservative think tank because numbers routine.

You've been running with it a lot since you've been on the podcast.

You're getting the same responses he does.

 

[Pressure]

However, wealthier taxpayers also face higher tax rates on their other income and indirectly bear a greater share of the corporate income tax, which significantly raises their overall effective tax rates.

 

[OfTheCross]

We are more than familiar with the @DEAD7 I'm just trying to spark healthy debate routine and the it doesn't matter that I'm posting information from a conservative think tank because numbers routine.

You've been running with it a lot since you've been on the podcast.

You're getting the same responses he does.

Why does it matter that it's from a conservative think tank? The information is valid.

My questions regarding the OP is, what's the point of taxation if we're just going to give it away in credits?

Why do we keep pretending that taxes, for instance, are needed to pay for the American Jobs Act?