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Politics : View from the Center and Left
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To: Lane3 who wrote (59995)4/19/2008 9:57:58 PM
From: Katelew  Read Replies (2) of 542614
 
Rising wages are not the key path to more tax revenue. They are a drop in the bucket, at best

Tax revenues mostly come from wages. By wages I mean salaries, self-employement income, i.e. individual incomes as opposed to corporate income.
When wages rise, tax revenues go up correspondingly. Corporate income taxes, OTOH, are a relatively small part of the revenue pie. Likewise for inheritance taxes and LT capital gains.

So I don't know where you get this notion.

Pay off the debt through taxes

Combination of raising taxes on the top two brackets and reducing military spending are the easiest options available to reverse the growth of debt. Debt much too big for taxes alone.

Our US debt levels may be too big period. Everything is lining up for a traumatic debt spiral. Demographics, i.e. 78 million retirees, are against us. Most people have saved so little for retirement that expert estimates are that the average retiree will greatly reduce his/her discretionary spending.

So I can't see where the economic growth in this country is going to come from. Everyone talks about US exports growing. But the truth is that a lot of what we export are products and/or services that those countries will soon be producing for themselves.

Plus we're having to debase our currency to make those exports attractive. There's a limit to that.

The tragedy is that all of this was so predictable. I have to believe that the Bushies just couldn't care less about it all.
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