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If Only the Fields of Economics and History Had Taught Us Anything About What Will Happen 🙄
It’s like the laws of supply and demand are totally new concepts. At least, the Kamala admin is hoping most Americans know nothing about them, which at least applies to the majority of her base voters (the alive ones, anyway) and 99% of mainstream media. Price controls always lead to shortages and black markets. With margins already low for food companies & farmers, price caps would just mean discontinuing of entire product lines & crops. Then, even if Americans learn the lesson (again) and controls are removed, guess what happens to prices? The supply is then so small that prices are even higher than when you started.
Higher child tax credits only incentivizes non-working parenthood (since credits are always phased out with earned income). Even eliminating taxes on tips creates complications. I want everyone to pay less taxes, but you know if this change actually makes it through Congress, it will contain a hundred pages of definitions, exceptions, income phase-outs, and interpretations of “What is a tip?” And in the end, businesses & individuals, as they always do, will change their behavior. Businesses would pay smaller base rates and try to design more of wages to be considered tips, leading to more audits and tax court fights, adding even more volumes to tax law.
The proposal that makes the most sense and would be easiest to implement is Trump’s elimination of taxes on social security benefits. Think about it…you pay 12.4 percent of your wages your entire life (don’t forget the employer matching 6.2%), even on the work income in your senior years. Yes, they keep collecting 12.4% on work income even after you start getting social security benefits. Decades of potential investment returns are wasted. Then, when you finally reach old age, they give you back a small portion, which is then taxed again. And the punitive degree of the tax on benefits increases if you plan to work in your senior years, which only pushes more Americans out of the labor force. When the social security pyramid scheme was invented, jobs were mostly manual labor. Nowadays, they’re more based on brains. So, in a time of major labor shortages, this clusterfuck system is pushing out Americans who’ve accumulated 50+ years of knowledge & experience.
As of now, the national debt is over $35 trillion. Federal tax revenue is about $4.5 trillion per year, almost a quarter of which goes for interest payments. If Kamala gets in, the debt could realistically hit $70-100 trillion by the end of her first term. At current interest rates, that would mean interest alone would equal that $4.5 trillion of annual revenue. But it’s fine, everything is fine. Pile on some more “free”bies. 👍
