US Federal Fiscal System Is Very Progressive—and Getting More So—Latest CBO Report

[radiofann]

Let’s talk policy vs discussions of the personalities of the presidential candidates.

From the non-partisan tax foundation

Federal Fiscal System Is Very Progressive—and Getting More So—Latest CBO Report Shows (2024 Update)


“ CBO’s findings provide some needed perspective for the current tax and spending debate. Some may argue the system is too progressive while others may say it is not progressive enough. But CBO’s data clearly shows that the system is doing what a progressive system is intended to do—raise the incomes of the poor and middle class, while reducing the incomes of upper-income households. It is up to voters and lawmakers to decide if this amount of redistribution is too much or too little.”

https://taxfoundation.org/data/all/fede ... ogressive/

[Rate This]

Let’s talk policy vs discussions of the personalities of the presidential candidates.

From the non-partisan tax foundation

Federal Fiscal System Is Very Progressive—and Getting More So—Latest CBO Report Shows (2024 Update)


“ CBO’s findings provide some needed perspective for the current tax and spending debate. Some may argue the system is too progressive while others may say it is not progressive enough. But CBO’s data clearly shows that the system is doing what a progressive system is intended to do—raise the incomes of the poor and middle class, while reducing the incomes of upper-income households. It is up to voters and lawmakers to decide if this amount of redistribution is too much or too little.”

https://taxfoundation.org/data/all/fede ... ogressive/

Sounds like it’s working the way it’s supposed to.

[radiofann]

I am in agreement with you RT! The Ronco infomercial said “ set it and forget it”

I’d say both presidential candidates can’t seem to stop talking nonsensical taxation and fiscal policy pandering (“pander bears” a term made famous by Paul Tsongas 1992 campaign)

“Deductibility of car loan interest?” (Trump)…. Stupid, and not needed, since 90% of taxpayers do not itemize given the $29000 standard deduction married filing jointly. This idea went out of style with the 1986 tax reform (bi-partisan)



“$50000 tax credit for small businesses”…. Another wiffleball miss by Harris. Most small business start out small and are LLCs, and taxed as on the owners individual income tax. Which already has the $29k deduction for married filing jointly. And the $50k applies for “whenever they first start to earn a profit” so you have to keep dragging this along into future tax returns in perpetuity. An accounting nightmare. And since small business owners are likely middle class taxpayers already, the previous article shows middle class folks are benefitting from our progressive tax code.

“25000 down payment+$10k first time homebuyer credit”… by Harris…. Ok let’s just print more money and throw it into the fire and re-fuel inflation.
Home sellers will just markup their prices $35k and call it a day.


For those who like to read policy and take 10yr and 20 yr simulations with a grain of salt…

Trumps Econ plan analysis https://taxfoundation.org/research/all/ ... plan-2024/
Harris https://taxfoundation.org/research/all/ ... plan-2024/


…both plans uselessly and inefficiently turn knobs and dials that don’t need to be touched.

[radiofann]

All I know is that the US is an economic powerhouse where an avowed socialist Bernie Sanders resides in the top 1% of wealth accumulators ($3M to $5M net worth depending what you count), simply from being a humble senator, former schoolteacher and carpenter. As Elizabeth Warren and Obama said “he didn’t build that”, he did pay taxes on that took bracket 1% income and his taxes on his two wealthy homes helped build bridges and roads.



So, per my initial post, avowed socialists make it to the top 1% , so our system is fine, as RT agrees.


https://www.thestreet.com/lifestyle/ber ... h-14678955
https://www.financialsamurai.com/bernie ... socialist/

[radiofann]

One last thing (as Lt. Columbo/Peter Falk always said)

Both candidates should be working to SIMPLIFY the tax code, not adding several,dozen items (like the Super Bowl,commercial for EDS “herding cats”) which need to be baked into the new versions of TurboTax or having your local CPA charge you more to do,your,return.

https://www.youtube.com/watch?v=G8SdsQjdHnM