Debt relief not always needed


Threatening to shut down government, crash the stock market and prompt a recession, Republicans are advocating refusal to lift the debt ceiling until cuts in spending are made.

They show their lack of understanding of what lifting the debt ceiling means, which is allowing for payment of spending already approved by Congress.

If cutting spending is the sole altruistic purpose of the Chaos Caucus, then proceed with the next budget and cut where you think it is warranted.

However, when asked on repeated occasions what should be cut, deep thinkers like Rep. Marjorie Taylor Greene, R-Ga., say they “haven’t really formulated an exact list.”

None of the Chaos congressmen can name a specific area to cut spending. They just use the debt as an excuse to exercise unreasonable power.

Here’s a helpful suggestion that will only offend 1% or less of the population and won’t cut needed spending: repeal the tax cut for multimillionaires and billionaires and have them pay their fair share of taxes on their earnings.

Remove all the mumbo jumbo in the massive tax law that translates to hidden deductions and credits for those making multibillions. For example, in 2022, Amazon reported record profits of more than $35 billion (75% higher than its 2020 record haul) and paid just 6% of those profits in federal corporate income taxes.

An employee of the housekeeping department in any hotel in Las Vegas pays more than 6% of their earnings in federal income taxes.





Source link

Mike McNamara

Mike McNamara

A Las Vegas Realtor since 2008. Mike has a wide range of knowledge around all things Las Vegas.

Willow Manor