Comments by "TeeKay" (@teekay_1) on "The $6T Gap Between Trump’s and Biden’s Tax Plans | WSJ" video.

@jacobclement8150 Actually it's not backed by collateral other than the "good faith" of the US Government.
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@colinfisher3397 "it is also possible that this is a causal fallacy." Inflation is primarily a monetary issue, not a supply/demand issue.
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As the WSJ pointed out on Friday, wealthy people are paying almost all of the taxes in the country. It questioned what Biden believes is a "fair share", since if you making under about $70K a year, you're not really paying your fair share.
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They already do pay much more than you in taxes.
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@Thepopcornator Wealth taxes have failed everywhere they've been tried.
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@jaju123456 False. By percentage of income, people under $100K benefit most. Of course, people who make more money will get more money back; they're the ones paying most of the tax.
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@jaju123456 The current inflation is being caused by a massive increase in the M2 money supply. In July 2022, U.S. M2 money supply peaked at an all-time high of roughly $21.7 trillion, which was a way of increasing the money supply to support Biden's green new deal as part of the ironically named "Inflation Reduction act" which has nothing to do with inflation. Thus, our inflation is a monetary phenomenon, not a supply/demand problem. It comes from printing too much money. Now we're facing our debt increasing by $1T every 100 days due to the proliferate spending of Biden and the Democrats.
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@rooster1012 Incorrect my friend. Biden has increase the deficit by well over 10 trillion in just 4 years. He's the king spending.
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@dieselgoinham It's an inflation induced boom. The stock market has not kept pace with inflation. Things cost 25% more now in 2024 than when Biden entered office. The stock market is not up 25% in that time.
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@donknox6066 Actually the Democrat party is now the party of the billionaire. That's not even a discussion point. The Republican party now has more working people associated with it than the Democrat party.
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@Ry-pn2hy Well, Biden doesn't do anything, because he's senile. You cannot deny this. It's people behind the scenes who are driving policy;
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@jakes658 Under Trump we had record revenues. Congress also budgeted for more new programs than new taxes. But spending will have to be cut. We'll either do it intelligently, or the world will force it on us when they refuse to buy our debt. Then the billionaire class will really take over, and you'll be paying 70% of your salary in taxes to pay off that debt.
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@jakes658 The world isn't going to force us to do anything... That's where you're wrong. When the world stops buying our debt, there's no more free money. And the next step will be that the dollars will lose it's position as the world reserve currency. Good luck if that happens.
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@jacobclement8150 Citizens aren't individually responsible for the debt; it's really backed by investor's belief that the US government will pay them.
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@jacobclement8150 The US Treasury signs for US Debt, not individual citizens.
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@howardchan6167 There was for people in the lower tax brackets. For the people paying the freight in this country, there was a tax increase for the reasons you noted.
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@jacobclement8150 The Fed doesn't go to the bank to take out a loan. "Treasury bonds are part of the larger category of U.S. sovereign debt known collectively as Treasuries, which are typically regarded as virtually risk-free since they are backed by the perception of U.S. government's ability to tax its citizens." So individual citizens are taxed to pay for the debt, but if the US defaults on these bonds, the net effect is the US simply can't sell any more debt. Unless you believe the Chinese army will invade to force congress to pay the debt via higher taxation.
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@Ry-pn2hy "Biden wants to lower your taxes even more" He has made no such proposal. In fact, taxes have gone up for everybody under $400K under Biden policies.
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@ctwise12 You realize the that Russia has already won the war, right? They have their land bridge to sell oil. Ukraine has always been corrupt; it's why they were never accepted into the EU. They are essentially a clearing house for governments to launder money.
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