The U.S. public debt is about 20 trillion dollars and the budget perennially runs a deficit. Because the Federal Reserve can issue zero cost loans to the most rich banks and they in turn can create 5 e-dollars in loans to friends that can be written off as losses (and one of the dollars can be given back to the Federal Reserve) the rich are fundamentally being given free money by the hundreds of billions or trillions (it is difficult to say how much that was and is) and they also want vast tax cuts. Deficit hawks used to worry about the debt, when real economic accountability was considered necessary before the supply siders of the Reagan administration appeared on the scene. Plainly that day has been lost through successive administrations.
Since a very spacey sort of Federal economic management has become firmly entrenched in addition to bloated and ineffective defense spending (while lunar development is shorted and millions of Americans are actually poor and much could be fixed with a guaranteed minimum income such as reductions in mass incarceration) I suggest that Federal Government theorists at least use a new sort of dead reckoning economic navigation through the severed from traditional economic value bases era. It would be economic relativism comparable to Einstein’s general relativity surpassing Newton’s mechanics.
Not that it is overly clever. It just means that instead of disinformation and disregard for all sorts of CBO examination of ineffective, unrealistic budget proposals, budget designers use fell swoop relativism and do what seems reasonable proportionately.
Keep the poor out of desperation and legal trouble with life-long drug and prison problems much less courts and lawyers, policemen and probation officers with a guaranteed minimum income via a 6000 dollar earned income credit. Then charge those earning more than $400,000 a year a 75% tax, those earning $100,000 to $400,000 a 30% rate, those earning from $25,000 to $100,000 a 20% flat tax (no deductions for any income level) and zero tax on those earning fewer than $25,000 annually.
Keep the inheritance tax. Don’t allow state tax deductions from federal taxes and set corporate taxes to 25%.
It just relativism. Don’t worry about the bottom line and confusing arguments back and forth that don’t coincide with future economic history much if at all.