Taxes will have to go up eventually to tackle the deficit, says Wolfe Research's Tobin Marcus
ฝัง
- เผยแพร่เมื่อ 27 ก.ค. 2024
- Tobin Marcus, Wolfe Research head of policy and politics, joins 'Squawk Box' to discuss Warren Buffet's comments on fiscal policy at the Berkshire Hathaway annual meeting, tackling the national debt, the federal deficit's impact on the 2024 election, what the future tax policy will look like, and more.
How about reducing the enormous wasteful spending prior to raising taxes? We shouldn't even discuss stealing more money from US citizens before Congress comes up with a more responsible budget that doesn't waste our money on things we don't want or need. Once we have a responsible budget, if we find that we truly need more money at that point, only then should we consider raising taxes. No sane citizen wants to give more money to an irresponsible government that already wastes SOOO MUCH!
We spend less than $400 in taxes per American on education versus the $1200 we spent per American on the military budget
@@Robert-tt8txthat’s not an argument for raising education spending, that’s an argument for lowering military spending. This country steals too much money from its citizens
you won't be able to get both democrats and republicans to vote for federal government cuts. they all vote for increased spending when one party is in control. heck, they vote bipartisan to give themselves raises. haha
@@Robert-tt8tx, I believe most Americans would prefer to see more of their tax money being used for our children's education before continually feeding the war machine. On top of this though, there's so much wasteful spending on projects that most Americans aren't even aware of or even care about that could be cut from the budget. I say we focus on reducing the waste first and foremost and then we can consider how to reallocate funds towards things most Americans want such as education and better health care.
@@Robert-tt8tx Are you including state and local spending on education? Federal spending on education is only a small fraction of the total
Completely ridiculous. What we need is to get spending under control. We spend 3x as much now as we did in 2000.
I heard a theory that it’s not possible at this point. The reason being that the fed gov is so much bigger in terms of headcount and companies that depend on gov that to cut off spending would hit the economy too aggressively possibly causing an insane depression.
Just because Warren Buffett voice seems convincing doesn’t mean what he said is convincing .
It’s literally Warren Buffet. What are you doing here.
"Talk to me as you would a small child....or a golden retriever."
I understood that reference.
Seriously, does anyone actually believe that a tax increase would to to reduce the deficit? It would only fuel additional spending because of "the extra money."
The primary priority of Republicans and Democrats is the party not the people. Each will spend the country into obilvion to survive.
Ds want to spend like mad, Rs want to cut taxes. Both do both in practice. Every political incentive unfortunately encourages doing the wrong thing and nobody has the courage to take an L for telling the American people and the markets the truth.
Becky asked good questions. Unfortunately the answers did not include discussion of spending reductions first before raising taxes. I think that tax breaks should be cut out of tax codes. Why add more pages of tax laws when changing or cutting out tax breaks could raise taxes. But only after spending review. Obama had a commission review taxes and spending and didn't take even one recommendation!
Thank you Regan and bush administrations
Or.. hear me out.. Congress spends less.
We should have raised corporate taxes earlier. From 2000 to 2024, corporations spent $5.5T in stock buybacks, money that could have been used in creating new jobs in 🇺🇸
Well, technically, you’re raising two separate issues first and foremost. I think the tax code should be back up to 35% I believe is what we had it at From Regan to Obama. Even though it was higher than that, but regan lowered it the other thing is stock buybacks , which is another point you’re mentioning is it used to be illegal before 1982 to be doing stocks buybacks Reagan himself made it legal so we need to repeal that and make it illegal again, not just raising taxes
@@Robert-tt8tx I agree with you on stock buybacks being banned
@@GeorgeSchneider8889 I would even argue we can even have the taxes relatively kind of as low as they are right now, and we can implement other taxes that directly impact high earners that would deliver. The same outcome were wanting for example, we need to reinstate the capital gains tax again that again was removed under Bush in 2000 2001 if I’m not mistaken and that itself has left just as a big of a hole as Trump’s taxes, if not bigger and we do need to fix and strengthen up the estate tax to where it was before the 90s again over the last three decades that one has gone sufficiently weakened
@@Robert-tt8tx You are right 👌
the trump tax cuts made corporations federal taxes at 21 percent permanent. It will be hard for congress to get the votes to raise the corporation tax rate back up
Per usual, government asleep at the wheel, will not get ahead of this, will overreact, and private sector knows this, which is why they're ahead of it, so the lower and middle class will suffer by result. Next up will be your doordash delivery person or uber driver arriving with an empty bag and handgun.
Not only that, but spending will have to go down across the board, including social security and medicare which are now a whopping 72% of the budget. There's no way to avoid it. There will eventually need to be a wealth redistribution from old to young in this country and the boomers will have to finally get their haircut in old age.
Amazing how high debt has taught everyone a lesson in politics. All of a sudden everyone is a libertarian. LOL
US is a monetary sovereign and does not need tax revenue to pay its debts.
See Alan Greenspan:
th-cam.com/video/q6vi528gseA/w-d-xo.html
"The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default."
Only valid comment on this thread
Do they say who the raising taxes on though because the middle-class has had their taxes raised not by a whole lot over the last 20 years but they have been raised on us versus the top 10 1 1/10 of a percent have been getting nothing but tax cuts since the 90stechnically since the 80s
Most of the money earned via regular income in terms of 'area under the curve' occurs in the middle class. Not the rich. That's the spot between 75-200k. A lot more of those people than anyone in the top 1 or even 5%. So if you're going to raise regular income taxes to reduce the deficit, by definition, you can't just do it on the rich. Has to the be the middle class. The democrats know this, as well as the republicans.
@@Astrobucks2 mine was a rhetorical question. We all know the answer and by the way you have kind of like your figures wrong when 60% of Americans make less than 60 K a year.
@@Robert-tt8tx I'm talking about total income earned within the distributed tax brackets. This is area under the curve/distribution. My point is that it's a lot more of the population that is going to have to pay more in income taxes to cover all of this spending.
@@Astrobucks2 my point being we had a really effective tax code before the 80s. We could literally just use our tax code that we had put in place after the great depression and that led to the economic boom it’s not rocket science.
@@Astrobucks2 so you are just right now misleading 100% taxes do not need to be raised on really anybody that makes less than $200,000. All we need to do is just simply undo a lot of the tax brakes and loopholes that were in placed in the last 40 years, and if you look at it, none of them were geared to the general population.
Buffet has to be President 2024
That math doesn’t add up
Ummm No, Buffett - that's not solving anything. The root cause is gov spending which is out of control. Sure, we can debate tax structures - but that needs to be thoughtfully managed to ensure entrepreneurship, risk taking, and business leaders/builders are rewarded for their efforts and the risk they take. Ofcourse, too much rebate to the rich is counter productive. But if we are really going to talk about the core issues here, it's ridiculous that the out of control gov spending wasnt even mentioned!
Also you are part of the generation that shorted the US fiat, made tons of money on the carry trades as USD was debased, ran up the debts on future generations and NOW, you want to act so saintly to pay back the debt? Oh the irony. Where were you guys last 10-20+ yrs? Too busy running up your assets? I dont mind you making money but please dont act like you had no involvement in any of this - all the wall st crooks milked trillions and now the future generations are bankrupt.
Lastly, you were late to Apple, missed out on several big tech, your firm hasnt done any solid investments in tech over the past decade+ outside of Apple, your stock has literally under performed the S&P last 15-20+ yrs, you are losing money to inflation with a stock pile of $200B in cash....I mean, yeah - you are the King of traditional/industrial age investing but that era is long over my dude. We all respect you but folks unwilling to call things as it is, out of respect, doesnt do anyone any favors
PS: You were, are, and will continue to be, respectfully, dead wrong about Bitcoin/top quality crypto projects - again missing on the tech. Imagine having bought Bitcoin, Ethereum, Solana last 1-2 yrs.....phew! Crazy how these fund managers cant even beat the index but no one can question them now
Biden is the deficit
Trump maybe also
I love Becky. She’s very pretty. Who cares economy as stop buying stocks. They all crooks
We have a spending problem. Plain & simple
Oh no!!!! corps have to pay more than 21 percent!!! whatever shall we do. Billionaires should be taxed 90 percent over a certain marginal rate.
Taxes on corporation need to go to 50% for a while.
So says an unemployed or recently fired waste of flesh
@@88gcllc Troll .
@@willtwain1383 Let's play a game....I own a corporation, makes $1 million a year. Taxes go to 500k. What do you think I'm gonna do? I'm gonna cut costs (i.e. fire people), I'm gonna not invest in new projects (i.e. hire people), and I'm probably gonna look to consolidate with competitors to further reduce costs (i.e. merge more, like they did in the 90s and Obama years). Corporations don't pay taxes....people do.
@@Astrobucks2 You are going to re-invest in your company and increase wages to avoid taxes - Win, Win.
Fun game, can we play another one.
@@Astrobucks2 Additionally, you are already making $500k. Where is your patriotism?