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House Republicans move to gut spending and cut taxes (mainly for the rich) by $4.5 trillion (www.motherjones.com)

submitted 1 week ago by [email protected] to c/[email protected]

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Economic growth should take care of the $3 trillion deficit that would result, right?

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[–] [email protected] 18 points 1 week ago (2 children)

A good time to mention that the top tax rate was over 30% higher 50 years ago.

[–] imsufferableninja 4 points 1 week ago (1 children)

what were tax receipts like though

[–] [email protected] 3 points 1 week ago

The modern equivalent of $1.7 trillion was collected in 1974 compared to $5.1 trillion collected in 2024. However 213 million compared to 341 million today. Birth rates have decreased and expected life span has increased since then, so it can't be assumed that the same portion of the population is tax-paying. It's hard to make a 1 to 1 comparison.