On 12/17/2012 10:53 AM, Roger Clough wrote:
Hi meekerdb
If simply raising taxes could kill a national
debt, why does Europe still have debt problems ?

I said the U.S. was undertaxed and could pay off it's debts by raising taxes. Not all of Europe has debt problems. Greece for example has a problem because everybody evades taxes there - anyone who pays their taxes is thought a fool. Germany, which has high taxes is doing fine.

Brent

[Roger Clough], [rclo...@verizon.net] <mailto:rclo...@verizon.net]>
12/17/2012
"Forever is a long time, especially near the end." -Woody Allen

    ----- Receiving the following content -----
    *From:* meekerdb <mailto:meeke...@verizon.net>
    *Receiver:* everything-list <mailto:everything-list@googlegroups.com>
    *Time:* 2012-12-17, 13:08:33
    *Subject:* Re: Austerity

    On 12/17/2012 6:14 AM, Craig Weinberg wrote:
    Bankruptcy is the condition of owing more than you own. I think that in the
    position the US is in,

    Not even close.  The reason other nations keep buying U.S. bonds at rates 
so low
    they are essentially below inflation is that they see that the U.S. has 
plenty of
    assets and by OECD measures is under taxed.  They're not worried about the 
U.S. not
    paying off on those bonds because they see that the U.S. could easily raise 
taxes to
    pay for them.  The 'debt crisis' is just an consequence of Reagonomics and 
'trickle
    down'.  When the very rich, and particularly those in the financial 
industry, are
    much happier when the government borrows money from them instead of taking 
it as
    taxes.  So by lowering top tax rates and those on capital gains and estates 
and
    exempting carryovers, and at the same time ramping up government spending on
    Medicare and wars, revenue was shifted from taxes to borrowing.

    Brent

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