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Darryl44 asks,

So should we just continue to borrow indefinitely to help the poor and middle class? We are at over 100% of GDP debt. But Japan is over 200% GDP debt. At what point can we no longer increase the debt-to-GDP ratio? Is borrowing to help the poor and middle class sustainable?


The same questions were asked while we flushed $4 Trillion of deficit spending down the toilet in Iraq & Afghanistan and borrowed $2T to fund the 2017 billionaire tax cuts. The answer was "deficits don't matter" as long as our folks are getting the lucre.

But you're right. Eventually taxes will have to be increased to match spending. After 25+ years of being early retired and living off an investment portfolio, I've been astonished at how lightly taxed I am. The dumbest thing you can do in America, tax-wise, is work for wage & salary income. We really need to bring the "People of Leisure" like myself up to same tax level as working folks with the same income and wealth.

A good place to start would be the elimination of the "stepped up basis" on estates. What's up with that? Pay your kid $100,000 to do a job and it's wage & salary (income tax and FICA applies.) Die and give him a $100,000 and it's all "tax-free"? And people have a bug up their behind because some poor person got a $300/week bump in his unemployment check?

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