Paying off the national debt with rich people's money

[Abiky]

The rising US national debt has been a subject of controversy over the past years. Recently, Trump proposed to raise the debt ceiling in a bid to avert a US government shutdown. This is surprising, considering that Trump's Republican Party is conservative. Elon Musk's D.O.G.E. has been in-charge of the government budget, slashing costs whenever possible. I've wondered why wouldn't rich people (wealthy/Elite class) make their contribution to pay off the debt? If they did, all of the US' economic problems would be solved. Don't you think? So what's holding them back? Elon Musk is already the richest man in the world. If he pays most (if not all) of the debt, wouldn't that make him a "hero"? A win-win for both the government and Elon himself, imo.

Thoughts? 

[Ishicryptic]

In theory it is the right thing to do, if the super rich can offset some of their great country's dept, it'll be very patriotic of them and they will be seen as heros, they will be role models for upcoming billionaires. But in practical I seriously doubt that any super rich will be that patriotic, they will selfishly tell themselves that it's the government's problems to deal with national dept. I don't think that I have heard anywhere that a Moneybagg paid off or part of their country's dept, it is probably not ethical for them to do such a thing. I don't know about the extent of corruption in the American government but if I am a multi billionaire I will not pay my country's dept because the level of corruption is alarming. How can corrupt people in government take loans and mismanage the funds then I will repay it without seeing that it was put to good use? My repaying the dept will encourage them to borrow more and continue to mismanage it.

[franky1]

the elites are suppose to pay tax rates of like 37% yet the tax code has so many loopholes the elites end up only paying 2% gesture amount, just to say they are paying tax

the best thing would be to rip up all the tax codes and make a new tax code that just has a flat rate of 12% that everyone pays, without any exceptions or loopholes

[Reatim]

I've wondered why wouldn't rich people (wealthy/Elite class) make their contribution to pay off the debt? If they did, all of the US' economic problems would be solved. Don't you think? So what's holding them back? Elon Musk is already the richest man in the world. If he pays most (if not all) of the debt, wouldn't that make him a "hero"? A win-win for both the government and Elon himself, imo.

Thoughts? 

if only that was easy lol

but first of all the debt is not caused only by the rich people and the debt was used for the entire country not only for the rich people in short it’s not the rich people’s debts secondly most rich people are rich because they know how to hold on to their money well they do not spend their money recklessly and they wouldn’t just pay off a country’s debt (which is huge and probably not as easy to pay off as you think)

[Wonder Work]

the best thing would be to rip up all the tax codes and make a new tax code that just has a flat rate of 12% that everyone pays, without any exceptions or loopholes

It would be great if this syndicate could be broken up, but they would not agree to break this law because they are more comfortable with how things are now. It would be best if they broke the old law and made a new, beautiful law where everyone could participate equally. This would impose a fixed amount of tax accessible to everyone, and then everyone would accept it and pay taxes.

[Spaceman1000$]

The rising US national debt has been a subject of controversy over the past years. Recently, Trump proposed to raise the debt ceiling in a bid to avert a US government shutdown. This is surprising, considering that Trump's Republican Party is conservative. Elon Musk's D.O.G.E. has been in-charge of the government budget, slashing costs whenever possible. I've wondered why wouldn't rich people (wealthy/Elite class) make their contribution to pay off the debt? If they did, all of the US' economic problems would be solved. Don't you think? So what's holding them back? Elon Musk is already the richest man in the world. If he pays most (if not all) of the debt, wouldn't that make him a "hero"? A win-win for both the government and Elon himself, imo.

Thoughts?  

Rich people can only help pay off the debt of the country only by goodwill and not necessarily their responsibility, because you see them rich does not mean they have the money to throw around, most rich persons and elite in the society that have companies and business running for them are in one way or the other have their own debt to pay too, just the way their businesses are big, is the same way their wage bill is also big, however if they decide to put in big money into anything, it's always about profit making and not necessarily charity. The US economy has all the trappings to pay off all her debts, the federal government generates good from revenue generation, and now the Trump administration is cutting cost on unnecessary things the government is not supposed to spend money on, so I believe with time most of these debt will be paid gradually after all, it wasn't accumulated in a single day.

[Accardo]

Few weeks ago President Trump proposed a new means to residence in US Gold Card that aims at rich non Americans who wish to stay in USA and run businesses and as well employ people. The price of the card is $5million, it's similar to green card. These rich families will pay high taxes, and spend more money in the country. He exaggerated some numbers like selling 1million cards, it will fetch the government about $5 trillion, more could be sold, even, and it'll be used to clear off debts.

[fillippone]

the elites are suppose to pay tax rates of like 37% yet the tax code has so many loopholes the elites end up only paying 2% gesture amount, just to say they are paying tax

the best thing would be to rip up all the tax codes and make a new tax code that just has a flat rate of 12% that everyone pays, without any exceptions or loopholes

In theory tax rates should be progressive, or the rate should be higher for wealthier people.
A flat rate wouldn't be progressive.
The reality is the current system is regressive.
Only the poor people pay taxes, this is true everywhere.
Inflation is the main reason why the system is regressive.

[yhiaali3]

I've wondered why wouldn't rich people (wealthy/Elite class) make their contribution to pay off the debt? If they did, all of the US' economic problems would be solved. Don't you think? So what's holding them back? Elon Musk is already the richest man in the world. If he pays most (if not all) of the debt, wouldn't that make him a "hero"? A win-win for both the government and Elon himself, imo.

Yes, if they did, all of the United States' economic problems would be solved, but why would they? I mean, what incentives or returns would encourage the wealthy or elite to contribute to paying off the debt?

These are businessmen who don't pay a cent without receiving anything in return, so why would they contribute to paying off the American debt without receiving returns that exceed the enormous sums they would pay?

[Roseline492]

Few weeks ago President Trump proposed a new means to residence in US Gold Card that aims at rich non Americans who wish to stay in USA and run businesses and as well employ people. The price of the card is $5million, it's similar to green card. These rich families will pay high taxes, and spend more money in the country. He exaggerated some numbers like selling 1million cards, it will fetch the government about $5 trillion, more could be sold, even, and it'll be used to clear off debts.

They are looking for every means to raise money, however is a good initiative because that would provide a lot of money for them considering how willing people can be in becoming a permanent resident of United States but however if they sold out all the 1 million cards then there population will highly increased than the way it is, as such making them to limit or suspended issuance of residents for sometime till it gets balanced. However since is money they need can't they borrow money as most countries usually do to solve there problems?, because United States is a big nation that every country will be happy to give them loan.

[liuka]

The rising US national debt has been a subject of controversy over the past years. Recently, Trump proposed to raise the debt ceiling in a bid to avert a US government shutdown. This is surprising, considering that Trump's Republican Party is conservative. Elon Musk's D.O.G.E. has been in-charge of the government budget, slashing costs whenever possible. I've wondered why wouldn't rich people (wealthy/Elite class) make their contribution to pay off the debt? If they did, all of the US' economic problems would be solved. Don't you think? So what's holding them back? Elon Musk is already the richest man in the world. If he pays most (if not all) of the debt, wouldn't that make him a "hero"? A win-win for both the government and Elon himself, imo.

Thoughts? 

Yes, It would be an interesting idea if they (the rich) had the desire to pay the country's debt but it is very difficult to do because this country does not belong to him and he is not one of the residents in that country. But if he does it at least a word will come out of his mouth for example he wants to be a leader or become president for a long time or for the rest of his life. Well will other people agree with the request that will be submitted.

For that, the best way is of course to take a stance where the government targets the rich by taking higher taxes than the general class. on the one hand, there is also a lot of corruption and a lot of tax evasion carried out by the rich so that this cycle continues without any end to a solution to cover the country's debt quickly.

[Don Pedro Dinero]

Thoughts?  

That you don't understand anything.

In theory it is the right thing to do, if the super rich can offset some of their great country's dept, it'll be very patriotic of them and they will be seen as heros, they will be role models for upcoming billionaires.

Look, another one who doesn't get it.

US millionaires total wealth is 26 trillion. The current debt is 36 trillion and rising.


Even if you murdered all the millionaires and took them all away, you still wouldn't be able to pay off the debt, even less if stop to think that wealth is mostly invested and when you tried to sell it, you would get even less, probably much less. This is taking into account people who have at least 1 million dollars or more, i.e. it takes into account the super rich but also people who may have a house in California and a few hundred thousand in their pension plan but can't make ends meet.

But I guess it's too complicated for you to understand.

When you realise that the problem is not the rich but money as debt in a fiat standard, which is what caused the creation of bitcoin and the start of this forum, your head might explode from so much thinking.

In theory tax rates should be progressive, or the rate should be higher for wealthier people.
A flat rate wouldn't be progressive.

According to what theory?

Progressive tax rates discourage effort and economic progress, while a tax flat incentivises the opposite.

[Mate2237]

Why don't you say that the rich should also feed the poor because I didn't really get what you are saying because you didn't expect somebody to use his hard earned money in paying for the dept of an entire country if musk use his money in paying for the debt of the country which is amounting to to trillions of dollars, with all due respect to you you have to change this kind of mindset and idea that you have because truth be told it's not going to help you at the long run, it's like you are running away from responsibility because I don't see the reason why you should have the view that in a country like America with millions of people it's only rich people that should use their money which is their sweet for hears.


For your information in America the more money you have the more tax that you pay so the rich is already contributing much to the development of America, this kid and of motion is not intended for the good of the good of the society because as far as am concerned it is targeting the wealth of the rich and is more of having an eye for the wealth of people who has gone through a lot in making sure that they liberate themselves from poverty

[Don Pedro Dinero]

Why don't you say that the rich should also feed the poor because I didn't really get what you are saying because you didn't expect somebody to use his hard earned money in paying for the dept of an entire country if musk use his money in paying for the debt of the country which is amounting to to trillions of dollars <...>

Since you have come to comment you could have read what I have just written. Musk's wealth is 0.3 trillion (USD), debt as I just posted is 36 trillion and rising. And if you tried to ‘grab’ Musk's wealth to pay off that tiny bit of debt, as he has almost all of it in shares, you'd get much less, probably not even half. You guys just don't get it.

[JoyMarsha]

Do you think it is that easy for a rich man to clear the debt of their country? The last time I checked, rich people don't give out their money in that manner when they know that the debt is owned by the country is for the country to clear by themselves at the time they feel like it. No country is debt-free. Almost all countries are in debt, but that doesn't make them less of a country to other countries.

If out of the rich man's heart cleared the debt of their country, would it stop the country from being in debt again? No, of course. Debt wouldn't stop to exist in that country

[fillippone]

According to what theory?

Progressive tax rates discourage effort and economic progress, while a tax flat incentivises the opposite.

Diminishing marginal utility of the dollar.
Taxing 30% a 20,000 income has a way bigger effect of taxing 30% a 100,000 income.
If you want to keep the tax revenue constant, you should lower the tax rate for lower income, and raise it for higher income.

[franky1]

According to what theory?

Progressive tax rates discourage effort and economic progress, while a tax flat incentivises the opposite.

Diminishing marginal utility of the dollar.
Taxing 30% a 20,000 income has a way bigger effect of taxing 30% a 100,000 income.
If you want to keep the tax revenue constant, you should lower the tax rate for lower income, and raise it for higher income.

but even if you have a 37% for rich and 10% for poor.. current tax law ignores the 37% because of the loopholes and infact becomes a 12% poor 2% rich

the 37% is not actually a number enforced so why even have it

[fillippone]

According to what theory?

Progressive tax rates discourage effort and economic progress, while a tax flat incentivises the opposite.

Diminishing marginal utility of the dollar.
Taxing 30% a 20,000 income has a way bigger effect of taxing 30% a 100,000 income.
If you want to keep the tax revenue constant, you should lower the tax rate for lower income, and raise it for higher income.

but even if you have a 37% for rich and 10% for poor.. current tax law ignores the 37% because of the loopholes and infact becomes a 12% poor 2% rich

the 37% is not actually a number enforced so why even have it

This is a correlated but separate problem.
Taxes are a complicated system by design. Without intricate regulations, the State couldn't tax you even more because you made your Tax declaration wrong!
Ironically, tax systems are designed for the parasite that thrives in that system, not for the end user.

[Raflesia]

Actually in this case I would still agree with it but in the end the situation cannot be done because indeed regardless of those who are rich / the global elite or even those of us who are still in a difficult economy still have the same obligations where we are governed by the same tax rules. Although the amount may be different, the tax would still only be a few percent of the income and wealth owned so that it can release the rich to pay the debt of a country.

In addition, it is difficult to impose this because indeed they will also have an excuse why only the rich are charged even though the claim may ultimately affect several things but indeed talking about the problem of state debt then it is part of the government's responsibility and even if it charges its people then all must bear it cannot only be the rich or the poor because all have the same rights in the end.

[Fortify]

The rising US national debt has been a subject of controversy over the past years. Recently, Trump proposed to raise the debt ceiling in a bid to avert a US government shutdown. This is surprising, considering that Trump's Republican Party is conservative. Elon Musk's D.O.G.E. has been in-charge of the government budget, slashing costs whenever possible. I've wondered why wouldn't rich people (wealthy/Elite class) make their contribution to pay off the debt? If they did, all of the US' economic problems would be solved. Don't you think? So what's holding them back? Elon Musk is already the richest man in the world. If he pays most (if not all) of the debt, wouldn't that make him a "hero"? A win-win for both the government and Elon himself, imo.

Thoughts? 

You seem to have quite a weak grasp of economics or motivations of people who have spent their lifetimes accumulating wealth. America is a capitalist society and arguably created the most ruthless version of it. Capitalism is driven forward by the greed of individual desire to grow their wealth as much as possible, which usually involves building efficient companies that are able to extract value from consumption. Trump is a clown that sways from one disaster to another and Elon is his sidekick, there is nothing clever in what they are doing - they just shout populist ideas without understanding the consequences that comes with them. Billionaires and multi-millionaires care for themselves, for the Republicans a so-called party of "minimal government" why would they be begging the rich to wipe out all debt? It is the rich that put these puppets in place to defend their interests.