Quote:Completely discounting what that would do to our economy by suddenly more than quadrupling corporate taxes, just operating in a surplus isn't enough.  We're paying 500 billion dollars in interest payments as well... And thats at a low 2.4%... Imagine what happens if that number jumps to what it was during the Clinton era of 6-7%?  You're talking 1.5-1.75 trillion dollars in interest payments alone.  So you have to, at the very least, come up with 1.2 trillion dollars per year out of nowhere just to break even and hope that interest payments don't go up.  So even with your plan we're still running at a deficit... We'd need to find another trillion per year just to pay it off by the time our grandchildren take over... and cross our fingers interest rates don't go up...

 

Don't worry, there's 500 billion+ in military budget to pare down.

 

Also who said anything about quadrupling corporate tax rates? Just get rid of all the loop holes and start making them pay their actual rate. Apple, Google. MS, they all pay a tiny tax rate, they should be paying billions a year.

 

Like I said, going ahead and increasing the upper marginal tax rate to what it was under Eisenhower or Nixon isn't bad, either.

 

Also most of the money that the nation owes is actually to our own SS fund, did you know that? Why would the interest rate change? Once we're running a surplus we wouldn't be taking out new loans, and the interest rates don't change on old long term bonds, which is what the US debt is, bonds being held by various entities.

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