Republicans aren’t going to tell Americans the real cause of our $31tn debt | Robert Reich

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The rich used to pay taxes. Now they loan money to the US government – at a profit that everyone else pays for

‘When Republicans are in power, they rack up giant deficits, mainly by cutting taxes on corporations and the wealthy. Then when Democrats take the reins, Republicans blame them for being spendthrifts.’‘When Republicans are in power, they rack up giant deficits, mainly by cutting taxes on corporations and the wealthy. Then when Democrats take the reins, Republicans blame them for being spendthrifts.’Last modified on Wed 1 Feb 2023 15.48 GMTThey’re demanding that the $31.

A half century ago, American’s wealthy helped finance the federal government mainly through their tax payments.90%Since then – courtesy of tax cuts under Ronald Reagan, George W Bush and Donald Trump – the effective tax rate on wealthy Americans has plummeted.

 

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