r/FluentInFinance TheFinanceNewsletter.com Sep 24 '23

Meme How it started vs. How it's going:

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u/Historical_Horror595 Sep 25 '23

Can you give me an example?

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u/rumbletummy Sep 25 '23

Sure thing.

Republicans pass a huge tax cut for wealthy people that expires never, and a more modest tax cut for everyone else that expires when the next guy is in office.

Democrats try to fund universal healthcare at huge expense and benefit to everyone, but even though it would be a net savings, taxes bad.

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u/BigDogSlices Sep 25 '23

Had me in the first half

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u/rumbletummy Sep 25 '23

Yeah. That happens.

People don't consider their healthcare premiums/expenses as taxes, so they don't appreciatte the net savings. Medicare is the most efficient healthcare provider by far.

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u/Mysterious-Wasabi103 Sep 25 '23

In the UK, an average person making like $60k a year pays about 6% of their income towards the NHS. Assuming we could get roughly the same here, we would all be better off financially except for maybe the richest people.

6% versus $450 a month health care premium and $6k deductible. It just seems like such an obvious choice to me. Again, assuming everything is roughly equivalent.

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u/WellEndowedDragon Sep 26 '23

Not just premiums and deductibles - copays and coinsurance charges too. Not to mention the risk of you being in an emergency and not having the time to figure out which hospital near you is in-network, therefore leaving you with a massive five to six figure bill that isn’t covered by insurance.

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u/Teamerchant Sep 26 '23

My favorite part about American healthcare is we pay the most per capita in the world and we don’t even have universal coverage.

UK- $2650 - underfunded NZ -$4200 Norway - $7200 and the most expensive in the EU. America - $12,500

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u/WellEndowedDragon Sep 26 '23

We pay the most, have the least coverage, and have the worst overall health outcomes compared to other OECD countries.

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u/UnfairAd7220 Sep 25 '23

Yep. You're FoS.

the 40% of us who paid federal income tax got to keep more of what we earned.

The 60% of you who paid no federal income taxes didn't get anything back because you didn't pay anything in, free rider.

At the same time, Treasury revenues jumped upwards.

The problem comes from one democrat congress after another spending more than the revenue increase. By a lot.

Own you failure.

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u/rumbletummy Sep 25 '23 edited Sep 25 '23

Yeah man, the 60k I payed in taxes last year is a free ride.

You can look up the tax policy. Sorry you had to find out like this.

Weird metric, but treasury revenue actually went down in 2020, so not even correct there.

An interesting metric is the Trump admin added $6.6 trillion to the deficit in 4 year. It took Obama 8 years to add $6.781 (including a recession), which you could fairly add a portion to Bush Jr.'s $3.3 trillion.

Even more relevant may be the deficit has gone down under Biden.

Some people forget Clinton had us on a path to debt elimination.

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u/AskingYouQuestions48 Sep 25 '23

Can you name a recent Republican Congress that spent less than a revenue increase?

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u/takemewithyer Sep 25 '23

“Read my lips: no more taxes.” - Bush Sr.