Structural Revenue Issue Negates Deficit Gains: Kleinbard

The transcript discusses the improvement in the deficit and the issues with the current tax base, highlighting the need for revenue-side solutions. It explores the narrow tax base, misconceptions about who pays taxes, and critiques American political views on taxation. The role of luck in personal success is also examined, emphasizing that success is not solely due to personal virtues.

What is the main issue with the current tax base according to the first section?

• It is too broad and includes everyone.

• It is broken and relies heavily on spending cuts.

• It is perfectly balanced between revenue and spending.

• It is narrow and focuses on revenue issues.

How does the second section describe the tax contributions of the lower income group?

• They do not pay any taxes at all.

• They only pay income taxes.

• They are exempt from all forms of taxation.

• They contribute through payroll and sales taxes.

What is a common misconception about the tax contributions of the bottom 47%?

• They pay a significant amount in income taxes.

• They do not pay any taxes, including payroll taxes.

• They only pay taxes on luxury items.

• They contribute through payroll taxes despite not paying income taxes.

According to the final section, what is often overlooked when attributing success?

• The role of personal virtues.

• The importance of education.

• The impact of economic policies.

• The influence of luck and circumstances.

What does the final section suggest about the American political thought on taxation?

• It is focused solely on reducing the deficit.

• It is well-balanced and fair.

• It is narcissistic and self-serving.

• It is based on a deep understanding of economics.