One way the US could reduce it's debt

[barryqwalsh]

Stay away from my scotch, liberal douchebag commies.


Tax smokes all you want though.

AUSTRALIAN drinkers have spent $4.5 billion in "alcopop" taxes that have failed to curb teen binge drinking.

A federally-funded study to be released today reveals the tax has not dinted the number of teenagers and young people with alcohol-related injuries.

Former prime minister Kevin Rudd slapped a 70 per cent tax increase on pre-mixed drinks - dubbed "alcopops" - in 2008 to try to curb binge drinking.

But a new University of Queensland analysis of 87,665 alcohol-related visits to hospital emergency departments over three years has found the tax made no difference.
O
No Cookies dailytelegraph.com.au


The above article claims the policy has not reduced alcohol-related issues with young people. That may be so, but look the revenue raised.

If Australia, with 24 million people can raise that much, how much could a similar tax in the US, population over300 million, raise?

 

[EdwardBaiamonte]

It is budget day in Ireland, looking at taxation on ttobacco, alcohol and gas, if the US had similar levels of tax it would raise billions.


As of July 31, 2014, the U.S. is $17.6 trillion in debt.
United States National Debt

best way to reduce debt is to simply make it illegal. Republicans favor and liberals oppose.

 

[OnePercenter]

[
The USA saves civilization each day as the world's policeman. We saved civilization from Nazis and communists. Today from ISIS and Ebola. The USA is the source of civilization on earth thanks to Christianity and Republicam freedom and capitalism..

One cant imagine the profound ignorance of liberals.

What about SARS?

 

[EdwardBaiamonte]

[
The USA saves civilization each day as the world's policeman. We saved civilization from Nazis and communists. Today from ISIS and Ebola. The USA is the source of civilization on earth thanks to Christianity and Republicam freedom and capitalism..

One cant imagine the profound ignorance of liberals.

What about SARS?

what about it???

 

[Dad2three]

We borrow money now just to pay the interest on money we PREVIOUSLY borrowed.We can't even begin to address the principal....

In the real world that is called insolvency.

If the gvmt raised the tax rate to 95% it still couldn't balance the budget at this point.

Get off hate talk radio, it's destroying the few brain cells you have left


Under Carter the US had 19% of GDP in tax revenues, Ronnie cut it to 17% then Clinton got US back to 20% and Dubya took US to less than 15%. Obama has US back near 18%. Think 20%-21% of GDP in revenues will give US a balanced budget, like Clinton gave US?

Historical Source of Revenue as Share of GDP

 

[Dad2three]

It is budget day in Ireland, looking at taxation on ttobacco, alcohol and gas, if the US had similar levels of tax it would raise billions.


As of July 31, 2014, the U.S. is $17.6 trillion in debt.
United States National Debt

best way to reduce debt is to simply make it illegal. Republicans favor and liberals oppose.

Sure, that's why when Repukes get in office they blow up spending WHILE gutting revenues (see Ronnie, Bush, Bush)

 

[Dad2three]

Fine, since it seems you do not appreciate the US aid, I say it should be totally cut off and spent within the borders of the US. The US is not a Charity for the rest of the world.

I think America should focus on maintaining the values of freedom, peace and prosperity. To maintain those goals, America's military should be strong.

Its amazing how there is always money for the "defense" budget as well as intelligence, but the GOP always looks for cuts to SS, as well as opposing food stamps, an increase in the minimum wage, & on & on.

 

[Dad2three]

$3T in taxes but still got a $483B deficit...

New Record: Federal Tax Revenues Top $3T for 1st Time
October 15, 2014 -- Inflation-adjusted federal tax revenues not only hit a record high in fiscal 2014, but marked the first time that tax revenues have ever topped $3 trillion, according to the latest Monthly Treasury Statement. In fiscal year 2014, inflation-adjusted federal tax revenues hit a record $3,020,848,000,000, but the federal government still ran a $483,350,000,000 deficit during that time.

Each month, the Treasury publishes the government’s “total receipts,” including all revenue from individual income taxes, corporate income taxes, social insurance and retirement taxes (including Social Security and Medicare taxes), unemployment insurance taxes, excise taxes, estate and gift taxes, customs duties, and “miscellaneous receipts.” The largest share of the tax revenue so far this year has come from individual income taxes, which totaled $1,394,567,000,000 in fiscal 2014.

The rest of the receipts came from corporation income taxes totaling $320,731,000,000, employment and general retirement (off-budget) totaling $735,602,000,000, employment and general retirement (on-budget) totaling $229,465,000,000, unemployment insurance totaling $55,394,000,000, other retirement receipts totaling $3,472,000,000, excise taxes totaling $93,368,000,000, estate and gift taxes totaling $19,300,000,000, customs duties totaling $33,926,000,000 and miscellaneous receipts totaling $135,024,000,000.

In constant 2014 dollars, the $3,020,848,000,000 that the federal government collected from October through September in fiscal year 2014 was $188,581,890,000 more than the $2,832,266,110,000 it collected in October through September in fiscal year 2013. To get a historical perspective on government tax revenues recorded more than 30 years ago, in 1977, the federal government collected $1,400,661,760,000 in inflation-adjusted revenue in fiscal year 1977. This means that since then, revenues have more than doubled, increasing by 115.7 percent.

After the current fiscal year of 2014, the second highest federal tax intake in a fiscal year occurred in fiscal 2007, when the government collected $2,945,499,140,000 – or $75,348,860,000 less than fiscal 2014. The last recession hit in December 2007 and ended in June 2009. Although the federal government brought in a record of approximately $3,020,848,000,000 in revenue in fiscal 2014, according to the Treasury, it also spent approximately $3,504,199,000,000, leaving a deficit of approximately $483,350,000,000.

New Record Federal Tax Revenues Top 3T for 1st Time CNS News

Weird, economists measure it in GDP,. Dubya took US to Korean war levels (less than 15%) from where Clinton gave US 4 surpluses? Obama has US back to where Ronnie dropped US ABOUT 17.3% of GDP

Historical Source of Revenue as Share of GDP


IT'S STILL A REVENUE PROBLEM!!!

 

[Dad2three]

It is budget day in Ireland, looking at taxation on ttobacco, alcohol and gas, if the US had similar levels of tax it would raise billions.


As of July 31, 2014, the U.S. is $17.6 trillion in debt.
United States National Debt

Sorry, but that is dumb.

Are you concerned about the debt and deficit? If so, lower taxes. Lowering taxes broadens the tax base and ALWAYS increases tax revenue. History shows this. Any call for raising taxes not only steals more from the citizenry, but only further feeds the dangerous machine that cares not for lowering debt and deficit. It speaks for itself.

"Are you concerned about the debt and deficit? If so, lower taxes. Lowering taxes broadens the tax base and ALWAYS increases tax revenue. History shows this."



MORON

CBO: Bush Tax Cuts Responsible For Almost A Third Of Deficit In Last 10 Years (2001-2010)

How the Deficit Got This Big

In 2001, President George W. Bush inherited a surplus, with projections by the Congressional Budget Office for ever-increasing surpluses, assuming continuation of the good economy and President Bill Clinton’s policies.

Bush, tax cuts and war spending were the biggest policy drivers of the swing from projected surpluses to deficits from 2002 to 2009.
http://www.nytimes.com/2011/07/24/opinion/sunday/24sun4.html



Bush CEA Chair Mankiw: Claim That Broad-Based Income Tax Cuts Increase Revenue Is Not "Credible," Capital Income Tax Cuts Also Don't Pay For Themselves

Bush-Appointed Federal Reserve Chair Bernanke: "I Don't Think That As A General Rule Tax Cuts Pay For Themselves."


Bush Treasury Secretary Paulson: "As A General Rule, I Don't Believe That Tax Cuts Pay For Themselves."

Bush OMB Director Nussle: "Some Say That [The Tax Cut] Was A Total Loss. Some Say They Totally Pay For Themselves. It's Neither Extreme."


Bush CEA Chairman Lazear: "As A General Rule, We Do Not Think Tax Cuts Pay For Themselves."


Bush Economic Adviser Viard: "Federal Revenue Is Lower Today Than It Would Have Been Without The Tax Cuts."


Bush Treasury Official Carroll: "We Do Not Think Tax Cuts Pay For Themselves."


Reagan Chief Economist Feldstein: "It's Not That You Get More Revenue By Lowering Tax Rates, It Is That You Don't Lose As Much."

Feldstein In 1986: "Hyperbole" That Reagan Tax Cut "Would Actually Increase Tax Revenue."

Conservative Economist Holtz-Eakin: "No Serious Research Evidence" Suggests Tax Cuts Pay For Themselves."

Tax Foundation's Prante: "A Stretch" To Claim "Cutting Capital Gains Taxes Raises Tax Revenues."

 

[Dad2three]

We borrow money now just to pay the interest on money we PREVIOUSLY borrowed.We can't even begin to address the principal....

In the real world that is called insolvency.

If the gvmt raised the tax rate to 95% it still couldn't balance the budget at this point.

No, The United States Will Not Go Into A Debt Crisis, Not Now, Not Ever


If there’s one article of faith in Washington (and elsewhere), it’s the idea that the United States might get into a debt crisis if it doesn’t get its fiscal house in order.

This is not true.

The reason why it’s not true is because we live in a fiat currency system, where the United States government can create an infinite number of dollars at no cost to meet its obligations. A Treasury bill is a promise that the government will give you US dollars–something that the United States government can produce infinitely and at no cost.

That’s the reason why interest rates on United States debt have only gone down even as the debt has ballooned. That’s the reason why Great Britain has very low rates on its debt despite having very high debt-to-GDP. That’s the reason why Japan has an astounding debt-to-GDP ratio and still enjoys some of the lowest rates ever.



You don’t have to take my word for it. How about Alan Greenspan? He said (PDF): ”[A] government cannot become insolvent with respect to obligations in its own currency. A fiat money system, like the ones we have today, can produce such claims without limit.”

But waaaaaaait, you shout, what about inflation? If the government prints money like crazy, won’t that create inflation?

Well, in theory, yes. But probably not. Why is that? Because the US has an even bigger advantage than just being sovereign in its own currency (hi Greece), it also holds the reserve currency. The US dollar is the main currency that is used in most international transactions, it is held by all of the world’s central banks, and so forth.

No The United States Will Not Go Into A Debt Crisis Not Now Not Ever - Forbes

 

[Henrik]

Fine, since it seems you do not appreciate the US aid, I say it should be totally cut off and spent within the borders of the US. The US is not a Charity for the rest of the world.

I think America should focus on maintaining the values of freedom, peace and prosperity. To maintain those goals, America's military should be strong.

Its amazing how there is always money for the "defense" budget as well as intelligence, but the GOP always looks for cuts to SS, as well as opposing food stamps, an increase in the minimum wage, & on & on.

High-Tech America should vanish and the defense should be more like Russia's. We will need tanks, basic equipment and vechiles. The income for personel in the defense departments should be highly shrunken. The defense most be the most highly techonology in the world at the same time with a strong air force and navy. The defense budget can't be higher than 600 billion dollars. Social security should only cover the neccesary for people and medicare and medicaid should be a bit extended. To achive this, America most have 1-3 % higher income taxes and taxes on gasoline and food and so on.

 

[Dad2three]

Fine, since it seems you do not appreciate the US aid, I say it should be totally cut off and spent within the borders of the US. The US is not a Charity for the rest of the world.

I think America should focus on maintaining the values of freedom, peace and prosperity. To maintain those goals, America's military should be strong.

Its amazing how there is always money for the "defense" budget as well as intelligence, but the GOP always looks for cuts to SS, as well as opposing food stamps, an increase in the minimum wage, & on & on.

High-Tech America should vanish and the defense should be more like Russia's. We will need tanks, basic equipment and vechiles. The income for personel in the defense departments should be highly shrunken. The defense most be the most highly techonology in the world at the same time with a strong air force and navy. The defense budget can't be higher than 600 billion dollars. Social security should only cover the neccesary for people and medicare and medicaid should be a bit extended. To achive this, America most have 1-3 % higher income taxes and taxes on gasoline and food and so on.

Nonsense. We need to get Corp influence and money out of politics. Get AmeriKa back to the nation our Founders founded. Spending about half of the worlds defense budget to maintain high Corp profits wasn't the reason!


SS keeps almost half of AmeriKan seniors out of poverty, conservatives fought it and Medicare from day one!


Our Hidden History of Corporations in the United States

When American colonists declared independence from England in 1776, they also freed themselves from control by English corporations that extracted their wealth and dominated trade. After fighting a revolution to end this exploitation, our country’s founders retained a healthy fear of corporate power and wisely limited corporations exclusively to a business role. Corporations were forbidden from attempting to influence elections, public policy, and other realms of civic society.

Initially, the privilege of incorporation was granted selectively to enable activities that benefited the public, such as construction of roads or canals. Enabling shareholders to profit was seen as a means to that end. The states also imposed conditions (some of which remain on the books, though unused) like these*:

• Corporate charters (licenses to exist) were granted for a limited time and could be revoked promptly for violating laws.
• Corporations could engage only in activities necessary to fulfill their chartered purpose.
• Corporations could not own stock in other corporations nor own any property that was not essential to fulfilling their chartered purpose.
• Corporations were often terminated if they exceeded their authority or caused public harm.
• Owners and managers were responsible for criminal acts committed on the job.
• Corporations could not make any political or charitable contributions nor spend money to influence law-making.

For 100 years after the American Revolution, legislators maintained tight controll of the corporate chartering process. Because of widespread public opposition, early legislators granted very few corporate charters, and only after debate

Our Hidden History of Corporations in the United States

 

[Youch]

It is budget day in Ireland, looking at taxation on ttobacco, alcohol and gas, if the US had similar levels of tax it would raise billions.


As of July 31, 2014, the U.S. is $17.6 trillion in debt.
United States National Debt

Sorry, but that is dumb.

Are you concerned about the debt and deficit? If so, lower taxes. Lowering taxes broadens the tax base and ALWAYS increases tax revenue. History shows this. Any call for raising taxes not only steals more from the citizenry, but only further feeds the dangerous machine that cares not for lowering debt and deficit. It speaks for itself.

"Are you concerned about the debt and deficit? If so, lower taxes. Lowering taxes broadens the tax base and ALWAYS increases tax revenue. History shows this."



MORON

CBO: Bush Tax Cuts Responsible For Almost A Third Of Deficit In Last 10 Years (2001-2010)

How the Deficit Got This Big

In 2001, President George W. Bush inherited a surplus, with projections by the Congressional Budget Office for ever-increasing surpluses, assuming continuation of the good economy and President Bill Clinton’s policies.

Bush, tax cuts and war spending were the biggest policy drivers of the swing from projected surpluses to deficits from 2002 to 2009.
http://www.nytimes.com/2011/07/24/opinion/sunday/24sun4.html



Bush CEA Chair Mankiw: Claim That Broad-Based Income Tax Cuts Increase Revenue Is Not "Credible," Capital Income Tax Cuts Also Don't Pay For Themselves

Bush-Appointed Federal Reserve Chair Bernanke: "I Don't Think That As A General Rule Tax Cuts Pay For Themselves."


Bush Treasury Secretary Paulson: "As A General Rule, I Don't Believe That Tax Cuts Pay For Themselves."

Bush OMB Director Nussle: "Some Say That [The Tax Cut] Was A Total Loss. Some Say They Totally Pay For Themselves. It's Neither Extreme."


Bush CEA Chairman Lazear: "As A General Rule, We Do Not Think Tax Cuts Pay For Themselves."


Bush Economic Adviser Viard: "Federal Revenue Is Lower Today Than It Would Have Been Without The Tax Cuts."


Bush Treasury Official Carroll: "We Do Not Think Tax Cuts Pay For Themselves."


Reagan Chief Economist Feldstein: "It's Not That You Get More Revenue By Lowering Tax Rates, It Is That You Don't Lose As Much."

Feldstein In 1986: "Hyperbole" That Reagan Tax Cut "Would Actually Increase Tax Revenue."

Conservative Economist Holtz-Eakin: "No Serious Research Evidence" Suggests Tax Cuts Pay For Themselves."

Tax Foundation's Prante: "A Stretch" To Claim "Cutting Capital Gains Taxes Raises Tax Revenues."

You call me a "moron" because you are immature? Or because you don't understand the issues, and name calling is all you got?

You can cite all the excuses and political hyperbole all you want, as an excuse, if that is our desire, but none of that is conservative, responsible, sustainable, or constitutional. Dems and RINOs have long been self-serving, but that is not in the best interests of the country or the individual. But I suspect you have no idea what I (or your) am/are talking about.

One such example, to wit: You claim the Reagan tax decreases did not positively impact the economy, and in a big, big way? If so, we may want to re-describe who is a moron, as the economic facts of that recent era are a foregone conclusion. I await your google-search debate....I'll not need liberal links to explain history I lived and succeeded though.

 

[Dad2three]

It is budget day in Ireland, looking at taxation on ttobacco, alcohol and gas, if the US had similar levels of tax it would raise billions.


As of July 31, 2014, the U.S. is $17.6 trillion in debt.
United States National Debt

Sorry, but that is dumb.

Are you concerned about the debt and deficit? If so, lower taxes. Lowering taxes broadens the tax base and ALWAYS increases tax revenue. History shows this. Any call for raising taxes not only steals more from the citizenry, but only further feeds the dangerous machine that cares not for lowering debt and deficit. It speaks for itself.

"Are you concerned about the debt and deficit? If so, lower taxes. Lowering taxes broadens the tax base and ALWAYS increases tax revenue. History shows this."



MORON

CBO: Bush Tax Cuts Responsible For Almost A Third Of Deficit In Last 10 Years (2001-2010)

How the Deficit Got This Big

In 2001, President George W. Bush inherited a surplus, with projections by the Congressional Budget Office for ever-increasing surpluses, assuming continuation of the good economy and President Bill Clinton’s policies.

Bush, tax cuts and war spending were the biggest policy drivers of the swing from projected surpluses to deficits from 2002 to 2009.
http://www.nytimes.com/2011/07/24/opinion/sunday/24sun4.html



Bush CEA Chair Mankiw: Claim That Broad-Based Income Tax Cuts Increase Revenue Is Not "Credible," Capital Income Tax Cuts Also Don't Pay For Themselves

Bush-Appointed Federal Reserve Chair Bernanke: "I Don't Think That As A General Rule Tax Cuts Pay For Themselves."


Bush Treasury Secretary Paulson: "As A General Rule, I Don't Believe That Tax Cuts Pay For Themselves."

Bush OMB Director Nussle: "Some Say That [The Tax Cut] Was A Total Loss. Some Say They Totally Pay For Themselves. It's Neither Extreme."


Bush CEA Chairman Lazear: "As A General Rule, We Do Not Think Tax Cuts Pay For Themselves."


Bush Economic Adviser Viard: "Federal Revenue Is Lower Today Than It Would Have Been Without The Tax Cuts."


Bush Treasury Official Carroll: "We Do Not Think Tax Cuts Pay For Themselves."


Reagan Chief Economist Feldstein: "It's Not That You Get More Revenue By Lowering Tax Rates, It Is That You Don't Lose As Much."

Feldstein In 1986: "Hyperbole" That Reagan Tax Cut "Would Actually Increase Tax Revenue."

Conservative Economist Holtz-Eakin: "No Serious Research Evidence" Suggests Tax Cuts Pay For Themselves."

Tax Foundation's Prante: "A Stretch" To Claim "Cutting Capital Gains Taxes Raises Tax Revenues."

You call me a "moron" because you are immature? Or because you don't understand the issues, and name calling is all you got?

You can cite all the excuses and political hyperbole all you want, as an excuse, if that is our desire, but none of that is conservative, responsible, sustainable, or constitutional. Dems and RINOs have long been self-serving, but that is not in the best interests of the country or the individual. But I suspect you have no idea what I (or your) am/are talking about.

One such example, to wit: You claim the Reagan tax decreases did not positively impact the economy, and in a big, big way? If so, we may want to re-describe who is a moron, as the economic facts of that recent era are a foregone conclusion. I await your google-search debate....I'll not need liberal links to explain history I lived and succeeded though.

Sure moron, they impacted it in a BIG WAY, how do you think Ronnie tripled US debt in 8 years?

Conservatives OR their policy is NEVER on the correct side of history. EVER


ONE POLICY CONS HAVE EVER BEEN ON THE CORRECT SIDE OF HISTORY?

BUT THANKS FOR SHOWING HOW YOUR PREMISE, THE USUAL RIGHT WING MYTH OF TAX DECREASES HELPING THE ECONOMY. DUBYA'S 8 YEARS WHERE HE LOST 1+ MILLION PRIVATE SECTOR JOBS SAYS YOU ARE FULL OF IT!

 

[Roadrunner]

It is budget day in Ireland, looking at taxation on ttobacco, alcohol and gas, if the US had similar levels of tax it would raise billions.


As of July 31, 2014, the U.S. is $17.6 trillion in debt.
United States National Debt

We should tax the tattoos on food stamp recipients.

 

[Dad2three]

It is budget day in Ireland, looking at taxation on ttobacco, alcohol and gas, if the US had similar levels of tax it would raise billions.


As of July 31, 2014, the U.S. is $17.6 trillion in debt.
United States National Debt

We should tax the tattoos on food stamp recipients.

Among the 254 counties where food stamp recipients doubled between 2007 and 2011, Republican Mitt Romney won 213 of them in last year’s presidential election, according to U.S. Department of Agriculture data compiled by Bloomberg. Kentucky’s Owsley County, which backed Romney with 81 percent of its vote, has the largest proportion of food stamp recipients among those that he carried.

Food Stamp Cut Backed by Republicans With Voters on Rolls - Bloomberg



Red States Mostly Welfare States Dependent On Blue States But Likely Too Uninformed to Know

Red States Mostly Welfare States Dependent On Blue States But Likely Too Uninformed to Know

 

[EdwardBaiamonte]

It is budget day in Ireland, looking at taxation on ttobacco, alcohol and gas, if the US had similar levels of tax it would raise billions.


As of July 31, 2014, the U.S. is $17.6 trillion in debt.
United States National Debt

best way to reduce debt is to simply make it illegal. Republicans favor and liberals oppose.

Sure, that's why when Repukes get in office they blow up spending WHILE gutting revenues (see Ronnie, Bush, Bush)

Dear, why alwys play stupid? Republicans don't get in office. Republicans Democrats and Independents get in office and then they compromise. But, it is Republicans who have introduced 30 Balanced Budget Amendments since Jefferson's first and Democrats who have killed them all. What does that teach you,liberal?

 

[CrusaderFrank]

Tax on cigarettes and gasoline?!

OMFG!!!

What a great idea!!

 

[EdwardBaiamonte]

Its amazing how there is always money for the "defense" budget as well as intelligence, but the GOP always looks for cuts to SS, as well as opposing food stamps, an increase in the minimum wage, & on & on.

why is it amazing given the liberal social programs are crippling the nation and causing the decline. Republicans know work is the answer not more and more crippling welfare programs.

Imagine how dumb you must be not to know that?

 

[EdwardBaiamonte]

Red States Mostly Welfare States Dependent On Blue States But Likely Too Uninformed to Know

does this mean crippling liberal welfare program are a good think and should be expanded more and more?