U.S. General Accounting Office sounds alarm on America’s insolvency

[Fueri]

But how is this possible?

I thought obama kicked so much ass his grandkid's grandkids are going to pop out with sore feet.

 

[80zephyr]

A look in the mirror is in order...attacking Romney's extremely legal tax returns for nothing more that political theater directly leads to Trumps refusal to release his taxes. Heal thyself physician.

Extremely stupid......First, it was Trump who hammered Romney for NOT releasing his tax returns fast enough.......Second, when you bullshit your way into the oval office by stating you're the "best businessman that ever walked the planet"....Then, it would make some sense to show your returns as some proof that indeed you're one hell of a businessman.......and show the rest of us poor mortals how we TOO can make millions AND avoid paying one penny to the treasury.....

Not paying taxes is easy. Either you donate the profits or you reinvest them. But, if you reinvest them those taxes are only suspended, not forgiven.

Mark

 

[Missourian]

Not paying taxes is easy. Either you donate the profits or you reinvest them. But, if you reinvest them those taxes are only suspended, not forgiven.

Mark

Mark...what do you think of Trump's tax policy outline? How about his trade policy? If you have time.

 

[Scorpion]

Trump's fault, no doubt

Sarcasm aside, NOT paying one's taxes because of loopholes DOES contribute to the deficit, don't you think???? (or do you think?)

Who wrote the loopholes?????

 

[80zephyr]

Not paying taxes is easy. Either you donate the profits or you reinvest them. But, if you reinvest them those taxes are only suspended, not forgiven.

Mark

Mark...what do you think of Trump's tax policy outline? How about his trade policy? If you have time.

I don't put much time in thinking about either. Trump will only accomplish what the Congress wants him to. IMO, cutting both legal and illegal immigration, and appointing conservative judges would be enough for me. I would consider him a success at that point.

Mark

 

[nat4900]

Changes in the tax code would, obviously, go directly AGAINST Trump's business interests....So, the "test" will be if this demagogue will actually propose such changes....Please DO hold your breath.

 

[nat4900]

Trump's fault, no doubt

Sarcasm aside, NOT paying one's taxes because of loopholes DOES contribute to the deficit, don't you think???? (or do you think?)

Who wrote the loopholes?????

The wealthy bribers (aka, "pimps") of the whores in congress......

 

[Picaro]

Interesting timing, $10 trillion later and just as a new president is coming in.

I, like a great man Rand Paul, believe that the U.S debt is a national security threat. Let's hope Trump can decrease this debt while also improving jobs and broadening the tax base.


U.S. General Accounting Office sounds alarm on America's insolvency

An alarming report this month from the U.S. government accountability office to Congress says “action is needed to address the federal government’s fiscal failure.”

The 49 page report, entitled “The Nation’s Fiscal Health” says, among other things, that “Congress and the incoming administration face serious economic, security, and social challenges” and “an unsustainable long-term fiscal path caused by a structural imbalance between revenue and spending.”

The more alarmist aspects of the report highlight the continuing divergence between revenue and expenses, as well as the shortfalls in unfunded Social Security obligations.

It warns that without policy changes, the U.S. debt-to-GDP ratio will surpass its historical high of 106% within the next 25 years. The report stipulates that the new urgency implied in the document is a result of a more holistic picture of the nation’s finances that has emerged as a result of analyzing both the budget and the financial report of the United States government.

The debt service is less than 3% of GDP, so all the alarmist nonsense is mostly hot air. Shipping high productiivity enterprises and jobs overseas doesn't help, though, when running trade deficits of $400 billion plus every year for decades, as does tax breaks and subsidies for foreign 'investments' in labor racketeering scams and 'globalism' gibberish gutting the economy.

And Ron Paul is just another con artist, not a 'great man'; he never saw a set aside for his district he didn't like, and was one of the top four porksters in Congress for most of the years he was playing 'Libertoonian Hero' for the assorted airheads and loons running around, most of whom have apparently never filled out their own tax returns in their entire lives and are easily fooled by silly cognitively dissonant gibberish. There is of course some reason for concern, but not nearly as much as the ignorant think there is, and most of the deficit can be greatly reduced by doing away with tax breaks for Red China and those who import their junk, along with the tax breaks for 'overseas profits' and hedge funds' special tax rates.

 

[80zephyr]

Changes in the tax code would, obviously, go directly AGAINST Trump's business interests....So, the "test" will be if this demagogue will actually propose such changes....Please DO hold your breath.

Its truly sad that folks don't know how the tax code works. There are no freebies, unless you give the money to charity. All taxes are owed, but they are simply deferred if you re-invest your money into the economy. Would you rather not have those deferments, so the rich would simply pay the tax and put their money in the bank?

These codes have been refined over many years to get the best deal for America and Americans.

Mark

 

[80zephyr]

Interesting timing, $10 trillion later and just as a new president is coming in.

I, like a great man Rand Paul, believe that the U.S debt is a national security threat. Let's hope Trump can decrease this debt while also improving jobs and broadening the tax base.


U.S. General Accounting Office sounds alarm on America's insolvency

An alarming report this month from the U.S. government accountability office to Congress says “action is needed to address the federal government’s fiscal failure.”

The 49 page report, entitled “The Nation’s Fiscal Health” says, among other things, that “Congress and the incoming administration face serious economic, security, and social challenges” and “an unsustainable long-term fiscal path caused by a structural imbalance between revenue and spending.”

The more alarmist aspects of the report highlight the continuing divergence between revenue and expenses, as well as the shortfalls in unfunded Social Security obligations.

It warns that without policy changes, the U.S. debt-to-GDP ratio will surpass its historical high of 106% within the next 25 years. The report stipulates that the new urgency implied in the document is a result of a more holistic picture of the nation’s finances that has emerged as a result of analyzing both the budget and the financial report of the United States government.

The debt service is less than 3% of GDP, so all the alarmist nonsense is mostly hot air. Shipping high productiivity enterprises and jobs overseas doesn't help, though, when running trade deficits of $400 billion plus every year for decades, as does tax breaks and subsidies for foreign 'investments' in labor racketeering scams and 'globalism' gibberish gutting the economy.

And Ron Paul is just another con artist, not a 'great man'; he never saw a set aside for his district he didn't like, and was one of the top four porksters in Congress for most of the years he was playing 'Libertoonian Hero' for the assorted airheads and loons running around, most of whom have apparently never filled out their own tax returns in their entire lives and are easily fooled by silly cognitively dissonant gibberish. There is of course some reason for concern, but not nearly as much as the ignorant think there is, and most of the deficit can be greatly reduced by doing away with tax breaks for Red China and those who import their junk, along with the tax breaks for 'overseas profits' and hedge funds' special tax rates.

The system is set up to spend money. Ron Paul, as a legislator, understands that if he doesn't apply for the pork, his district will be left out, while still paying taxes to support other districts.

The system sucks, but Paul had to play by the rules in force.

Mark

 

[nat4900]

Changes in the tax code would, obviously, go directly AGAINST Trump's business interests....So, the "test" will be if this demagogue will actually propose such changes....Please DO hold your breath.

Its truly sad that folks don't know how the tax code works. There are no freebies, unless you give the money to charity. All taxes are owed, but they are simply deferred if you re-invest your money into the economy. Would you rather not have those deferments, so the rich would simply pay the tax and put their money in the bank?

These codes have been refined over many years to get the best deal for America and Americans.

Mark

Here are FIVE popular tax loopholes that, according to Mark, are the "best deal for America and Americans"


Accelerated Depreciation Deduction

Deferral of Overseas Income

Deductions for Shipping Jobs Overseas

Corporate Jet Deduction

NASCAR

 

[80zephyr]

Changes in the tax code would, obviously, go directly AGAINST Trump's business interests....So, the "test" will be if this demagogue will actually propose such changes....Please DO hold your breath.

Its truly sad that folks don't know how the tax code works. There are no freebies, unless you give the money to charity. All taxes are owed, but they are simply deferred if you re-invest your money into the economy. Would you rather not have those deferments, so the rich would simply pay the tax and put their money in the bank?

These codes have been refined over many years to get the best deal for America and Americans.

Mark

Here are FIVE popular tax loopholes that, according to Mark, are the "best deal for America and Americans"


Accelerated Depreciation Deduction

Deferral of Overseas Income

Deductions for Shipping Jobs Overseas

Corporate Jet Deduction

NASCAR

Lets start with the accelerated depreciation schedule. What don't you like about it?

Mark

 

[Picaro]

The system is set up to spend money. Ron Paul, as a legislator, understands that if he doesn't apply for the pork, his district will be left out, while still paying taxes to support other districts.

The system sucks, but Paul had to play by the rules in force.

Mark

No, actually he didn't, but I understand; living by one's espoused principles doesn't apply to Libertarians or 'conservatives', it's up to the 'little people' to suffer the vicissitudes and instability of 'free market principles'.

 

[80zephyr]

The system is set up to spend money. Ron Paul, as a legislator, understands that if he doesn't apply for the pork, his district will be left out, while still paying taxes to support other districts.

The system sucks, but Paul had to play by the rules in force.

Mark

No, actually he didn't, but I understand; living by one's espoused principles doesn't apply to Libertarians or 'conservatives', it's up to the 'little people' to suffer the vicissitudes and instability of 'free market principles'.

Actually, he did. Until a system changes, you are under an obligation as a legislator to represent your constituents. I was once in elected office, I hated the system, but it was what was in place at the time.

Mark

 

[Avatar4321]

Changes in the tax code would, obviously, go directly AGAINST Trump's business interests....So, the "test" will be if this demagogue will actually propose such changes....Please DO hold your breath.

Its truly sad that folks don't know how the tax code works. There are no freebies, unless you give the money to charity. All taxes are owed, but they are simply deferred if you re-invest your money into the economy. Would you rather not have those deferments, so the rich would simply pay the tax and put their money in the bank?

These codes have been refined over many years to get the best deal for America and Americans.

Mark

Here are FIVE popular tax loopholes that, according to Mark, are the "best deal for America and Americans"


Accelerated Depreciation Deduction

Deferral of Overseas Income

Deductions for Shipping Jobs Overseas

Corporate Jet Deduction

NASCAR

Those aren't loopholes. They are deductions

 

[80zephyr]

Changes in the tax code would, obviously, go directly AGAINST Trump's business interests....So, the "test" will be if this demagogue will actually propose such changes....Please DO hold your breath.

Its truly sad that folks don't know how the tax code works. There are no freebies, unless you give the money to charity. All taxes are owed, but they are simply deferred if you re-invest your money into the economy. Would you rather not have those deferments, so the rich would simply pay the tax and put their money in the bank?

These codes have been refined over many years to get the best deal for America and Americans.

Mark

Here are FIVE popular tax loopholes that, according to Mark, are the "best deal for America and Americans"


Accelerated Depreciation Deduction

Deferral of Overseas Income

Deductions for Shipping Jobs Overseas

Corporate Jet Deduction

NASCAR

Those aren't loopholes. They are deductions

You are correct. But to people that seem to think these taxes will never be paid, they are loopholes.

I wish that those folks who make these claims would run a business, then maybe they would be more knowledgeable.

Mark

 

[Picaro]

The system is set up to spend money. Ron Paul, as a legislator, understands that if he doesn't apply for the pork, his district will be left out, while still paying taxes to support other districts.

The system sucks, but Paul had to play by the rules in force.

Mark

No, actually he didn't, but I understand; living by one's espoused principles doesn't apply to Libertarians or 'conservatives', it's up to the 'little people' to suffer the vicissitudes and instability of 'free market principles'.

Actually, he did. Until a system changes, you are under an obligation as a legislator to represent your constituents. I was once in elected office, I hated the system, but it was what was in place at the time.

Mark

Yet he ran on just such a meme of ' smaller govt.'. Why run on an ideology at all then? Personally I'm not an ideologue, I think they're all idiotic, but I also know I would never get elected to anything without babbling one or another of them. I know what you're saying here, I just think it needs changing and it has to start somewhere, and it's better if doesn't start with riots and guerilla armies, like your usual regime changes in South America and Africa. We need leaders who will risk being 'unpopular' at least once in a while.

 

[Picaro]

Changes in the tax code would, obviously, go directly AGAINST Trump's business interests....So, the "test" will be if this demagogue will actually propose such changes....Please DO hold your breath.

Its truly sad that folks don't know how the tax code works. There are no freebies, unless you give the money to charity. All taxes are owed, but they are simply deferred if you re-invest your money into the economy. Would you rather not have those deferments, so the rich would simply pay the tax and put their money in the bank?

These codes have been refined over many years to get the best deal for America and Americans.

Mark

Here are FIVE popular tax loopholes that, according to Mark, are the "best deal for America and Americans"


Accelerated Depreciation Deduction

Deferral of Overseas Income

Deductions for Shipping Jobs Overseas

Corporate Jet Deduction

NASCAR

Most people are hit harder by state and local taxes than Fed taxes.

 

[Picaro]

I think you mean paying all the taxes one legally owes does not contribute to the deficit.

Obama has been president for 2,920 days PLUS two leap days...if these loopholes are such a terrible issue, why didn't he work with Congress to address it?

And do NOT say obstructionist Congress...because they've been raring to tackle tax reform.

Do YOU have any idea is Trump paid millions in taxes or paid ZERO in the last decade?
Do you know? I don't know and most likely you do not either because the guy REFUSES to show ANY of his tax returns.

Drain the swamp????? LOL

You would never be able to read his tax returns anyway, and neither would 99.99999999% of the public, even if he did release them, so I don't blame him for not releasing them. As an example, just try to get a handle on just one company, a publicly traded one, via its 10K filing, and tell us how much Apple is loopholing and how much it should be be paying in taxes, then go search the Federal IRS database on 'private rulings' and account for those as well. If you can do all that, then you can claim you might know something about it, that is if you personally filled out and audited his returns yourself. Otherwise his returns, as are the vast majority of corporate returns, might as well be written in some cryptographic code for all the enlightenment they will provide.

Document

... from the SEC's EDGAR system. And if you're really good, then have a go at General Electric's ...

 

[nat4900]

Those aren't loopholes. They are deductions

The above kind of reminds me of the euphemism that stores label shoplifting: "Shrinkage" of their inventory.