US Taxes Must Rise Drastically

Discussion in 'Economy' started by Madeline, Nov 21, 2010.

  1. Madeline
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    Debt-cutting plans share this: Taxes will go up for everyone | cleveland.com

    There are some hard choices ahead, folks. Best find your Big Girl Panties and Big Boy Underoos and face facts.

    Those of you who are married to the idea that the deficit must be reduced but that your slice of the federal spending pie should not be touched, I find you to be unpatriotic and selfish. IMO, almost all of us should bear this burden, and no one's cow is sacred.

    Your thoughts?
     
  2. syrenn
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    Flat tax. Everyone bleeds the same % Flat tax fro the rich and the poor alike.
     
  3. Madeline
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    Eliminating deductions moves us in that direction, syrenn. I don't think we'll ever have a flat tax as the lobbyists would have nothing to fiddle with if we did, but o well.

    More importantly, the message is this: most pundits believe that to replace the US government's current revenues from income taxes on individuals, we'd need a flat tax rate of about 14%. Assuming that's correct, what these researchers are saying is that the level of taxes must rise.....say to the 20% point. Mebbe even 25%. And that despite this, deep cuts must still be made in government spending, including Medicare and Social Security. And states and localities also need to follow suit, raising taxes and cutting services.

    It is a grim future we face, but if we refuse to take our medicine now, we are basically agreeing to transform the US into a third world nation. This is not a partisan issue, IMO.

    It's a national tragedy.
     
  4. Sallow
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    Sallow The Big Bad Wolf. Supporting Member

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    My real estate taxes went up 20%. If my state doesn't get revenue from wage earners..the hit people that own land (or a co-op in my case).
     
  5. Samson
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    Samson Póg Mo Thóin Supporting Member

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    My "slice of the federal spending pie should not be touched?"

    Shit, I have a slice of pie?

    Where?
     
  6. Toro
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    Toro Diamond Member

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    Tax increases and spending cuts are a-comin'.
     
  7. Madeline
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    You will have to plan for retirement without depending on Social Security and with a much-reduced Medicare plan (likely no more than major medical), and it is likely you'll be nearly 70 before you can afford to retire. Your children will face steeply higher college costs and far less access to student loans. (Anyone living in a state that offers a tax free savings plan for higher ed which "freezes" tuition costs as today's levels should be participating, IMO, if they have children.)

    You will pay more to use a park, get a hunting license, renew a driver's license, etc. You will pay more for cigarettes and liquor, and if you gamble, you will have far less chance of winning and when you do, will likely owe more tax.

    Shall I go on?
     
  8. Madeline
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    Will Canada let us emigrate, Toro?
     
  9. syrenn
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    How hard is it. If 25% is the number, you cut all government spending 25% . That is all government salaries. All government pensions. All government programs. NO sacred cows.

    If income tax is 25% then EVERYONE pays it. NO exception and no deductions.


     
  10. Samson
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    Samson Póg Mo Thóin Supporting Member

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    Are you saying I had kids for nothing?:(
     

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