Oldestyle
Diamond Member
- Thread starter
- #81
With all due respect, Kyzr? Giving the Federal Government more money simply means they'll waste more money. You can't tax your way out of a deficit when Government keeps spending more money. It's akin to filling a bucket with water that has huge holes in it. You can pour more water in but until you fix the holes you're never going to fix the problem.We paid for SS & Medicare, they can't be cut.
If you cut Welfare and Medicaid there is no "social safety net"
Here is how I would start paying down the Debt:
1. Add a 4% Federal Sales Tax on all sales (gains ~400b/yr)
2. Add a 0.1%? financial transaction tax on ALL financial buy/sell transactions (stocks, bonds, derivatives, bitcoin, etc.) (gains 777b/yr, see link below)
3. Add a Remittance Tax on all money sent out of the US (gains ~$150b/yr, see link below)
4. Remove the cap on SS tax, and raise the ages from 62/67 to 63/68 (saves SS)
5. Raise the tax and co-pay for Medicare (fix Medicare some way)
6. Add a co-pay for Medicaid (no free stuff)
7. So if all of the above taxes were implemented, the $1T Budget Deficit would become a $500b surplus to start paying down the $32T Debt
Financial Transactions Tax: What You Need to Know - SmartAsset | SmartAsset
A financial transactions tax is levied on trades made of stocks, bonds, derivatives and other financial products. It is favored by progressives.smartasset.comThe United States Loses $150 Billion Annually in Remittances
Many Americans know very little, if anything, about “remittances,” (also known as “remittance payments”) and how they affect the U.S. economy. The term “remittance” refers to money earned in the United States that is transferred to relatives, friends or business associates who are still abroad...www.fairus.org