Fiscal Time bomb

[akelch]

We as a nation have a fiscal time bomb ticking and I see little concern from Washington and the media about it.

If we are really serious about avoiding a national/global fiscal collapse then we need to address Paying off our debt and balancing our budget. There are 3 ways to do this...and it will take all 3.

1. Raise more government revenue.
2. Increase the size of the economy
3. Stop wasting money

Where would you start?

For me it is the Fair Tax Plan...what say you?

 

[Old Rocks]

I would start by voting out all the the Teabaggers in the Congress and Senate. With them in there, nothing will be done on anything other than preservation of helium storage.

Adopt the Buffet Rule. Middle class pays out about 30% in taxes, that should be the absolute minimum for those making over a million. No more 13% Romneys.

Why do we need to spend more than the next 14 nations combined for Defense? If we cut the budget to just that of the next 7 nations combined, wouldn't that be adaquete? Extend the SS tax to all income. Having a stable SS system is in the interest of the very wealthy, also.

 

[akelch]

How does this get us out of debt?

Raising taxes doesn't help grow the economy.

Decrease defense spending and raising SS spending doesn't do anything for the deficit and debt.

 

[TheSeventhTiger]

why didn't the congress force Obama to lower our Capital Gains Tax to 15-20% as part of any legislation deal in the first place? That is what they should of done when they were debating a number of things in 2010, especially the extension of Unemployment/Bush Taxes, they should of added lowering capital gains way down to closer to 15/20% as part of the deal! then Obama would of been at fault for ending unemployment if he refused!

 

[Wyatt earp]

I would start by voting out all the the Teabaggers in the Congress and Senate. With them in there, nothing will be done on anything other than preservation of helium storage.

Adopt the Buffet Rule. Middle class pays out about 30% in taxes, that should be the absolute minimum for those making over a million. No more 13% Romneys.

Why do we need to spend more than the next 14 nations combined for Defense? If we cut the budget to just that of the next 7 nations combined, wouldn't that be adaquete? Extend the SS tax to all income. Having a stable SS system is in the interest of the very wealthy, also.

Lower the Defense budget in half you suggest? I thouught the Democrats cared about jobs?????

 

[Mac1958]

.

As long as the system allows politicians and monied interests to buy votes and influence, as long as our "leaders'" top priority is getting re-elected, as long as we can print money whenver we feel like it, we will never even begin to truly get our shit together fiscally.

1. Balanced Budget Amendment
2. Publicly-funded elections
3. Short, strict term limits

Remove the power from those who most abuse it.

My weekly rant!



.

 

[Lonestar_logic]

We as a nation have a fiscal time bomb ticking and I see little concern from Washington and the media about it.

If we are really serious about avoiding a national/global fiscal collapse then we need to address Paying off our debt and balancing our budget. There are 3 ways to do this...and it will take all 3.

1. Raise more government revenue.
2. Increase the size of the economy
3. Stop wasting money

Where would you start?

For me it is the Fair Tax Plan...what say you?

It would be hard to do #2 after you've done #1.

 

[dilloduck]

Fiscal time bomb? Can't be. Just look at that stock market.

 

[akelch]

We as a nation have a fiscal time bomb ticking and I see little concern from Washington and the media about it.

If we are really serious about avoiding a national/global fiscal collapse then we need to address Paying off our debt and balancing our budget. There are 3 ways to do this...and it will take all 3.

1. Raise more government revenue.
2. Increase the size of the economy
3. Stop wasting money

Where would you start?

For me it is the Fair Tax Plan...what say you?

It would be hard to do #2 after you've done #1.

That is why I like the Fair Tax plan.
With NO cost to businesses (income taxes, SS, Medicare, capital gains, etc.)
There will be a explosion of investment and foreign companies moving to the US.
Current US companies currently have around $2 to $3 Trillion dollars sitting overseas that is not coming back to the US because of the "triple" taxes they would incur.

This alone would increase federal revenue.

Plus, we would widen the tax base to illegal jobs (drug dealers, theft, etc.) and to foreign visitors and tourist.

More investment
More jobs
More people paying taxes

More government revenue

 

[Lonestar_logic]

We as a nation have a fiscal time bomb ticking and I see little concern from Washington and the media about it.

If we are really serious about avoiding a national/global fiscal collapse then we need to address Paying off our debt and balancing our budget. There are 3 ways to do this...and it will take all 3.

1. Raise more government revenue.
2. Increase the size of the economy
3. Stop wasting money

Where would you start?

For me it is the Fair Tax Plan...what say you?

It would be hard to do #2 after you've done #1.

That is why I like the Fair Tax plan.
With NO cost to businesses (income taxes, SS, Medicare, capital gains, etc.)
There will be a explosion of investment and foreign companies moving to the US.
Current US companies currently have around $2 to $3 Trillion dollars sitting overseas that is not coming back to the US because of the "triple" taxes they would incur.

This alone would increase federal revenue.

Plus, we would widen the tax base to illegal jobs (drug dealers, theft, etc.) and to foreign visitors and tourist.

More investment
More jobs
More people paying taxes

More government revenue

I've always been a proponent of the Fair Tax. But we also need to cut government spending drastically.

 

[akelch]

Agreed.....but tax reform should have nothing to do with spend.

Though it will help make spending more transparent by eliminating tax breaks to businesses.

 

[kiwiman127]

why didn't the congress force Obama to lower our Capital Gains Tax to 15-20% as part of any legislation deal in the first place? That is what they should of done when they were debating a number of things in 2010, especially the extension of Unemployment/Bush Taxes, they should of added lowering capital gains way down to closer to 15/20% as part of the deal! then Obama would of been at fault for ending unemployment if he refused!

Lowering Capital Gains tax rate really had an overall positive effect?
Check out how many jobs got shipped offshore after the 15% rate went into effect. Seems the job creators thought that since the US dropped their tax rate, they'd reward foreign workers instead of investing in the country that gave them a tax break that fattened their billfolds.

 

[akelch]

why didn't the congress force Obama to lower our Capital Gains Tax to 15-20% as part of any legislation deal in the first place? That is what they should of done when they were debating a number of things in 2010, especially the extension of Unemployment/Bush Taxes, they should of added lowering capital gains way down to closer to 15/20% as part of the deal! then Obama would of been at fault for ending unemployment if he refused!

Lowering Capital Gains tax rate really had an overall positive effect?
Check out how many jobs got shipped offshore after the 15% rate went into effect. Seems the job creators thought that since the US dropped their tax rate, they'd reward foreign workers instead of investing in the country that gave them a tax break that fattened their billfolds.

Many factors going on there....then just capital gains.

 

[kiwiman127]

why didn't the congress force Obama to lower our Capital Gains Tax to 15-20% as part of any legislation deal in the first place? That is what they should of done when they were debating a number of things in 2010, especially the extension of Unemployment/Bush Taxes, they should of added lowering capital gains way down to closer to 15/20% as part of the deal! then Obama would of been at fault for ending unemployment if he refused!

Lowering Capital Gains tax rate really had an overall positive effect?
Check out how many jobs got shipped offshore after the 15% rate went into effect. Seems the job creators thought that since the US dropped their tax rate, they'd reward foreign workers instead of investing in the country that gave them a tax break that fattened their billfolds.

Many factors going on there....then just capital gains.

Like what? Not enough people in the US who would work for 15 cents an hour?

 

[akelch]

We spend over $300 billion a year JUST to comply with our current tax system.

Talk about wasting money...

 

[Toronado3800]

We as a nation have a fiscal time bomb ticking and I see little concern from Washington and the media about it.

If we are really serious about avoiding a national/global fiscal collapse then we need to address Paying off our debt and balancing our budget. There are 3 ways to do this...and it will take all 3.

1. Raise more government revenue.
2. Increase the size of the economy
3. Stop wasting money

Where would you start?

For me it is the Fair Tax Plan...what say you?

There was a thread a while back where after a few pages this fella admitted a substinance farmer could not be taxed at the same rate as the middle class.

Had to do with everyone paying their fair share for a road. Same could be said for national defense and police protection.

Sales tax already makes sure the poor pay about 7% tax on everything. Me, I am ahead of the game so I can sneak around it sometimes as long as I am not forced to buy car parts locally in an emergency or something.

Now my boss. Well there is this business expense thing.

 

[LordBrownTrout]

How does this get us out of debt?

Raising taxes doesn't help grow the economy.

Decrease defense spending and raising SS spending doesn't do anything for the deficit and debt.

Of course it doesn't but taxes are their only solution to everything.

 

[boedicca]

We as a nation have a fiscal time bomb ticking and I see little concern from Washington and the media about it.

If we are really serious about avoiding a national/global fiscal collapse then we need to address Paying off our debt and balancing our budget. There are 3 ways to do this...and it will take all 3.

1. Raise more government revenue.
2. Increase the size of the economy
3. Stop wasting money

Where would you start?

For me it is the Fair Tax Plan...what say you?

I agree that we should reform taxes (flat tax, significant simplification, broaden the base), but it's really too late for that to address the debt (under this president).

The standard ways to address debt, which have destroyed societies throughout history are:

- Print money in order to deflate the currency and reduce the real value of the debt.
- Raise taxes in a futile mode to increase receipts, which crushes economic growth and exacerbates the deficit.
- Default on the debt.


The alternative of significant reductions in spending is unpalatable to people who get to decide how other people's money is spent, so they won't do that until society is basically collapsing.

 

[akelch]

We as a nation have a fiscal time bomb ticking and I see little concern from Washington and the media about it.

If we are really serious about avoiding a national/global fiscal collapse then we need to address Paying off our debt and balancing our budget. There are 3 ways to do this...and it will take all 3.

1. Raise more government revenue.
2. Increase the size of the economy
3. Stop wasting money

Where would you start?

For me it is the Fair Tax Plan...what say you?

I agree that we should reform taxes (flat tax, significant simplification, broaden the base), but it's really too late for that to address the debt (under this president).

The standard ways to address debt, which have destroyed societies throughout history are:

- Print money in order to deflate the currency and reduce the real value of the debt.
- Raise taxes in a futile mode to increase receipts, which crushes economic growth and exacerbates the deficit.
- Default on the debt.


The alternative of significant reductions in spending is unpalatable to people who get to decide how other people's money is spent, so they won't do that until society is basically collapsing.

So what is your solution? Let it collapse?

 

[jwoodie]

I would start by voting out all the the Teabaggers in the Congress and Senate. With them in there, nothing will be done on anything other than preservation of helium storage.

Adopt the Buffet Rule. Middle class pays out about 30% in taxes, that should be the absolute minimum for those making over a million. No more 13% Romneys.

Why do we need to spend more than the next 14 nations combined for Defense? If we cut the budget to just that of the next 7 nations combined, wouldn't that be adaquete? Extend the SS tax to all income. Having a stable SS system is in the interest of the very wealthy, also.

Lower the Defense budget in half you suggest? I thouught the Democrats cared about jobs?????

No, they care about getting elected and being in control of other people's lives (since their's are generally screwed up). They pretend to care about raising more tax revenue, but they really want to raise tax rates on anybody who makes more money than they do. (Case in point: Capital Gains taxes.)

All this talk about "reforming" the tax system and eliminating waste, fraud and abuse is the same BS that has been recycled for decades, only younger voters seem to think that it is a new original idea. Only mandatory structural changes will reverse our downward course, and they will require Constitutional Amendment. Since the Democrats in Congress will never agree to such changes, the only alternative is for 2/3 of the States to call for a Constitutional Convention.