Taxation in America

[Brain357]

It all boils down to the tremendously idiosyncratic definition of the word, "Fairness."

It would be manifestly fair to impose a per capita tax on all Americans; everyone should pay the same dollar amount, since we are all citizens or permanent residents and all benefit from that reality. If we all paid $4,500, that would pretty much balance the budget.

But it would also be fair if we all paid the same percentage of our taxable income. 15% would work nicely (in addition to the "payroll taxes"), and as an added advantage, The Rich would pay much more in FIT than The Poor.

The least fair of all would be to exempt half the population from paying any income taxes at all, then tax the earners according to a GRADUATED percentage, with the highest earners paying the highest percentage(!). Talk about Highway Robbery.

Bernie Sanders appeals to those who pay the least amount in Federal Income Taxes, but want the greatest amount of free goodies from the Federal government (free healthcare, free college tuition, etc.). He is LITERALLY attempting to BUY THEIR VOTES with taxpayer money.

It is the height of irony that this old Crank rails about how EVIL it is for Mike Bloomberg to be buying votes WITH HIS OWN MONEY, while Bernie seeks to buy votes WITH YOUR MONEY!

You couldn't make it up.

Some people don't like to be poor peons getting screwed by the financial system rigged to keep the rich getting richer and the poor getting poorer. The rich buy politicians to write loop-holes into tax laws to protect their wealth. Capital gains should be taxed as normal income. The income cap should be raised for SS. A VAT should be added to balance the budget. If the GOP doesn't address the budget deficit and entitlements the democrats will win and the US will devolve into something unrecognizable.
View attachment 308721

kyzr, you're off base son. most everyone's 401k is subject to capital gains. Everyone's. so if you raise the capital gains, you raise it on the middle class. son, I wish all of you would shut the fk up. you have no idea what you're talking about. shut up!

I'm way older than you kiddo. So tell me what happens if the budget deficit keeps growing and the $23T Debt goes to $30T?
Factor in that Medicare will be bankrupt in 2026 and Social Security insolvent in 2032.
Your solution is "O'wise One"???

Please correct me if I’m wrong but as long as the population is growing and GDP growing then it makes sense for the debt to grow as well. Right?

Debt is growing at a much faster rate.

 

[Brain357]

You would figure a "libertarian" would be more for an equal tax system ibstead of authoritarianism.
But instead, we have a "gipper"

What’s an equal tax system?

 

[kyzr]

Some people don't like to be poor peons getting screwed by the financial system rigged to keep the rich getting richer and the poor getting poorer. The rich buy politicians to write loop-holes into tax laws to protect their wealth. Capital gains should be taxed as normal income. The income cap should be raised for SS. A VAT should be added to balance the budget. If the GOP doesn't address the budget deficit and entitlements the democrats will win and the US will devolve into something unrecognizable.
View attachment 308721

kyzr, you're off base son. most everyone's 401k is subject to capital gains. Everyone's. so if you raise the capital gains, you raise it on the middle class. son, I wish all of you would shut the fk up. you have no idea what you're talking about. shut up!

I'm way older than you kiddo. So tell me what happens if the budget deficit keeps growing and the $23T Debt goes to $30T?
Factor in that Medicare will be bankrupt in 2026 and Social Security insolvent in 2032.
Your solution is "O'wise One"???

what no one wants to be done. Cut SS let the folks under 55 invest their money in their 401ks and stop taking their money. Let the bank dry up on us over 64 that paid in for all their working years. medicare, stop it. pull the plug. Allow the doctors to control spending by posting their fees.

Stop all welfare to poor and let the charities take back over handing out the charitable items that most americans actually give to. fk the government. fk a bernie fk.

People standing at a podium and telling me I'm the bad guy cause I work and pay my bills, I accept as a challenge to spit in their face. But they're weak and avoid the populace and hide in their cars and in DC. Trump exposed every one of these fks.

Not to be too blunt, but your solutions suck. No sane politician would ever even consider them. Thanks for playing kid.

dude, you asked what would fix it. That's it and only it. feel free to give out your solution. Cause those three things are the debt.

No one ever wants to talk about the pink elephant in the room. and yet the pink elephant is the only solution.

No sane politician or party would ever consider eliminating entitlements. They need to be fixed and fixed soon. This is the biggest club that the democrats have to beat Republicans over the head with. Tax cuts for billionaires or saving entitlements for the elderly?

Here are recommendations to cut spending and raise revenue to start paying down the $23T Debt

A. Hire another "Grace Commission" to audit and fix the Federal budget deficit, cut spending, and find revenue.

B. Cut Spending: [CUT $625b a year]
1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
3. Cut Welfare $200b & Medicaid $200b (about half)
4. Cut education $20b (state responsibility)

C. To cover the $900b budget deficit the following taxes need to be raised:
1. Raise the top tax rate about 7% above 2016 levels +$400b
2. Implement a new 3% Fed sales tax +$400b (aka a VAT)
3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
4. Implement a new remittances tax/fee on all money sent out of the US https://www.americanthinker.com/articles/2018/05/tax_remittances_can_build_the_wall.html 2% of $140b is +$3b a year to fund ICE, the wall, CBP, etc.

D. Reform entitlements, Medicare & Social Security, currently projected to be insolvent:
1. Social Security will be unable to meet obligations (not technically "bankrupt") in 2032, paying only 79% of owed benefits, while it will be actually bankrupt around 2090.

The Future of America’s Entitlements: What You Need to Know about the Medicare and Social Security Trustees Reports - AAF

Social Security fixes, insolvent in 2032:
https://www.fool.com/retirement/2018/05/21/how-warren-buffett-thinks-we-should-fix-social-sec.aspx
https://money.usnews.com/money/blogs/planning-to-retire/2014/11/14/5-potential-social-security-fixes
https://www.aarp.org/work/social-security/info-05-2012/future-of-social-security-proposals.html

Medicare Fixes, bankrupt in 2026:
https://www.fool.com/retirement/general/2016/03/27/7-ways-to-fix-medicare.aspx
https://thehill.com/opinion/healthcare/369151-fix-what-weve-got-and-make-medicare-right-this-year
https://www.nationalaffairs.com/publications/detail/how-to-save-and-fix-medicare
https://www.aarp.org/content/dam/aarp/health/medicare-and-medicaid/2012-05/The-Future-Of-Medicare.pdf

 

[Mr Natural]

Back in the day, when America was great, we had tax brackets as high as 90%.

 

[BrokeLoser]

Back in the day, when America was great, we had tax brackets as high as 90%.

Was that before the 100 million beaners came?

 

[Aldo Raine]

It all boils down to the tremendously idiosyncratic definition of the word, "Fairness."

It would be manifestly fair to impose a per capita tax on all Americans; everyone should pay the same dollar amount, since we are all citizens or permanent residents and all benefit from that reality. If we all paid $4,500, that would pretty much balance the budget.

But it would also be fair if we all paid the same percentage of our taxable income. 15% would work nicely (in addition to the "payroll taxes"), and as an added advantage, The Rich would pay much more in FIT than The Poor.

The least fair of all would be to exempt half the population from paying any income taxes at all, then tax the earners according to a GRADUATED percentage, with the highest earners paying the highest percentage(!). Talk about Highway Robbery.

Bernie Sanders appeals to those who pay the least amount in Federal Income Taxes, but want the greatest amount of free goodies from the Federal government (free healthcare, free college tuition, etc.). He is LITERALLY attempting to BUY THEIR VOTES with taxpayer money.

It is the height of irony that this old Crank rails about how EVIL it is for Mike Bloomberg to be buying votes WITH HIS OWN MONEY, while Bernie seeks to buy votes WITH YOUR MONEY!

You couldn't make it up.

Some people don't like to be poor peons getting screwed by the financial system rigged to keep the rich getting richer and the poor getting poorer. The rich buy politicians to write loop-holes into tax laws to protect their wealth. Capital gains should be taxed as normal income. The income cap should be raised for SS. A VAT should be added to balance the budget. If the GOP doesn't address the budget deficit and entitlements the democrats will win and the US will devolve into something unrecognizable.
View attachment 308721

Lol, neither side gives a shit about the debt until the other side is in power.

HA!! Nancy controls the Budget and she spent 3% more!!
No one is concerned about the Debt.
The future looks not good for the US, the "Debt Bomb" is not being defused.

Yup neither side cares, I already said that.

 

[jc456]

kyzr, you're off base son. most everyone's 401k is subject to capital gains. Everyone's. so if you raise the capital gains, you raise it on the middle class. son, I wish all of you would shut the fk up. you have no idea what you're talking about. shut up!

I'm way older than you kiddo. So tell me what happens if the budget deficit keeps growing and the $23T Debt goes to $30T?
Factor in that Medicare will be bankrupt in 2026 and Social Security insolvent in 2032.
Your solution is "O'wise One"???

what no one wants to be done. Cut SS let the folks under 55 invest their money in their 401ks and stop taking their money. Let the bank dry up on us over 64 that paid in for all their working years. medicare, stop it. pull the plug. Allow the doctors to control spending by posting their fees.

Stop all welfare to poor and let the charities take back over handing out the charitable items that most americans actually give to. fk the government. fk a bernie fk.

People standing at a podium and telling me I'm the bad guy cause I work and pay my bills, I accept as a challenge to spit in their face. But they're weak and avoid the populace and hide in their cars and in DC. Trump exposed every one of these fks.

Not to be too blunt, but your solutions suck. No sane politician would ever even consider them. Thanks for playing kid.

dude, you asked what would fix it. That's it and only it. feel free to give out your solution. Cause those three things are the debt.

No one ever wants to talk about the pink elephant in the room. and yet the pink elephant is the only solution.

No sane politician or party would ever consider eliminating entitlements. They need to be fixed and fixed soon. This is the biggest club that the democrats have to beat Republicans over the head with. Tax cuts for billionaires or saving entitlements for the elderly?

Here are recommendations to cut spending and raise revenue to start paying down the $23T Debt

A. Hire another "Grace Commission" to audit and fix the Federal budget deficit, cut spending, and find revenue.

B. Cut Spending: [CUT $625b a year]
1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
3. Cut Welfare $200b & Medicaid $200b (about half)
4. Cut education $20b (state responsibility)

C. To cover the $900b budget deficit the following taxes need to be raised:
1. Raise the top tax rate about 7% above 2016 levels +$400b
2. Implement a new 3% Fed sales tax +$400b (aka a VAT)
3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
4. Implement a new remittances tax/fee on all money sent out of the US https://www.americanthinker.com/articles/2018/05/tax_remittances_can_build_the_wall.html 2% of $140b is +$3b a year to fund ICE, the wall, CBP, etc.

D. Reform entitlements, Medicare & Social Security, currently projected to be insolvent:
1. Social Security will be unable to meet obligations (not technically "bankrupt") in 2032, paying only 79% of owed benefits, while it will be actually bankrupt around 2090.

The Future of America’s Entitlements: What You Need to Know about the Medicare and Social Security Trustees Reports - AAF

Social Security fixes, insolvent in 2032:
https://www.fool.com/retirement/2018/05/21/how-warren-buffett-thinks-we-should-fix-social-sec.aspx
https://money.usnews.com/money/blogs/planning-to-retire/2014/11/14/5-potential-social-security-fixes
https://www.aarp.org/work/social-security/info-05-2012/future-of-social-security-proposals.html

Medicare Fixes, bankrupt in 2026:
https://www.fool.com/retirement/general/2016/03/27/7-ways-to-fix-medicare.aspx
https://thehill.com/opinion/healthcare/369151-fix-what-weve-got-and-make-medicare-right-this-year
https://www.nationalaffairs.com/publications/detail/how-to-save-and-fix-medicare
https://www.aarp.org/content/dam/aarp/health/medicare-and-medicaid/2012-05/The-Future-Of-Medicare.pdf

can't be fixed. they are a fking ponzi scheme. ponzi schemes fail. they always fail. every time. your effort to keep the status quo is hilarious with your complaint at the debt. no way, no how.

 

[kyzr]

It all boils down to the tremendously idiosyncratic definition of the word, "Fairness."

It would be manifestly fair to impose a per capita tax on all Americans; everyone should pay the same dollar amount, since we are all citizens or permanent residents and all benefit from that reality. If we all paid $4,500, that would pretty much balance the budget.

But it would also be fair if we all paid the same percentage of our taxable income. 15% would work nicely (in addition to the "payroll taxes"), and as an added advantage, The Rich would pay much more in FIT than The Poor.

The least fair of all would be to exempt half the population from paying any income taxes at all, then tax the earners according to a GRADUATED percentage, with the highest earners paying the highest percentage(!). Talk about Highway Robbery.

Bernie Sanders appeals to those who pay the least amount in Federal Income Taxes, but want the greatest amount of free goodies from the Federal government (free healthcare, free college tuition, etc.). He is LITERALLY attempting to BUY THEIR VOTES with taxpayer money.

It is the height of irony that this old Crank rails about how EVIL it is for Mike Bloomberg to be buying votes WITH HIS OWN MONEY, while Bernie seeks to buy votes WITH YOUR MONEY!

You couldn't make it up.

Some people don't like to be poor peons getting screwed by the financial system rigged to keep the rich getting richer and the poor getting poorer. The rich buy politicians to write loop-holes into tax laws to protect their wealth. Capital gains should be taxed as normal income. The income cap should be raised for SS. A VAT should be added to balance the budget. If the GOP doesn't address the budget deficit and entitlements the democrats will win and the US will devolve into something unrecognizable.
View attachment 308721

kyzr, you're off base son. most everyone's 401k is subject to capital gains. Everyone's. so if you raise the capital gains, you raise it on the middle class. son, I wish all of you would shut the fk up. you have no idea what you're talking about. shut up!

I'm way older than you kiddo. So tell me what happens if the budget deficit keeps growing and the $23T Debt goes to $30T?
Factor in that Medicare will be bankrupt in 2026 and Social Security insolvent in 2032.
Your solution is "O'wise One"???

Please correct me if I’m wrong but as long as the population is growing and GDP growing then it makes sense for the debt to grow as well. Right?

No. Not right. As the Debt grows the interest on the Debt grows, just like only making minimum payments on your Visa bill.
Now the interest on the $23T Debt is about $450b a year. As the Debt grows to $30T and as interest rates eventually rise that interest will consume way too much of the Budget and drastic cuts will need to be made.

GDP doesn't always grow. Recessions happen now and then.
In simple terms its much better to have no Visa balance and no interest payments than to only be able to keep paying interest and not gaining on it.

One solution I heard was a "Convention of States" to force a Balanced Budget Amendment to keep the DC coxuckers from overspending.

 

[jc456]

It all boils down to the tremendously idiosyncratic definition of the word, "Fairness."

It would be manifestly fair to impose a per capita tax on all Americans; everyone should pay the same dollar amount, since we are all citizens or permanent residents and all benefit from that reality. If we all paid $4,500, that would pretty much balance the budget.

But it would also be fair if we all paid the same percentage of our taxable income. 15% would work nicely (in addition to the "payroll taxes"), and as an added advantage, The Rich would pay much more in FIT than The Poor.

The least fair of all would be to exempt half the population from paying any income taxes at all, then tax the earners according to a GRADUATED percentage, with the highest earners paying the highest percentage(!). Talk about Highway Robbery.

Bernie Sanders appeals to those who pay the least amount in Federal Income Taxes, but want the greatest amount of free goodies from the Federal government (free healthcare, free college tuition, etc.). He is LITERALLY attempting to BUY THEIR VOTES with taxpayer money.

It is the height of irony that this old Crank rails about how EVIL it is for Mike Bloomberg to be buying votes WITH HIS OWN MONEY, while Bernie seeks to buy votes WITH YOUR MONEY!

You couldn't make it up.

Some people don't like to be poor peons getting screwed by the financial system rigged to keep the rich getting richer and the poor getting poorer. The rich buy politicians to write loop-holes into tax laws to protect their wealth. Capital gains should be taxed as normal income. The income cap should be raised for SS. A VAT should be added to balance the budget. If the GOP doesn't address the budget deficit and entitlements the democrats will win and the US will devolve into something unrecognizable.
View attachment 308721

Lol, neither side gives a shit about the debt until the other side is in power.

HA!! Nancy controls the Budget and she spent 3% more!!
No one is concerned about the Debt.
The future looks not good for the US, the "Debt Bomb" is not being defused.

Yup neither side cares, I already said that.

no one wants to talk about the actual facts. Ponzi schemes fail and so will our ponzi schemes. can't dictate to people and expect everyone to hand over their money. some see the ponzi scheme for what it is. others, like the freebies.

 

[kyzr]

It all boils down to the tremendously idiosyncratic definition of the word, "Fairness."

It would be manifestly fair to impose a per capita tax on all Americans; everyone should pay the same dollar amount, since we are all citizens or permanent residents and all benefit from that reality. If we all paid $4,500, that would pretty much balance the budget.

But it would also be fair if we all paid the same percentage of our taxable income. 15% would work nicely (in addition to the "payroll taxes"), and as an added advantage, The Rich would pay much more in FIT than The Poor.

The least fair of all would be to exempt half the population from paying any income taxes at all, then tax the earners according to a GRADUATED percentage, with the highest earners paying the highest percentage(!). Talk about Highway Robbery.

Bernie Sanders appeals to those who pay the least amount in Federal Income Taxes, but want the greatest amount of free goodies from the Federal government (free healthcare, free college tuition, etc.). He is LITERALLY attempting to BUY THEIR VOTES with taxpayer money.

It is the height of irony that this old Crank rails about how EVIL it is for Mike Bloomberg to be buying votes WITH HIS OWN MONEY, while Bernie seeks to buy votes WITH YOUR MONEY!

You couldn't make it up.

Some people don't like to be poor peons getting screwed by the financial system rigged to keep the rich getting richer and the poor getting poorer. The rich buy politicians to write loop-holes into tax laws to protect their wealth. Capital gains should be taxed as normal income. The income cap should be raised for SS. A VAT should be added to balance the budget. If the GOP doesn't address the budget deficit and entitlements the democrats will win and the US will devolve into something unrecognizable.
View attachment 308721

kyzr, you're off base son. most everyone's 401k is subject to capital gains. Everyone's. so if you raise the capital gains, you raise it on the middle class. son, I wish all of you would shut the fk up. you have no idea what you're talking about. shut up!

I'm way older than you kiddo. So tell me what happens if the budget deficit keeps growing and the $23T Debt goes to $30T?
Factor in that Medicare will be bankrupt in 2026 and Social Security insolvent in 2032.
Your solution is "O'wise One"???

And what happens when interest rates increase...

Exactly. The crap hits the impellers and the DC crooks all retire.

 

[jc456]

It all boils down to the tremendously idiosyncratic definition of the word, "Fairness."

It would be manifestly fair to impose a per capita tax on all Americans; everyone should pay the same dollar amount, since we are all citizens or permanent residents and all benefit from that reality. If we all paid $4,500, that would pretty much balance the budget.

But it would also be fair if we all paid the same percentage of our taxable income. 15% would work nicely (in addition to the "payroll taxes"), and as an added advantage, The Rich would pay much more in FIT than The Poor.

The least fair of all would be to exempt half the population from paying any income taxes at all, then tax the earners according to a GRADUATED percentage, with the highest earners paying the highest percentage(!). Talk about Highway Robbery.

Bernie Sanders appeals to those who pay the least amount in Federal Income Taxes, but want the greatest amount of free goodies from the Federal government (free healthcare, free college tuition, etc.). He is LITERALLY attempting to BUY THEIR VOTES with taxpayer money.

It is the height of irony that this old Crank rails about how EVIL it is for Mike Bloomberg to be buying votes WITH HIS OWN MONEY, while Bernie seeks to buy votes WITH YOUR MONEY!

You couldn't make it up.

Some people don't like to be poor peons getting screwed by the financial system rigged to keep the rich getting richer and the poor getting poorer. The rich buy politicians to write loop-holes into tax laws to protect their wealth. Capital gains should be taxed as normal income. The income cap should be raised for SS. A VAT should be added to balance the budget. If the GOP doesn't address the budget deficit and entitlements the democrats will win and the US will devolve into something unrecognizable.
View attachment 308721

kyzr, you're off base son. most everyone's 401k is subject to capital gains. Everyone's. so if you raise the capital gains, you raise it on the middle class. son, I wish all of you would shut the fk up. you have no idea what you're talking about. shut up!

I'm way older than you kiddo. So tell me what happens if the budget deficit keeps growing and the $23T Debt goes to $30T?
Factor in that Medicare will be bankrupt in 2026 and Social Security insolvent in 2032.
Your solution is "O'wise One"???

Please correct me if I’m wrong but as long as the population is growing and GDP growing then it makes sense for the debt to grow as well. Right?

No. Not right. As the Debt grows the interest on the Debt grows, just like only making minimum payments on your Visa bill.
Now the interest on the $23T Debt is about $450b a year. As the Debt grows to $30T and as interest rates eventually rise that interest will consume way too much of the Budget and drastic cuts will need to be made.

GDP doesn't always grow. Recessions happen now and then.
In simple terms its much better to have no Visa balance and no interest payments than to only be able to keep paying interest and not gaining on it.

One solution I heard was a "Convention of States" to force a Balanced Budget Amendment to keep the DC coxuckers from overspending.

the debt is due to the freebies, welfare, medicare and SS. that's your debt. not eliminating those three things, will never decrease the debt. ever!!!!!

 

[jc456]

It all boils down to the tremendously idiosyncratic definition of the word, "Fairness."

It would be manifestly fair to impose a per capita tax on all Americans; everyone should pay the same dollar amount, since we are all citizens or permanent residents and all benefit from that reality. If we all paid $4,500, that would pretty much balance the budget.

But it would also be fair if we all paid the same percentage of our taxable income. 15% would work nicely (in addition to the "payroll taxes"), and as an added advantage, The Rich would pay much more in FIT than The Poor.

The least fair of all would be to exempt half the population from paying any income taxes at all, then tax the earners according to a GRADUATED percentage, with the highest earners paying the highest percentage(!). Talk about Highway Robbery.

Bernie Sanders appeals to those who pay the least amount in Federal Income Taxes, but want the greatest amount of free goodies from the Federal government (free healthcare, free college tuition, etc.). He is LITERALLY attempting to BUY THEIR VOTES with taxpayer money.

It is the height of irony that this old Crank rails about how EVIL it is for Mike Bloomberg to be buying votes WITH HIS OWN MONEY, while Bernie seeks to buy votes WITH YOUR MONEY!

You couldn't make it up.

Some people don't like to be poor peons getting screwed by the financial system rigged to keep the rich getting richer and the poor getting poorer. The rich buy politicians to write loop-holes into tax laws to protect their wealth. Capital gains should be taxed as normal income. The income cap should be raised for SS. A VAT should be added to balance the budget. If the GOP doesn't address the budget deficit and entitlements the democrats will win and the US will devolve into something unrecognizable.
View attachment 308721

kyzr, you're off base son. most everyone's 401k is subject to capital gains. Everyone's. so if you raise the capital gains, you raise it on the middle class. son, I wish all of you would shut the fk up. you have no idea what you're talking about. shut up!

I'm way older than you kiddo. So tell me what happens if the budget deficit keeps growing and the $23T Debt goes to $30T?
Factor in that Medicare will be bankrupt in 2026 and Social Security insolvent in 2032.
Your solution is "O'wise One"???

And what happens when interest rates increase...

Exactly. The crap hits the impellers and the DC crooks all retire.

the Chicago Chief of Police was fired, his pension will pay him 187k for the rest of his life. 100 times more money than he put in. dude, stop with the stupid.

 

[jc456]

did I say no one wants to discuss the facts? you all are too stupid to be in this discussion.

 

[kyzr]

I'm way older than you kiddo. So tell me what happens if the budget deficit keeps growing and the $23T Debt goes to $30T?
Factor in that Medicare will be bankrupt in 2026 and Social Security insolvent in 2032.
Your solution is "O'wise One"???

what no one wants to be done. Cut SS let the folks under 55 invest their money in their 401ks and stop taking their money. Let the bank dry up on us over 64 that paid in for all their working years. medicare, stop it. pull the plug. Allow the doctors to control spending by posting their fees.

Stop all welfare to poor and let the charities take back over handing out the charitable items that most americans actually give to. fk the government. fk a bernie fk.

People standing at a podium and telling me I'm the bad guy cause I work and pay my bills, I accept as a challenge to spit in their face. But they're weak and avoid the populace and hide in their cars and in DC. Trump exposed every one of these fks.

Not to be too blunt, but your solutions suck. No sane politician would ever even consider them. Thanks for playing kid.

dude, you asked what would fix it. That's it and only it. feel free to give out your solution. Cause those three things are the debt.

No one ever wants to talk about the pink elephant in the room. and yet the pink elephant is the only solution.

No sane politician or party would ever consider eliminating entitlements. They need to be fixed and fixed soon. This is the biggest club that the democrats have to beat Republicans over the head with. Tax cuts for billionaires or saving entitlements for the elderly?

Here are recommendations to cut spending and raise revenue to start paying down the $23T Debt

A. Hire another "Grace Commission" to audit and fix the Federal budget deficit, cut spending, and find revenue.

B. Cut Spending: [CUT $625b a year]
1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
3. Cut Welfare $200b & Medicaid $200b (about half)
4. Cut education $20b (state responsibility)

C. To cover the $900b budget deficit the following taxes need to be raised:
1. Raise the top tax rate about 7% above 2016 levels +$400b
2. Implement a new 3% Fed sales tax +$400b (aka a VAT)
3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
4. Implement a new remittances tax/fee on all money sent out of the US https://www.americanthinker.com/articles/2018/05/tax_remittances_can_build_the_wall.html 2% of $140b is +$3b a year to fund ICE, the wall, CBP, etc.

D. Reform entitlements, Medicare & Social Security, currently projected to be insolvent:
1. Social Security will be unable to meet obligations (not technically "bankrupt") in 2032, paying only 79% of owed benefits, while it will be actually bankrupt around 2090.

The Future of America’s Entitlements: What You Need to Know about the Medicare and Social Security Trustees Reports - AAF

Social Security fixes, insolvent in 2032:
https://www.fool.com/retirement/2018/05/21/how-warren-buffett-thinks-we-should-fix-social-sec.aspx
https://money.usnews.com/money/blogs/planning-to-retire/2014/11/14/5-potential-social-security-fixes
https://www.aarp.org/work/social-security/info-05-2012/future-of-social-security-proposals.html

Medicare Fixes, bankrupt in 2026:
https://www.fool.com/retirement/general/2016/03/27/7-ways-to-fix-medicare.aspx
https://thehill.com/opinion/healthcare/369151-fix-what-weve-got-and-make-medicare-right-this-year
https://www.nationalaffairs.com/publications/detail/how-to-save-and-fix-medicare
https://www.aarp.org/content/dam/aarp/health/medicare-and-medicaid/2012-05/The-Future-Of-Medicare.pdf

can't be fixed. they are a fking ponzi scheme. ponzi schemes fail. they always fail. every time. your effort to keep the status quo is hilarious with your complaint at the debt. no way, no how.

Please show me how my math is incorrect.
There are no assumptions.
A 3% VAT and cutting defense may be tough sells, but the math works.
That's not even adding in fixes to Medicare & SS, which would make the other items "adjustable".

 

[22lcidw]

Back in the day, when America was great, we had tax brackets as high as 90%.

You have to make total comparisons to make that statement seem legit. We have hundreds to thousands of taxes today that most people pay for anything we do. Its just not a federal income tax. Originally, the federal income tax was supposed to be for the rich. We see how that worked out. And how the income tax act was written the government is not supposed to take the money out of our checks. We are supposed to pay the estimated tax every three months. But you would not see everyone doing that. The government knew. And this went to court a few times and the corrupted judges agreed with the government. A fiefdom is a fiefdom as it were.

 

[Brain357]

Back in the day, when America was great, we had tax brackets as high as 90%.

Yes aren’t we supposed to be made great again?

 

[kyzr]

Some people don't like to be poor peons getting screwed by the financial system rigged to keep the rich getting richer and the poor getting poorer. The rich buy politicians to write loop-holes into tax laws to protect their wealth. Capital gains should be taxed as normal income. The income cap should be raised for SS. A VAT should be added to balance the budget. If the GOP doesn't address the budget deficit and entitlements the democrats will win and the US will devolve into something unrecognizable.
View attachment 308721

kyzr, you're off base son. most everyone's 401k is subject to capital gains. Everyone's. so if you raise the capital gains, you raise it on the middle class. son, I wish all of you would shut the fk up. you have no idea what you're talking about. shut up!

I'm way older than you kiddo. So tell me what happens if the budget deficit keeps growing and the $23T Debt goes to $30T?
Factor in that Medicare will be bankrupt in 2026 and Social Security insolvent in 2032.
Your solution is "O'wise One"???

And what happens when interest rates increase...

Exactly. The crap hits the impellers and the DC crooks all retire.

the Chicago Chief of Police was fired, his pension will pay him 187k for the rest of his life. 100 times more money than he put in. dude, stop with the stupid.

Who gave the city retirees such outrageous pensions?
We need a federal law that limits pensions to a multiple of their salary.
Better yet, eliminate "defined benefit" pensions and only allow 401Ks, so there are no future payments.

 

[Mr Natural]

Back in the day, when America was great, we had tax brackets as high as 90%.

Yes aren’t we supposed to be made great again?

We're so great that our beloved billionaires don't even have to pay taxes anymore.

 

[Brain357]

kyzr, you're off base son. most everyone's 401k is subject to capital gains. Everyone's. so if you raise the capital gains, you raise it on the middle class. son, I wish all of you would shut the fk up. you have no idea what you're talking about. shut up!

I'm way older than you kiddo. So tell me what happens if the budget deficit keeps growing and the $23T Debt goes to $30T?
Factor in that Medicare will be bankrupt in 2026 and Social Security insolvent in 2032.
Your solution is "O'wise One"???

And what happens when interest rates increase...

Exactly. The crap hits the impellers and the DC crooks all retire.

the Chicago Chief of Police was fired, his pension will pay him 187k for the rest of his life. 100 times more money than he put in. dude, stop with the stupid.

Who gave the city retirees such outrageous pensions?
We need a federal law that limits pensions to a multiple of their salary.
Better yet, eliminate "defined benefit" pensions and only allow 401Ks, so there are no future payments.

Good example of corruption.

 

[Ray From Cleveland]

It all boils down to the tremendously idiosyncratic definition of the word, "Fairness."

It would be manifestly fair to impose a per capita tax on all Americans; everyone should pay the same dollar amount, since we are all citizens or permanent residents and all benefit from that reality. If we all paid $4,500, that would pretty much balance the budget.

But it would also be fair if we all paid the same percentage of our taxable income. 15% would work nicely (in addition to the "payroll taxes"), and as an added advantage, The Rich would pay much more in FIT than The Poor.

The least fair of all would be to exempt half the population from paying any income taxes at all, then tax the earners according to a GRADUATED percentage, with the highest earners paying the highest percentage(!). Talk about Highway Robbery.

Bernie Sanders appeals to those who pay the least amount in Federal Income Taxes, but want the greatest amount of free goodies from the Federal government (free healthcare, free college tuition, etc.). He is LITERALLY attempting to BUY THEIR VOTES with taxpayer money.

It is the height of irony that this old Crank rails about how EVIL it is for Mike Bloomberg to be buying votes WITH HIS OWN MONEY, while Bernie seeks to buy votes WITH YOUR MONEY!

You couldn't make it up.

When you rob Peter to pay Paul, the Paul's of your society generally have no objection. A consumption tax is the only fair way to do it. Those people that pay no income tax love spending the money of people that do. A VAT tax wouldn't work because it would still be a hidden tax.

Where I live, we have an 8 cent per dollar county tax. This also includes state tax as well. Everybody in our county pays this tax, the rich, the poor, and anyybody in between. No real problem that I can see. Democrats are constantly telling us the poor can't play income tax because they don't have the money. They have the money for big screens, smart phones, cars, and the usual amenities of a household, but not income tax.

It would control the spending problem too. You want free college, your consumption tax goes up three cents. Healthcare for all, our consumption tax would go up by 25 cents. That would stop Democrats from buying votes if everybody had a horse in the race. They would be forced to keep spending low.

A consumption tax also nails people who get around the taxation system. People who scrap metal for a living or extra money, people who work at an establishment where they earn big bucks in tips, people who are in the trades and work for cash on the side such as remodeling, concrete work, and bricklaying. People who repair cars at their homes for cash only. Everybody pays when they purchase products.

To get the Democrats on board, we could also make it progressive to shut them up. Standard living items 10 cents. In ground pools, boats, jewelry, 20 cent tax. High end cars, vacation homes, yachts, a 30 cent tax and so on.