The godawful truth and irony about the deficit.

[Woodznutz]

Regardless of money spent on foreign aid Americans are the main beneficiaries of government largess. They/we should be paying for these benefits through higher taxes. When our taxes are lowered (to buy votes) the government borrows the money for these benefits and pays interest on the loans. As taxes remain insufficient to repay these loans they are simply renewed, and more money is borrowed for yet more benefits and to maintain previous programs. The irony is that repayment of these loans is guaranteed by "the full faith and credit" of the U.S. government, which is the power to levy taxes on the people to pay debts.

We should do that.

 

[Crepitus]

I pay 24% on my meager income.

Elmo pays 0.4% on his multiple billions.

Who needs to be taxed?

Tesla Reported Zero Federal Income Tax on $2 Billion of U.S. Income in 2024

Tesla reported $2.3 billion of U.S. income in 2024 but paid zero federal income tax. Over the past three years, the Elon Musk-led company reports $10.8 billion of U.S. income on which its current federal tax was just $48 million.

itep.org

 

[80zephyr]

I pay 24% on my meager income.

Elmo pays 0.4% on his multiple billions.

Who needs to be taxed?

Tesla Reported Zero Federal Income Tax on $2 Billion of U.S. Income in 2024

Tesla reported $2.3 billion of U.S. income in 2024 but paid zero federal income tax. Over the past three years, the Elon Musk-led company reports $10.8 billion of U.S. income on which its current federal tax was just $48 million.

itep.org

Sad that you don't know how taxes work.

 

[80zephyr]

If we were taxed "pay as you go", 99% of this country would become conservatives.

 

[Crepitus]

Sad that you don't know how taxes work.

But I do.

You don't seem to though.

 

[80zephyr]

But I do.

You don't seem to though.

So then please tell me why Musk pays so little in taxes.

 

[sparky]

i'm told the interest on our deficit is nearly 1 Trillion every 100 days now ~S~

 

[Thinker101]

I pay 24% on my meager income.

Elmo pays 0.4% on his multiple billions.

Who needs to be taxed?

Tesla Reported Zero Federal Income Tax on $2 Billion of U.S. Income in 2024

Tesla reported $2.3 billion of U.S. income in 2024 but paid zero federal income tax. Over the past three years, the Elon Musk-led company reports $10.8 billion of U.S. income on which its current federal tax was just $48 million.

itep.org

So you're saying you're too stupid to read the tax code, we already knew that.

 

[Crepitus]

So then please tell me why Musk pays so little in taxes.

Lots of help from the government in the form of shelters like lower rates for capitol gains and other loopholes that aren't available to average people. Then there's the creative accounting and such, since he knows he will never be audited properly.

 

[Woodznutz]

But I do.

You don't seem to though.

The tax code rewards investment.

 

[whitehall]

An argument for raising taxes? Lefties who advocate higher taxes can donate as much money to frivolous government programs as they want. The problem is that they want to pick the pockets of people who are struggling to make ends meet to fund programs like sex change operations in Central America.

 

[Crepitus]

The tax code rewards investment.

And billionaires use it as a shelter. One unavailable to us mere normal people.

The tax code favors the rich.

 

[Scoutster]

If we were taxed "pay as you go", 99% of this country would become conservatives.

 

[Woodznutz]

i'm told the interest on our deficit is nearly 1 Trillion every 100 days now ~S~

I think you mean the debt.

If the debt is 37 $Trillion @ 5 percent that's about $60Billion every 100 days.

 

[Mac1958]

Elmo pays 0.4% on his multiple billions.

You'll notice that everyone is talking about those losing their jobs, and all attention is away from personal taxation.

His taxes will be fine, and business regulations will be slashed for him.

This has been an excellent investment of his time.

 

[Woodznutz]

And billionaires use it as a shelter. One unavailable to us mere normal people.

The tax code favors the rich.

The rich are captives of the tax code as well. They must continue to invest in long-term investments in order to get the lower rates.

When even small businesses were faced with 39 percent tax rate on profits, they had no choice but to reinvest those profits in company growth. Lower business tax rates have meant that many small businesses pay the tax rather than reinvest them as they have no need or desire to expand. This means more revenue for the gov't.

"Normal" people are normal because they choose to be. Anyone who is 'intact' mentally and physically can become well-off in America if they choose to.

 

[sparky]

I think you mean the debt.

yes, thx for the clarification Woodz.......so to my <limited> understanding we can assume as much debt as other nations are willing to buy.....~S~

 

[BackAgain]

i'm told the interest on our deficit is nearly 1 Trillion every 100 days now ~S~

I read something along those lines, too.

It is unconscionable.

 

[sparky]

It t is unconscionable.

doesn't sound very sustainable BA.......~S~

 

[BackAgain]

doesn't sound very sustainable BA.......~S~

Because it’s not.

Our libturds pretend that they don’t recognize the threat of our our reckless spending and accumulating (massive) debt.

Or maybe it’s worse. Maybe they actually don’t grasp the obvious.