US Taxes are too low compared to the rest of the world

[kyzr]

The US keeps borrowing money, $23T and counting, and that is "unsustainable" as reported by the GAO.
National debt of the United States - Wikipedia

Cut spending.
Problem solved.

Its not that simple. WHERE do you suggest cutting spending?
Here is the 2019 Budget, so let us know where you want to cut about a $Trillion.

2019 Federal Budget
Mandatory spending $2.74T
Social Security $878b
Medicare $625b
Medicaid $412b
Welfare $462b
Interest on the Debt $363b

Discretionary $1.3T
Defense $893.0b
HHS $70.0b
Education $59.9b
VA $83.1b
Homeland $52.7b
Energy Dept $29.2b
NNSA $15.1b
HUD $29.2b
State Dept $40.3b
NASA $19.0b
Foreign Aid $55.0b
All Other Agencies $78.1

 

[Andylusion]

The US keeps borrowing money, $23T and counting, and that is "unsustainable" as reported by the GAO.
National debt of the United States - Wikipedia

The rest of the world appears to be more responsible.
How do US taxes compare internationally?
View attachment 304081

So to Balance the Budget and start paying down the Debt the US needs to seriously revamp the tax code. Here are my recommendations for a return to fiscal sanity:
A. Hire another "Grace Commission" to audit and fix the Federal budget deficit

B. Cut Spending $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)

US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing
Current US Defense Spending:
Year Military Veterans Foreign Aid Total Defense
2017 $598.70 billion $178.00 billion $46.30 billion $823.00 billion
2018 $631.20 billion $180.40 billion $49.00 billion $860.50 billion
2019 $684.60 billion $202.10 billion $54.30 billion $941.00 billion
2020 $737.90 billion $219.20 billion $53.10 billion $1.00 trillion

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 VAT)
3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b (stops hi-frequency traders)
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


D. Reform entitlements, Medicare & Social Security, currently projected to be insolvent:

Social Security will be unable to meet obligations (not technically "bankrupt") in 2034, paying only 79% of owed benefits, while it will be actually bankrupt around 2090.
Social Security fixes:
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 will be insolvent in 2026
Medicare Fixes:
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

How about we stop spending so fucking much ?

That trump military increase really pushed up deficits, plus he hurt revenue with his tax cuts.

Security of the US is never a bad thing its the other shit that Trump has spent on that is an issue. Cutting taxes means a better economy which means more jobs. More people feeding the pig.

Who is going to attack us?

No the economy hasn’t gotten better actually, slowed last year...

Saying "who is going to attack us" is exactly the kind of arrogance that results in a war.

The only reason no one is going to attack us, is because they know we can wipe them out. The moment are military falls to the point, that whether we can wipe them out is in question, that's when we're in danger.

Arrogance is the fastest way to end up with a war. Stop acting like no one would ever attack the US.

 

[Dr Grump]

The moment are military falls to the point, that whether we can wipe them out is in question, that's when we're in danger.

Arrogance is the fastest way to end up with a war. Stop acting like no one would ever attack the US.

You have drones and nukes. Why all the other overheads?

 

[Andylusion]

The moment are military falls to the point, that whether we can wipe them out is in question, that's when we're in danger.

Arrogance is the fastest way to end up with a war. Stop acting like no one would ever attack the US.

You have drones and nukes. Why all the other overheads?

Nukes are not likely to be used, even in the case of an invasion. The moment we use a nuke, everyone else will. There won't be anything left of the country to fight for after that.

Drones can easily be destroyed. Against any equipped and determined enemy, drones will be shot down in minutes.

 

[Dr Grump]

[Nukes are not likely to be used, even in the case of an invasion. The moment we use a nuke, everyone else will. There won't be anything left of the country to fight for after that.

Drones can easily be destroyed. Against any equipped and determined enemy, drones will be shot down in minutes.

Nukes are a great deterrent. I love it how conservatives just love to cut spending...until it comes to the military. Take out nukes and just keep your airforce and maybe one of the blue water fleets. Still way more advanced than any other armed force in the world.
Cut defense. Oh, and all the pork....that'll save you money.

BTW, you are wrong about how bad health care systems are around the world. Would have ours (live in Australia, born in NZ) over the US system any day. Health should not be a for-profit business. To me it is more of an enumerated right than that to bear arms.

 

[Andylusion]

[Nukes are not likely to be used, even in the case of an invasion. The moment we use a nuke, everyone else will. There won't be anything left of the country to fight for after that.

Drones can easily be destroyed. Against any equipped and determined enemy, drones will be shot down in minutes.

Nukes are a great deterrent. I love it how conservatives just love to cut spending...until it comes to the military. Take out nukes and just keep your airforce and maybe one of the blue water fleets. Still way more advanced than any other armed force in the world.
Cut defense. Oh, and all the pork....that'll save you money.

BTW, you are wrong about how bad health care systems are around the world. Would have ours (live in Australia, born in NZ) over the US system any day. Health should not be a for-profit business. To me it is more of an enumerated right than that to bear arms.

So, if you die, no one cares, because they get paid whether you die or not?

Because in a for-profit health care system, they have invested interest in provided good care. Dead people don't pay bills.

Contrary to your implied statement... in the US we have both for-profit health care, and free-gov-care health care. I've been to both. Government paid for health care sucks. It always sucks. The VA system sucks.

You are treated not like a patient, but more like a problem. Because that's all you are to them, is a problem. Remember, they get paid whether you are there bothering them or not. So they would rather you not.

Moreover, last time I checked, the survival rates for people in NZ compared to the US, the US consistently had higher survival rates.

Lastly, we had a young girl here in Ohio, who was here alone without her family, because your system couldn't help her. Our for-profit system, is saving the lives of your gov-care system. If she was left in your country she would have died.

She didn't die, because we saved her. So our system, is make your system, look better than it is, because we're saving your people's lives.

 

[francoHFW]

The real point is that the debt-to-gdp ratio is going down, or at least it was until Trump LOL.... Obama's debt was used to avert a full-blown 1930's style depression. Why we have debt in supposedly Good times under Reagan bush and Trump is another question. What a scam... Only the brainwash makes this mess possible.

Obama's debt was used to avert a full-blown 1930's style depression.

For his first 6 months. What was it used for after the recession ended in June 2009?

I don't even believe that. I don't believe that Obama's spending averted anything.

Iceland didn't bailout anyone. The banks simply went bankrupt, they went into court, and profitable areas were sold off, the unprofitable areas were liquidated, and just like any other bankruptcy, after everything was finished..... life went on.

In fact, the crash was much worse in Iceland, because those 3 major banks, made up a much larger chunk of the Icelandic economy, than our banks did.

And the only reason the Iceland government didn't bail them out, was simply because they couldn't. They simply didn't have the money to bail anyone out.

What was the result? The Icelandic economy recovered, and grew faster than any of the other countries that did bailout their banking system.

Left-wingers are so schizophrenic on this issue. They want to complain that we gave money to private banks... but then turn right around and claim that giving money to private banks was a great policy that improved everything.

They want it both ways. Bash giving tax money to companies, and then proclaim themselves wonderful for giving tax money to companies.

The stimulus by Obama worked on main Street just as tarp by the GOP worked for Wall Street. After that it was simply unemployment and welfare programs kicking in, 8 hundred billion dollars a year for several years and still costing a hundred billion dollars a year it is estimated.

 

[Dr Grump]

So, if you die, no one cares, because they get paid whether you die or not?

Because in a for-profit health care system, they have invested interest in provided good care. Dead people don't pay bills.

Contrary to your implied statement... in the US we have both for-profit health care, and free-gov-care health care. I've been to both. Government paid for health care sucks. It always sucks. The VA system sucks.

You are treated not like a patient, but more like a problem. Because that's all you are to them, is a problem. Remember, they get paid whether you are there bothering them or not. So they would rather you not.

Moreover, last time I checked, the survival rates for people in NZ compared to the US, the US consistently had higher survival rates.

Lastly, we had a young girl here in Ohio, who was here alone without her family, because your system couldn't help her. Our for-profit system, is saving the lives of your gov-care system. If she was left in your country she would have died.

She didn't die, because we saved her. So our system, is make your system, look better than it is, because we're saving your people's lives.

You make some good points.

However, there are a couple of things.
Life expectancy in both NZ and Australia is higher than the US
Life Expectancy by Country and in the World (2020) - Worldometer

I have two personal, practical examples of the system in Australia.
My sister in law is a doctor of internal medicine in NZ and when I told her the first story she almost had a fit.

I had some tests done, and it turned out I had a kidney stone. The private specialist I went to made me have an ultra sound. Not satisfied with that, he then made me have an MRI. Still not satisfied he then wrote me a referral to have an X-ray (not at the pathologist medicentre below him, but one over 30 minutes away - IOW at his mate's place). I went downstairs. My SIL had an absolute fit about the MRI. She said they pump out very high shots of radiation and should only be used in extreme cases. Even with super fit teenagers and young adults she baulks at doing MRIs unless they are absolutely essential. She said any specialist worth their salt would know that the ultra sound was enough - and maybe an xray. Every referral he sent out he got paid for.

Another example. I have a private health insurer that also covers dental. My health provider will cover the best part of 99% of the cost for a check up and most filling if I use their own dental practices. If I use my personal dentist (which I had five years prior to getting the health insurance) they will cover 80%. However, more serious dental work - crowns etc - they cover fuck all. I like my personal dentist. Very good and very efficient. One time he was on holiday so I went to the insurers name-branded practice for a check up. I walked out of there with a quote for $20,000 including four crowns at $4000 a pop. The insurer would cover $2000 of it. I went to my dentist for a second opinion (without telling him the cost or what they suggested). He said I might need one crown. He would charge me $1800 instead of $4000. I then told him what they said and the cost. He was gobsmacked. Not so much that I needed four crowns, but the cost. He couldn't understand what the extra $2200 per crown was going on.

I went back to my provider and gave them a serve. They were very sheepish and umed and agghhed ("we have higher practice costs..blah, blah blah).

Medicine should not be for profit. End of story. And no, plastic surgery to improve looks is not medicine per se. That is a whole different kettle of fish.

 

[francoHFW]

[Nukes are not likely to be used, even in the case of an invasion. The moment we use a nuke, everyone else will. There won't be anything left of the country to fight for after that.

Drones can easily be destroyed. Against any equipped and determined enemy, drones will be shot down in minutes.

Nukes are a great deterrent. I love it how conservatives just love to cut spending...until it comes to the military. Take out nukes and just keep your airforce and maybe one of the blue water fleets. Still way more advanced than any other armed force in the world.
Cut defense. Oh, and all the pork....that'll save you money.

BTW, you are wrong about how bad health care systems are around the world. Would have ours (live in Australia, born in NZ) over the US system any day. Health should not be a for-profit business. To me it is more of an enumerated right than that to bear arms.

So, if you die, no one cares, because they get paid whether you die or not?

Because in a for-profit health care system, they have invested interest in provided good care. Dead people don't pay bills.

Contrary to your implied statement... in the US we have both for-profit health care, and free-gov-care health care. I've been to both. Government paid for health care sucks. It always sucks. The VA system sucks.

You are treated not like a patient, but more like a problem. Because that's all you are to them, is a problem. Remember, they get paid whether you are there bothering them or not. So they would rather you not.

Moreover, last time I checked, the survival rates for people in NZ compared to the US, the US consistently had higher survival rates.

Lastly, we had a young girl here in Ohio, who was here alone without her family, because your system couldn't help her. Our for-profit system, is saving the lives of your gov-care system. If she was left in your country she would have died.

She didn't die, because we saved her. So our system, is make your system, look better than it is, because we're saving your people's lives.

Our health system is no system at all and a disgrace. Only the brainwashed are satisfied with it. But thanks for the ridiculous anecdote.

 

[francoHFW]

So, if you die, no one cares, because they get paid whether you die or not?

Because in a for-profit health care system, they have invested interest in provided good care. Dead people don't pay bills.

Contrary to your implied statement... in the US we have both for-profit health care, and free-gov-care health care. I've been to both. Government paid for health care sucks. It always sucks. The VA system sucks.

You are treated not like a patient, but more like a problem. Because that's all you are to them, is a problem. Remember, they get paid whether you are there bothering them or not. So they would rather you not.

Moreover, last time I checked, the survival rates for people in NZ compared to the US, the US consistently had higher survival rates.

Lastly, we had a young girl here in Ohio, who was here alone without her family, because your system couldn't help her. Our for-profit system, is saving the lives of your gov-care system. If she was left in your country she would have died.

She didn't die, because we saved her. So our system, is make your system, look better than it is, because we're saving your people's lives.

You make some good points.

However, there are a couple of things.
Life expectancy in both NZ and Australia is higher than the US
Life Expectancy by Country and in the World (2020) - Worldometer

I have two personal, practical examples of the system in Australia.
My sister in law is a doctor of internal medicine in NZ and when I told her the first story she almost had a fit.

I had some tests done, and it turned out I had a kidney stone. The private specialist I went to made me have an ultra sound. Not satisfied with that, he then made me have an MRI. Still not satisfied he then wrote me a referral to have an X-ray (not at the pathologist medicentre below him, but one over 30 minutes away - IOW at his mate's place). I went downstairs. My SIL had an absolute fit about the MRI. She said they pump out very high shots of radiation and should only be used in extreme cases. Even with super fit teenagers and young adults she baulks at doing MRIs unless they are absolutely essential. She said any specialist worth their salt would know that the ultra sound was enough - and maybe an xray. Every referral he sent out he got paid for.

Another example. I have a private health insurer that also covers dental. My health provider will cover the best part of 99% of the cost for a check up and most filling if I use their own dental practices. If I use my personal dentist (which I had five years prior to getting the health insurance) they will cover 80%. However, more serious dental work - crowns etc - they cover fuck all. I like my personal dentist. Very good and very efficient. One time he was on holiday so I went to the insurers name-branded practice for a check up. I walked out of there with a quote for $20,000 including four crowns at $4000 a pop. The insurer would cover $2000 of it. I went to my dentist for a second opinion (without telling him the cost or what they suggested). He said I might need one crown. He would charge me $1800 instead of $4000. I then told him what they said and the cost. He was gobsmacked. Not so much that I needed four crowns, but the cost. He couldn't understand what the extra $2200 per crown was going on.

I went back to my provider and gave them a serve. They were very sheepish and umed and agghhed ("we have higher practice costs..blah, blah blah).

Medicine should not be for profit. End of story. And no, plastic surgery to improve looks is not medicine per se. That is a whole different kettle of fish.

She's talkin about survival rates for cancer which are the best in America. Of course that is if you have enough money.approval rates for healthcare systems in other rich countries average about 85% approval while in the United States its 35%. The brainwashed LOL

 

[Andylusion]

So, if you die, no one cares, because they get paid whether you die or not?

Because in a for-profit health care system, they have invested interest in provided good care. Dead people don't pay bills.

Contrary to your implied statement... in the US we have both for-profit health care, and free-gov-care health care. I've been to both. Government paid for health care sucks. It always sucks. The VA system sucks.

You are treated not like a patient, but more like a problem. Because that's all you are to them, is a problem. Remember, they get paid whether you are there bothering them or not. So they would rather you not.

Moreover, last time I checked, the survival rates for people in NZ compared to the US, the US consistently had higher survival rates.

Lastly, we had a young girl here in Ohio, who was here alone without her family, because your system couldn't help her. Our for-profit system, is saving the lives of your gov-care system. If she was left in your country she would have died.

She didn't die, because we saved her. So our system, is make your system, look better than it is, because we're saving your people's lives.

You make some good points.

However, there are a couple of things.
Life expectancy in both NZ and Australia is higher than the US
Life Expectancy by Country and in the World (2020) - Worldometer

I have two personal, practical examples of the system in Australia.
My sister in law is a doctor of internal medicine in NZ and when I told her the first story she almost had a fit.

I had some tests done, and it turned out I had a kidney stone. The private specialist I went to made me have an ultra sound. Not satisfied with that, he then made me have an MRI. Still not satisfied he then wrote me a referral to have an X-ray (not at the pathologist medicentre below him, but one over 30 minutes away - IOW at his mate's place). I went downstairs. My SIL had an absolute fit about the MRI. She said they pump out very high shots of radiation and should only be used in extreme cases. Even with super fit teenagers and young adults she baulks at doing MRIs unless they are absolutely essential. She said any specialist worth their salt would know that the ultra sound was enough - and maybe an xray. Every referral he sent out he got paid for.

Another example. I have a private health insurer that also covers dental. My health provider will cover the best part of 99% of the cost for a check up and most filling if I use their own dental practices. If I use my personal dentist (which I had five years prior to getting the health insurance) they will cover 80%. However, more serious dental work - crowns etc - they cover fuck all. I like my personal dentist. Very good and very efficient. One time he was on holiday so I went to the insurers name-branded practice for a check up. I walked out of there with a quote for $20,000 including four crowns at $4000 a pop. The insurer would cover $2000 of it. I went to my dentist for a second opinion (without telling him the cost or what they suggested). He said I might need one crown. He would charge me $1800 instead of $4000. I then told him what they said and the cost. He was gobsmacked. Not so much that I needed four crowns, but the cost. He couldn't understand what the extra $2200 per crown was going on.

I went back to my provider and gave them a serve. They were very sheepish and umed and agghhed ("we have higher practice costs..blah, blah blah).

Medicine should not be for profit. End of story. And no, plastic surgery to improve looks is not medicine per se. That is a whole different kettle of fish.

Life expectancy, has little to do with the health care system.

Take two islands with 100 people each.

One island has zero health care, not a single hospital, or even doctor on the island. 4 people get cancer and just die.

The second island has a hospital, and a dozen doctors. 15 people get cancer, and 9 are healed. 6 People die.

According to life expectancy, and a number of other measurements as well, you would conclude that the first island, the island with no doctors or hospitals, must have better health care, because fewer people died.

And in that example, at least the cause of death was health related.

What if the first island was very poor, and no one owned a car. Thus no auto fatalities.
The second island was wealthy, everyone owned a car, and 5 people died in auto fatalities.

The second island would have a lower life expectancy. You would conclude it's health care was worse, even though they had a hospital and doctors, and the poor island, didn't have any doctors or a hospital.

Then you need to look at murder rates. Murder drastically lowers life expectancy, because the people most likely to die in a murder, are the young. Whereas most that die from Cancer are already old. Rush Limbaugh has lung cancer, but he's already 69. If he dies, it won't affect life expectancy, as much as that 20 year old that got shot last week.

The only real valid test of a health care system, is survival rates. Can the system diagnose the illness... treat the illness... and cure it.... are you alive in 5 years?

5 year survival rates are the only valid test of any health care system. No other statistical measurement matters.

 

[Brain357]

The US keeps borrowing money, $23T and counting, and that is "unsustainable" as reported by the GAO.
National debt of the United States - Wikipedia

The rest of the world appears to be more responsible.
How do US taxes compare internationally?
View attachment 304081

So to Balance the Budget and start paying down the Debt the US needs to seriously revamp the tax code. Here are my recommendations for a return to fiscal sanity:
A. Hire another "Grace Commission" to audit and fix the Federal budget deficit

B. Cut Spending $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)

US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing
Current US Defense Spending:
Year Military Veterans Foreign Aid Total Defense
2017 $598.70 billion $178.00 billion $46.30 billion $823.00 billion
2018 $631.20 billion $180.40 billion $49.00 billion $860.50 billion
2019 $684.60 billion $202.10 billion $54.30 billion $941.00 billion
2020 $737.90 billion $219.20 billion $53.10 billion $1.00 trillion

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 VAT)
3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b (stops hi-frequency traders)
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


D. Reform entitlements, Medicare & Social Security, currently projected to be insolvent:

Social Security will be unable to meet obligations (not technically "bankrupt") in 2034, paying only 79% of owed benefits, while it will be actually bankrupt around 2090.
Social Security fixes:
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 will be insolvent in 2026
Medicare Fixes:
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

How about we stop spending so fucking much ?

That trump military increase really pushed up deficits, plus he hurt revenue with his tax cuts.

Security of the US is never a bad thing its the other shit that Trump has spent on that is an issue. Cutting taxes means a better economy which means more jobs. More people feeding the pig.

Who is going to attack us?

No the economy hasn’t gotten better actually, slowed last year...

Saying "who is going to attack us" is exactly the kind of arrogance that results in a war.

The only reason no one is going to attack us, is because they know we can wipe them out. The moment are military falls to the point, that whether we can wipe them out is in question, that's when we're in danger.

Arrogance is the fastest way to end up with a war. Stop acting like no one would ever attack the US.

Yeah they knew that before trump increased spending. We spend more than the next 10 countries combined. Nobody is going to attack us.

 

[colfax_m]

Anyone with a brain knows that if we want to balance the budget, it’s going to take tax increases and budget cuts.

Trump refused to consider entitlement or defense cuts. He lowered taxes. He’s not serious.

 

[Brain357]

Anyone with a brain knows that if we want to balance the budget, it’s going to take tax increases and budget cuts.

Trump refused to consider entitlement or defense cuts. He lowered taxes. He’s not serious.

He lowered taxes and increased spending. He is completely irresponsible.

 

[Dr Grump]

Moreover, last time I checked, the survival rates for people in NZ compared to the US, the US consistently had higher survival rates.

In some cases yes, some no. Australia (where I live) has higher survival rates in most major cancers.
List of countries by quality of healthcare - Wikipedia

 

[kyzr]

Anyone with a brain knows that if we want to balance the budget, it’s going to take tax increases and budget cuts.

Trump refused to consider entitlement or defense cuts. He lowered taxes. He’s not serious.

He lowered taxes and increased spending. He is completely irresponsible.

The House controls the purse strings. Nancy and her nitwits didn't do anything to improve the Budget Deficit, did she?
Nancy's 2019 and 2020 Budgets were all just spend, spend, spend, spend....

 

[colfax_m]

Anyone with a brain knows that if we want to balance the budget, it’s going to take tax increases and budget cuts.

Trump refused to consider entitlement or defense cuts. He lowered taxes. He’s not serious.

He lowered taxes and increased spending. He is completely irresponsible.

The House controls the purse strings. Nancy and her nitwits didn't do anything to improve the Budget Deficit, did she?
Nancy's 2019 and 2020 Budgets were all just spend, spend, spend, spend....

Trump and his Republicans nuked the budget when they passed their massive tax cut that didn’t do what it was claimed it would do.

 

[Brain357]

Anyone with a brain knows that if we want to balance the budget, it’s going to take tax increases and budget cuts.

Trump refused to consider entitlement or defense cuts. He lowered taxes. He’s not serious.

He lowered taxes and increased spending. He is completely irresponsible.

The House controls the purse strings. Nancy and her nitwits didn't do anything to improve the Budget Deficit, did she?
Nancy's 2019 and 2020 Budgets were all just spend, spend, spend, spend....

Republicans had full control for 2 years, they passed the tax cuts that flattened revenue. Trump demanded the increased military spending. He should have been pushing for cuts, not increases.

 

[AntonToo]

The US keeps borrowing money, $23T and counting, and that is "unsustainable" as reported by the GAO.
National debt of the United States - Wikipedia

The rest of the world appears to be more responsible.
How do US taxes compare internationally?
View attachment 304081

So to Balance the Budget and start paying down the Debt the US needs to seriously revamp the tax code. Here are my recommendations for a return to fiscal sanity:
A. Hire another "Grace Commission" to audit and fix the Federal budget deficit

B. Cut Spending $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)

US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing
Current US Defense Spending:
Year Military Veterans Foreign Aid Total Defense
2017 $598.70 billion $178.00 billion $46.30 billion $823.00 billion
2018 $631.20 billion $180.40 billion $49.00 billion $860.50 billion
2019 $684.60 billion $202.10 billion $54.30 billion $941.00 billion
2020 $737.90 billion $219.20 billion $53.10 billion $1.00 trillion

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 VAT)
3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b (stops hi-frequency traders)
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


D. Reform entitlements, Medicare & Social Security, currently projected to be insolvent:

Social Security will be unable to meet obligations (not technically "bankrupt") in 2034, paying only 79% of owed benefits, while it will be actually bankrupt around 2090.
Social Security fixes:
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 will be insolvent in 2026
Medicare Fixes:
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

maybe the government should just spend less

...why don't you actually read the post you are replying to next time?

 

[colfax_m]

Anyone with a brain knows that if we want to balance the budget, it’s going to take tax increases and budget cuts.

Trump refused to consider entitlement or defense cuts. He lowered taxes. He’s not serious.

He lowered taxes and increased spending. He is completely irresponsible.

It’s like someone claiming they want to get in shape and eats four pizzas the next day.