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

[eagle1462010]

I'm not going to pretend to understand all the nuances of economic philosophy, but when your country's currency is based on FAITH, rather than actually having any tangible value, it makes no difference what your debt is. We owe $23T in "promissory notes" to all sorts of people. The people who print the promissory notes and own the bank that functions as our treasury prints them and hold a lot of that debt to itself.

It allows smaller countries to exist printing monopoly money to maintain a banking industry and economy in the same manner as long as they continue to cooperate. Then they can buy food, fuel, consumer and industrial supplies with monopoly money. If they revolt and oppose the globalist agenda, their credit rating suffers.

I don't believe a gold backed currency is the answer, because then you're limited on how much currency you can legitimately have in circulation. Take all the precious metal on earth and you're still under the annual GDP if you want cash backed on a tangible metal. (I think).

The debt certainly is an issue and I do hope Trump will be making an effort to restrain spending and start paying down that debt in the next 5 years. That said I also believe that money itself is a "bugaboo of small minds" to lift a quote from Robert Heinlein.


.

Even the gold backed currency depended upon faith as it was the same people telling us how much the gold was worth. Gold has no intrinsic value, it is pricey because we choose it to be so. I often laugh at all the people that stockpile gold for after the "collapse", like gold will somehow still have its value.

And yet in the Great Depression..........the Gov't tried to seize all of it........

Precious metals were a standard...........without any standard .......the sky is the limit.........run out of sky......SPACE THE FINAL FRONTIER............


Are we there yet.........

 

[kyzr]

We were at 5 % back in 1900.

We need a lot less taxes and a lot smaller government. That is the true moral of the story.

I'm not sure if many of the younger posters ever head of the Grace Commission?
I hope Trump authorizes a new "bi-partisan" commission to get us out of the fiscal mess.
Back in 1982 Reagan hired the Grace Commission to study the Federal government and make recommendations how to save money:
The Grace Commission - Wikipedia
The Grace Commission Report[4] was presented to Congress in January 1984. The report was in depth and showed that if its recommendations were followed, $424 billion could be saved in three years, rising to $1.9 trillion per year by the year 2000. It estimated that the national debt, without these reforms, would rise to $13 trillion by the year 2000, while with the reforms they projected it would rise to only $2.5 trillion.[5] The report's recommendations that intruded into policy were ignored by Congress, but many other efficiency recommendations were considered and some were implemented.[6]

The US national debt reached $5.6 trillion in the year 2000[7][8] and reached 13 trillion in 2010 after the subprime mortgage-collateralized debt obligation crisis in 2008.
The report said that one-third of all income taxes are consumed by waste and inefficiency in the federal government, and another one-third escapes collection owing to the underground economy. "With two thirds of everyone's personal income taxes wasted or not collected, 100 percent of what is collected is absorbed solely by interest on the federal debt and by federal government contributions to transfer payments. In other words, all individual income tax revenues are gone before one nickel is spent on the services that taxpayers expect from their government."[5]

We must all remember; and lets be real here----------->every time we try to LOCK the SS or Medicare box from politicians, they scream! We can have a conversation on those programs as adults, but we can NOT allow the tax stream to be diverted from them once we fix it, to the general fund.

BOTH of these entitlements were raided by politicians for their grand schemes, and now they threaten everyone that there is not enough money, so pony up again. Fine!

But you want us to pony up again? We want a law that the NEW money can ONLY go towards these programs, and just like it shows on paychecks and quarterly taxes, the amount is TRANSFERRED INTO A LOCK BOX, that you politicians can NOT get your hands on to spend!

Totally agree. We need the laws changed before its too late. When interest rates start rising, the interest on the Debt rises too, and that makes the budget deficit even worse. Medicare for all is a crazy idea. We paid for Medicare and we paid for our Social Security. The establishment keeps wasting money on endless wars. That needs to stop now.

 

[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

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

Na, just dump Medicaid and food stamps. Budget fixed.

Nope, cutting Medicaid and food stamps only cuts about half the budget deficit.
Here is the 2019 Federal Budget:
Mandatory spending $2.74T
Social Security $878b
Medicare $625b
Medicaid $412b
Welfare $462b (food stamps or SNAP is $71b)
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

 

[Terri4Trump]

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

Taxes are never too low. Spending is too high. Spend only for military, national security, and federal law enforcement (and maybe NASA) and slash the rest. Problem solved.

 

[TroglocratsRdumb]

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

If we deported our worthless Troglocrats to North Korea our debt would go down

 

[Bootney Lee Farnsworth]

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

The guy with $40,000 in credit card debt usually complains about his income being too low.


.

 

[jwoodie]

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

This is another of the Leftist myths. When you add up all of the federal and local taxes, fees, surcharges, licenses, levies and mandated contributions we pay, we are one of the highest taxed countries in the world.

 

[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

Na, just dump Medicaid and food stamps. Budget fixed.

Yeah lets give a huge tax cut to the wealthy and then stick it to the poor and working class.

 

[bripat9643]

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

There's no such thing as taxes that are too low.

 

[bripat9643]

"Taxes are too low" said nobody ever.

At least not in this country full of freeloaders like you that are happy to push their debt off on to the future generations.

GFY. I pay my own way. I need nothing from the government and don't vote for FreeSHitArmy candidates.

You vote for Repubs who spend just as much as the Dems.

You are part of the problem, not the solution.

Who should he vote for, Nimrod, Gary Johnson?

 

[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

There's no such thing as taxes that are too low.

Right, going trillions into debt is way better. We seem to have reached taxes that are too low. The trump tax cuts hurt revenue and did nothing to boost the economy. Completely irresponsible.

 

[Dont Taz Me Bro]

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

Then go move to the rest of the world where you can happily hand over more than half your income to the government. The Federal treasury takes in $4 trillion a year. They have plenty of money. The problem is they spend too damn much.

 

[bripat9643]

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

There's no such thing as taxes that are too low.

Right, going trillions into debt is way better. We seem to have reached taxes that are too low. The trump tax cuts hurt revenue and did nothing to boost the economy. Completely irresponsible.

False dichotomy. That isn't the only alternative. How about cutting spending?

 

[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

There's no such thing as taxes that are too low.

Right, going trillions into debt is way better. We seem to have reached taxes that are too low. The trump tax cuts hurt revenue and did nothing to boost the economy. Completely irresponsible.

False dichotomy. That isn't the only alternative. How about cutting spending?

How about we do like Trump and give another huge tax handout to the rich that hurts revenue AND increase spending?

 

[Harpy Eagle]

I'm not going to pretend to understand all the nuances of economic philosophy, but when your country's currency is based on FAITH, rather than actually having any tangible value, it makes no difference what your debt is. We owe $23T in "promissory notes" to all sorts of people. The people who print the promissory notes and own the bank that functions as our treasury prints them and hold a lot of that debt to itself.

It allows smaller countries to exist printing monopoly money to maintain a banking industry and economy in the same manner as long as they continue to cooperate. Then they can buy food, fuel, consumer and industrial supplies with monopoly money. If they revolt and oppose the globalist agenda, their credit rating suffers.

I don't believe a gold backed currency is the answer, because then you're limited on how much currency you can legitimately have in circulation. Take all the precious metal on earth and you're still under the annual GDP if you want cash backed on a tangible metal. (I think).

The debt certainly is an issue and I do hope Trump will be making an effort to restrain spending and start paying down that debt in the next 5 years. That said I also believe that money itself is a "bugaboo of small minds" to lift a quote from Robert Heinlein.


.

Even the gold backed currency depended upon faith as it was the same people telling us how much the gold was worth. Gold has no intrinsic value, it is pricey because we choose it to be so. I often laugh at all the people that stockpile gold for after the "collapse", like gold will somehow still have its value.

And yet in the Great Depression..........the Gov't tried to seize all of it........

Precious metals were a standard...........without any standard .......the sky is the limit.........run out of sky......SPACE THE FINAL FRONTIER............


Are we there yet.........

Even during the great depression there was still a functioning government.

 

[2aguy]

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

The rest of the world is living off of the United States......we protect them, we give them technological and medical advances.....and then they spend their money on expensive, unaffordable social welfare states....

 

[Dick Foster]

In answer to the title.
There is no law preventing anyone from paying more taxes than they have to. Just sit your ass right down, write out a check then send it in.
And until you do that, STFU because you have nothing to say.

 

[Brain357]

In answer to the title.
There is no law preventing anyone from paying more taxes than they have to. Just sit your ass right down, write out a check then send it in.
And until you do that, STFU because you have nothing to say.

Why would you do that when you know it will be used foolishly? We need a government that is responsible. Not one that gives tax cuts and increases spending.

 

[Dick Foster]

In answer to the title.
There is no law preventing anyone from paying more taxes than they have to. Just sit your ass right down, write out a check then send it in.
And until you do that, STFU because you have nothing to say.

Why would you do that when you know it will be used foolishly? We need a government that is responsible. Not one that gives tax cuts and increases spending.

Is it any less stupid than you voting for a Democrat? Hardly.

 

[Brain357]

In answer to the title.
There is no law preventing anyone from paying more taxes than they have to. Just sit your ass right down, write out a check then send it in.
And until you do that, STFU because you have nothing to say.

Why would you do that when you know it will be used foolishly? We need a government that is responsible. Not one that gives tax cuts and increases spending.

Is it any less stupid than you voting for a Democrat? Hardly.

Well deficits were much lower at the end of Obama. Republicans make dems look not so bad.