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

[Blues Man]

"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.

How is the national debt my fault?

IMO if you have voted for any republican or any democrat in the last 90 years then the debt is your fault

I have never voted for a candidate from either party because even when I was 18 I was smart enough to know that neither party cares about the debt

 

[Blues Man]

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.

The debt still went up.

EVERY single president since the 1930's regardless of party has increased the national debt.

My god man when all you have is "My guy didn't increase the debt as much as your guy" as a reason to vote you have not only drunk the Kool Aid but have asked for seconds

 

[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.........

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

So

 

[22lcidw]

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.

So what are you going to do? If a person makes 25 thousand dollars a year are you going to raise his taxes 2 thousand dollars?

 

[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.

The debt still went up.

EVERY single president since the 1930's regardless of party has increased the national debt.

My god man when all you have is "My guy didn't increase the debt as much as your guy" as a reason to vote you have not only drunk the Kool Aid but have asked for seconds

Yeah lets not point out why deficits just rapidly increased.... Trump is one of the WORST. Huge deficits during a strong economy and they are the direct result of his policy. The tax cuts flattened revenue and then he lead the way for spending increases with military 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.

So what are you going to do? If a person makes 25 thousand dollars a year are you going to raise his taxes 2 thousand dollars?

Should probably start by taking back the tax cuts that didn't do anything for the economy. Those were clearly a big mistake.

 

[JWBooth]

Nobody is overtaxed. The responsible thing is to spend and borrow far less

 

[francoHFW]

Nobody is overtaxed. The responsible thing is to spend and borrow far less

the middle class and our infrastructure have been going to hell for 35 years under this GOP flat tax give away to the rich and screw job for everyone else. We need to tax the rich more like their fair share and tax everyone else less and catch up with the rest of the modern world again. Only the brain wash makes this mess possible.

Every time the GOP gets 8 years they destroy the world economy. A total disaster and somehow a secret lol....

 

[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.

So

so that is why gold still held some value.

 

[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.........

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

So

so that is why gold still held some value.

So.......again..................when you have nothing to hold value to your currency then you can manipulate your currency until the cows come home at Cadillac Ranch..............Currency Manipulation ............postal.

Andrew Jackson was the last to deal with this BS .......and the 2nd National Bank.

 

[JGalt]

"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.

You feel that Republicans and Democrats are the same animal, yet as far as I know, you've never offered up a viable presidential candidate who isn't part of the "duopoly" you claim to have so much disdain for.

I'm sure there are a few of them lurking about, with highfalutin starry-eyed ideals about "balancing the budget" and "cutting spending" but truthfully, none of them have ever come close to actually winning an election, have they?

Those non-dupolitic candidates are pretty good at blowing smoke up your ass and they probably talk a good talk, but what makes you think they'd actually deliver what they promise? After all, they're just politicians like everyone else. All they want is to get elected.

 

[Harpy Eagle]

So.......again..................when you have nothing to hold value to your currency then you can manipulate your currency until the cows come home at Cadillac Ranch..............Currency Manipulation ............postal.

Andrew Jackson was the last to deal with this BS .......and the 2nd National Bank.

and when you control the value of what your currency is tied to the same thing occurs.

 

[bripat9643]

So.......again..................when you have nothing to hold value to your currency then you can manipulate your currency until the cows come home at Cadillac Ranch..............Currency Manipulation ............postal.

Andrew Jackson was the last to deal with this BS .......and the 2nd National Bank.

and when you control the value of what your currency is tied to the same thing occurs.

Government doesn't control the value of anything.

 

[JGalt]

"Taxes are too low" said nobody ever.

"Spending is too high" says everybody with a brain.

The filthy ass US government spends more money on the cost of government than the GDP of all but a few countries on earth. If you include state and local spending the number is the GDP of all but about three other countries.

The cost of combined government both direct and indirect is usually the largest family expenditure, regardless of income.

One of the reasons the US has the largest economy in the world is because we are so far down that list. The best way to be less prosperous is to move further up that list. The best way to be even more prosperous is to move farther down the list.

Government spending sucks. There are a few necessary governments functions like defense, police, courts etc but we sure as hell don't need more entitlements, bailouts, grants, subsidies and other stupid stupid redistribution of income and wealth.

Geeze, anyone ask the Leftists where the 60 to 90 Tril over the next 10yrs is coming from to pay for their new programs?

Most of America isn't going to go for that, so to bolster support, what do they call it...…………………..why a CRISIS of course!

Look, there is no doubt that the GOP is NOT the end all, be all, of anything. But when you consider the craziness of what the Socialist Left wants to do, the GOP sounds downright rational, lol.

We don't need more government programs. We need less government programs.

Ron Paul's plan that he had in 2012 to cut the Federal government spending a trillion a year would be a good start.

Ron Paul's plan depended on two things: Whether or not you believed him, and whether or not Congress would cooperate with him.

Personally, he lost credibility with me when he said "Why shouldn't Iran have nukes? Everyone else has them..."

Plus there was that drug legalization thing of his. We don't need to become a nation of unproductive potheads, while Iran has nuclear weapons.

 

[Harpy Eagle]

You feel that Republicans and Democrats are the same animal, yet as far as I know, you've never offered up a viable presidential candidate who isn't part of the "duopoly" you claim to have so much disdain for..

what makes a candidate viable?

Here is the game that is played in America today...

A third party cannot win because nobody will vote for them...and nobody will vote for them because they cannot win...thus it becomes a self-fulfilling prophecy of circular reasoning..

It becomes an endless loop...A third party cannot win because nobody will vote for them...and nobody will vote for them because they cannot win.....A third party cannot win because nobody will vote for them...and nobody will vote for them because they cannot win.....A third party cannot win because nobody will vote for them...and nobody will vote for them because they cannot win.....A third party cannot win because nobody will vote for them...and nobody will vote for them because they cannot win.....A third party cannot win because nobody will vote for them...and nobody will vote for them because they cannot win.....A third party cannot win because nobody will vote for them...and nobody will vote for them because they cannot win.....A third party cannot win because nobody will vote for them...and nobody will vote for them because they cannot win

 

[Harpy Eagle]

Ron Paul's plan depended on two things: Whether or not you believed him, and whether or not Congress would cooperate with him.

Personally, he lost credibility with me when he said "Why shouldn't Iran have nukes? Everyone else has them..."

How is he wrong? What gives us the right to pick and choose who can and cannot have certain weapons?

Plus there was that drug legalization thing of his. We don't need to become a nation of unproductive potheads

That would not happen any more than us becoming a nation of unproductive drunks after the repeal of prohibition did.

 

[eagle1462010]

So.......again..................when you have nothing to hold value to your currency then you can manipulate your currency until the cows come home at Cadillac Ranch..............Currency Manipulation ............postal.

Andrew Jackson was the last to deal with this BS .......and the 2nd National Bank.

and when you control the value of what your currency is tied to the same thing occurs.

When Nixon came off the Gold Standard it was from a panic............where other nations wanted payment in Gold...............So he said we aren't giving you Gold...........here's paper instead..............We say it's GREAT......................

And so they just went ZOOM ZOOM ZOOM WITH PAPER............

Value should be tied...............to currency..............currency manipulation makes your money worth LESS.........unless you put guns to the heads of anyone who wants to go back to Gold because you are in TOO DEEP with the PETRO DOLLAR..........

 

[eagle1462010]

So.......again..................when you have nothing to hold value to your currency then you can manipulate your currency until the cows come home at Cadillac Ranch..............Currency Manipulation ............postal.

Andrew Jackson was the last to deal with this BS .......and the 2nd National Bank.

and when you control the value of what your currency is tied to the same thing occurs.

Government doesn't control the value of anything.

They take it VIA THEFT CALLED TAXATION.........

The more they take...........the less you have...........but it is for your own good.........LOL

 

[LA RAM FAN]

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

you work for the criminal bankers of the fed or something?

 

[DustyInfinity]

maybe the government should just spend less

That is a great plan, now if we could just get people like you to quit voting for one of the same two parties, neither of which will spend less.

That's great Gator. Can you point me to one of these magic politicians who don't spend like they are on crack.