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AD says
The key is how much debt payment or service is as a percentage of total expenditures as well examine further as far as percentage of total tax receipts
The national debt goes up a trillion dollars in less than 100 days.
This is the national debt graphed on a logarithmic scale, since 1971 - when the US abandoned the gold standard:
That's our debt on a log scale. The country is fucked. People just ignore it and think it's no big deal. The next generation will be a generation of slaves.
I was talking to a deluded liberal MD friend of mine who resides in San Diego; he thinks he's gonna owe $100,000 in taxes for 2023.
He doesn't mind, maybe he likes the reverse bragging rights?
A person that gets a return on $60k income with a family of 2 kids, likely paid $0 in federal taxes.
Yet they think they paid taxes because they filed. Yes, you did your taxes, it doesn't mean you paid a dime at the end of the day.
That's our debt on a log scale. The country is fucked. People just ignore it and think it's no big deal. The next generation will be a generation of slaves.
But I remember them saying this in the 80s... How their kids (in other words anyone Gen X or younger) would be debt slaves to Japan (this was before the rise of China).
The time of fixing this is over.
I already see improvement with debt to GDP ratio and I think it will get better when the Trump tax cuts expire
In the original intent of the income tax when they passed a Constitutional Amendment to allow it, income tax was supposed to apply to only the wealthy. Therefore, keeping with that spirit, the $60k guy should not have to pay it.
When the Trump tax cuts were first implemented, did tax revenue increase? If so, then the increased taxation when the cuts expire may curtain enough economic activity that collections actually decrease.
the Dept. of Defense today is needed
clambo says
the Dept. of Defense today is needed
Wasn't needed in the late 1700's when we handed the greatest Army in the world their asses.
It's not, they are losing
They need people to man their side,
clambo says
the Dept. of Defense today is needed
Wasn't needed in the late 1700's when we handed the greatest Army in the world their asses.
AD says
that one Patnet poster who I think is a Naval Academy alum
We have a Canoe U poster here?
You don't need a 2 million standing army (i..e, active duty , not reserve and national guard). You don't need that with the technology of war today.
Its about about the Pentagon wisely spending taxpayer dollars to ensure the adequate readiness level.
With quite a spot of help from the French. I 1812 we could not stop the British from landing near Yorktown and marching around 100 miles to sack Washinton.
I have an inherited IRA worth about $200K and I take about $10K out which is going up each year (RMD is based on my age).
Headset, I believe the RMD rules that applied when I inherited in 2017 it still apply.
Submarines, not Carriers, are the wave of the future.
No one conquers a people without a ground invasion.
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Until the 16th ammendment was passed in the early 1900's, we got by without fedetal income taxes. Tariffs did the trick. Of course, we were not yet the superpower we became, huge millitary and all, and there were not nearly the federally funded social programs we have today.
Frankly, I don't think your average American realizes how heavily they are taxed. Federal. State (with some excaptions) Property. School. Gas. Sales. Etc.
For most in the middle and upper middle class, federal income tax is the biggest share of taxes paid on a percentage basis.
In a modern captalist economy, it makes more sense to me to tax consumption rather than income.
So why not abolish the federal income tax, and instead have a federal tax on goods and services rendered. Better yet, couple it with a balanced budget amment so that the government can't spend money they don't have.
Taxing goods should be straightforward to implement. Buy a bag of rice, clothes, a house, a car, stock, etc. tax it at a nominal rate to raise sufficent revenue to keep the government running. Tax should apply to individuals and corporations alike. I have no idea what the rate would need to be to replace the lost income income revenue, but there must be a way for the been counters to figure that out.
Same holds for services. From your lawyer to your plumber to your accountant.. services rendered should also be taxed... possibly at a different rate than physical goods, since we are a "service based economy".
Just thinking out loud here.. In the 21st century there MUST be a better way to raise revenue than income tax and the various loopholes used to reduce or even avoid ones tax burden.