Yes it’s doable. But only if we start raising revenues. That means raising taxes. Taxes up and down the income ladder. Every single person will have to pay at least a little bit more. The more income the higher the rate.WRONG 1000% wrong. Raising tax rates has never been the answer. Gingrich/Clinton proved this from 1994 to 1998.
Good luck getting anyone in congress to vote for that. Originally Posted by txdot-guy
WRONG 1000% wrong. Raising tax rates has never been the answer. Gingrich/Clinton proved this from 1994 to 1998.And it was followed up with more tax cuts under Bush and massive spending on the war on terror. And then the 2008 housing collapse.
Reducing spending only way this will happen. Originally Posted by farmstud60
And it was followed up with more tax cuts under Bush and massive spending on the war on terror. And then the 2008 housing collapse.The first thing that needs to be done is banning baseline budgeting from the Federal government.
At this point cutting taxes even further is not the answer. Originally Posted by txdot-guy
Third is to scrap the power grabbing micro managing progressive income tax code and replace with a flat tax. Originally Posted by farmstud60I’m not sure what the solution will be but it certainly will not be a flat tax. My guess is a combination of spending cuts with corresponding increases in all tex rates in all tax brackets and increases in the capital gains tax rates and increases in the inheritance taxes as well. If they could clean up the tax code at the same time that would be helpful as well. Anything that increases efficiency in the tax system is a net benefit to everyone but the tax preparation industry.
I’m not sure what the solution will be but it certainly will not be a flat tax. My guess is a combination of spending cuts with corresponding increases in all tex rates in all tax brackets and increases in the capital gains tax rates and increases in the inheritance taxes as well. If they could clean up the tax code at the same time that would be helpful as well. Anything that increases efficiency in the tax system is a net benefit to everyone but the tax preparation industry. Originally Posted by txdot-guy
You don't get it, open your eyes, The tax code is too complicated and when you get to complicated tax returns that small business owners file there is no correct tax amount do. 10 accountants and 10 IRS agents will go over the return and get 20 different answers for the amount of tax owed. Originally Posted by farmstud60Nonetheless our budgetary priorities must include spending cuts, or operational efficiencies, or more revenue or better yet a combination of all three. It requires the ability for our elected representatives to come together and take responsibility for the problems our previous administrations have created.
Nonetheless our budgetary priorities must include spending cuts, or operational efficiencies, or more revenue or better yet a combination of all three. It requires the ability for our elected representatives to come together and take responsibility for the problems our previous administrations have created. Originally Posted by txdot-guyStep one Get rid of baseline budgeting.