This tar baby shows up every month it seems like. But very few do any research or bother to understand what goes into a Federal budget or how taxes are collected or how income is redistributed. The top 1% of earners pay almost 40% of taxes. The top 5% pay almost 60% of taxes. The top 25% pay over 85% of taxes. The bottom 50% pays less than 3%.
Originally Posted by blue3122
So income inequality is a huge problem in this country. We get it.
The Laffer curve, which can sometimes be oversimplified, has shown that our tax revenues are somewhat steady at around 19% of the GDP, no matter what the tax rates. (But only since WW II).
I didn't realize the Laffer Curve even addressed this. But since you brought it up, at what percent of GDP are we now being taxed at? Foreshadowing: It ain't 19%. Not even close.
So if we want more revenues, the way to get them is not to tax more but to grow the GDP.
Or we can raise taxes to where we're being taxed at 19% of GDP.
When Social Security was enacted, the minimum age to withdraw was 65 and the average life expectancy of men was 66.5. (the workforce was overwhelmingly men back then)
Only a little misleading given that the life expectancy of men who reached 65 was closer to 77. Nevertheless, the life expectancy of men who reach 65 has increased so point taken.
Given the lack of leadership, can we throw the bums out and start over? Dept of Education. Since 1960, we now spend 2.5 times more (in real dollars) but have essentially the same outcomes. Dept of Agriculture (I grew up on a farm.). Probably 75% of this can go. Dept of Commerce. Cut it by 90%. Dept of Interior. Cut in half. Dept of State. Fu*) foreign aid. Dept of Energy. Fold into Dept of Interior. Cut by 75%.
Unless we cut, and with a chain saw, not a scalpel, this will just get passed down the line.
But your examples are mostly scalpels. Why not mention defense? In all this argument, nobody wants to mention defense.
The current occupant of 1600 Pennsylvania Avenue has a plan. Here it is. Pass some completely watered down package then run against some inept candidates until re-election, which given that 50% of the voters pay NO taxes, he will likely win.
Again with the misleading comments. Disappointing given the second sentence in your own post. Everyone pays taxes. Buy a gallon of gas, pack of cigarettes etc etc etc, you pay taxes. And i also doubt that 50% of people who actually vote pay no INCOME taxes, given the demographics that make up that 50%. Nice try though.
some other random issues. I re-read the constitution last month. I never found the part where affordable healthcare is a right or guaranteed. I also never found the part that says every student can go to college and get loans and grants.
So.....you.....skipped over the part about promoting the general welfare?
Eliminate or reduce to 5% Capital gains taxes. Capital gains taxes are a barrier between ideas and capital. This is job creation mechanism. This is very hard for people who have not been in start up companies to understand but it is probably one of the best job creators.
Funny, that's the same argument Larry Kudlow used when the proposal was to cut the capital gains tax to 15%. I'll let ya know when i figure out if he was lying, or just wrong. I haven't paid attention to him in awhile, but i would guess he would be on board with your proposal. So his (assumed) willingness to ignore the fact that he was wrong leads me to think he was just lying.
Only Japan of the top 50 nations (in GDP) has a higher tax rate, yet we collect less because of all the breaks.
So we want to be like all the other countries in how we tax, but not in how we care for our citizens vis a vis healthcare?
Just eliminate this and let the income pass through to individuals where it can be taxed. No one would argue with Dividends taxes if it was only a single taxation and not a double taxation.
And do we have a special tax rate in mind for dividend income? 5% perhaps?
Not sure what the rest of you do when you run out of money, but I quit spending. the buffoons in washington can't seem to get that Quit fucking spending into their blunt heads.
So you and your business are entirely debt free?