2020 and the National Debt

[kyzr]

1. The Wealthy are the top 5% of incomes.
2. They are too powerful. I don't want to become Mexico with a few Trillionaires and the rest of us homeless peons.
3. I am worried about "middle-class" me. Medicare will go bankrupt in 2026, and SS will be insolvent in 2037 unless the DC coxuckers fix entitlements and the Budget Deficit and the $23T Debt. Here are a few ideas how to fix the deficits:

A. Hire another "Grace Commission" to audit and fix the Federal budget deficit

B. Cut Spending: [CUT $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)

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 (VAT) +$400b
3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
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:

LeBron James is wealthy but he is a pauper compared to Bill Gates. Do you think he cares? No. Worry about yourself and you will be fine. Billionaires and millionaires are people like you and I. For work I work with many and most built it themselves out of nothing or very little.

The wealthy need guard rails to keep from ruining the economy and the middle class. Obama famously said: "those jobs are not coming back"



Trump recognized that the politicians are just whores for Wall Street and their donors and they got more money for more jobs and factories being moved overseas. Outsourcing was good for Wall Street but not good for Main Street. Whose side are you on? I'm on Trump's side as long as he keeps making more US jobs.

A 7% tax increase on the Top Tax Rate will not affect their lives very much. Mike Bloomberg, Gates, Bezos, Walton, Buffett, Zuckerberg, Ellison, Page, Brin, Koch brothers, etc. would never notice it. Yet it is essential to balance the Budget.
Jeff Bezos, Bill Gates are among 30 among all-time richest Americans

I'm happy they built successful businesses, but they need to share the wealth more.

They do share by employing thousands

Employees make them more money.
Taxes are what they pay to keep the country functioning properly, so that they can continue to make mo' money.

If I put my life savings and take a bank loan and start a company and 20 years later it is worth $50mil and I employ 300 people then explain how employees make me more $$ when I took the risk and I gave them jobs. I still Pay more in taxes in terms of absolute dollars but the % should be the same. 25% of $1mil is $250k. While 25% of $100k is $25k. I am Already paying $225k more. How much more do you want to take from me?

1. The employees helped you make your company function and grow and make money.
2. You had the idea, took the risk and made a lot of money, be grateful, not arrogant
3. We know that your tax attorneys make you a lot more money because of the loopholes that need to be closed.
4. Paying an additional 7% or so in taxes to keep the US from going into default is a small price to pay to keep entitlements fully funded and your workers secure in their retirement.

Once again, the top 5% are doing way better than the rest of us, paying taxes isn't going to hurt your standard of living.

 

[AzogtheDefiler]

LeBron James is wealthy but he is a pauper compared to Bill Gates. Do you think he cares? No. Worry about yourself and you will be fine. Billionaires and millionaires are people like you and I. For work I work with many and most built it themselves out of nothing or very little.

The wealthy need guard rails to keep from ruining the economy and the middle class. Obama famously said: "those jobs are not coming back"



Trump recognized that the politicians are just whores for Wall Street and their donors and they got more money for more jobs and factories being moved overseas. Outsourcing was good for Wall Street but not good for Main Street. Whose side are you on? I'm on Trump's side as long as he keeps making more US jobs.

A 7% tax increase on the Top Tax Rate will not affect their lives very much. Mike Bloomberg, Gates, Bezos, Walton, Buffett, Zuckerberg, Ellison, Page, Brin, Koch brothers, etc. would never notice it. Yet it is essential to balance the Budget.
Jeff Bezos, Bill Gates are among 30 among all-time richest Americans

I'm happy they built successful businesses, but they need to share the wealth more.

They do share by employing thousands

Employees make them more money.
Taxes are what they pay to keep the country functioning properly, so that they can continue to make mo' money.

If I put my life savings and take a bank loan and start a company and 20 years later it is worth $50mil and I employ 300 people then explain how employees make me more $$ when I took the risk and I gave them jobs. I still Pay more in taxes in terms of absolute dollars but the % should be the same. 25% of $1mil is $250k. While 25% of $100k is $25k. I am Already paying $225k more. How much more do you want to take from me?

1. The employees helped you make your company function and grow and make money.
2. You had the idea, took the risk and made a lot of money, be grateful, not arrogant
3. We know that your tax attorneys make you a lot more money because of the loopholes that need to be closed.
4. Paying an additional 7% or so in taxes to keep the US from going into default is a small price to pay to keep entitlements fully funded and your workers secure in their retirement.

Once again, the top 5% are doing way better than the rest of us, paying taxes isn't going to hurt your standard of living.
View attachment 298051

This is not "me" this is an example. I am already paying $225k more in my example than a person making $100k. That is not enough for you? This is not arrogance, this is me not trusting the Gov't to use the monies correctly.

 

[kyzr]

The wealthy need guard rails to keep from ruining the economy and the middle class. Obama famously said: "those jobs are not coming back"



Trump recognized that the politicians are just whores for Wall Street and their donors and they got more money for more jobs and factories being moved overseas. Outsourcing was good for Wall Street but not good for Main Street. Whose side are you on? I'm on Trump's side as long as he keeps making more US jobs.

A 7% tax increase on the Top Tax Rate will not affect their lives very much. Mike Bloomberg, Gates, Bezos, Walton, Buffett, Zuckerberg, Ellison, Page, Brin, Koch brothers, etc. would never notice it. Yet it is essential to balance the Budget.
Jeff Bezos, Bill Gates are among 30 among all-time richest Americans

I'm happy they built successful businesses, but they need to share the wealth more.

They do share by employing thousands

Employees make them more money.
Taxes are what they pay to keep the country functioning properly, so that they can continue to make mo' money.

If I put my life savings and take a bank loan and start a company and 20 years later it is worth $50mil and I employ 300 people then explain how employees make me more $$ when I took the risk and I gave them jobs. I still Pay more in taxes in terms of absolute dollars but the % should be the same. 25% of $1mil is $250k. While 25% of $100k is $25k. I am Already paying $225k more. How much more do you want to take from me?

1. The employees helped you make your company function and grow and make money.
2. You had the idea, took the risk and made a lot of money, be grateful, not arrogant
3. We know that your tax attorneys make you a lot more money because of the loopholes that need to be closed.
4. Paying an additional 7% or so in taxes to keep the US from going into default is a small price to pay to keep entitlements fully funded and your workers secure in their retirement.

Once again, the top 5% are doing way better than the rest of us, paying taxes isn't going to hurt your standard of living.
View attachment 298051

This is not "me" this is an example. I am already paying $225k more in my example than a person making $100k. That is not enough for you? This is not arrogance, this is me not trusting the Gov't to use the monies correctly.

Citizens need to pay taxes to fund the government. I'm not an advocate of the "Fair Tax" or "Flat Tax". I think that the current progressive tax rates are close to fair. I'm also okay with adding a (VAT) or ~3% Fed sales tax to get to a balanced budget. We can't keep borrowing $1T a year to fund the government, and paying $400b a year in interest, and climbing, that will end in disaster.

 

[AzogtheDefiler]

They do share by employing thousands

Employees make them more money.
Taxes are what they pay to keep the country functioning properly, so that they can continue to make mo' money.

If I put my life savings and take a bank loan and start a company and 20 years later it is worth $50mil and I employ 300 people then explain how employees make me more $$ when I took the risk and I gave them jobs. I still Pay more in taxes in terms of absolute dollars but the % should be the same. 25% of $1mil is $250k. While 25% of $100k is $25k. I am Already paying $225k more. How much more do you want to take from me?

1. The employees helped you make your company function and grow and make money.
2. You had the idea, took the risk and made a lot of money, be grateful, not arrogant
3. We know that your tax attorneys make you a lot more money because of the loopholes that need to be closed.
4. Paying an additional 7% or so in taxes to keep the US from going into default is a small price to pay to keep entitlements fully funded and your workers secure in their retirement.

Once again, the top 5% are doing way better than the rest of us, paying taxes isn't going to hurt your standard of living.
View attachment 298051

This is not "me" this is an example. I am already paying $225k more in my example than a person making $100k. That is not enough for you? This is not arrogance, this is me not trusting the Gov't to use the monies correctly.

Citizens need to pay taxes to fund the government. I'm not an advocate of the "Fair Tax" or "Flat Tax". I think that the current progressive tax rates are close to fair. I'm also okay with adding a (VAT) or ~3% Fed sales tax to get to a balanced budget. We can't keep borrowing $1T a year to fund the government, that will end in disaster.

I am OK with a 2% federal sales tax. This way the rich will pay more because they will buy more expensive items. Boom...we agree.

 

[JoeB131]

If I put my life savings and take a bank loan and start a company and 20 years later it is worth $50mil and I employ 300 people then explain how employees make me more $$ when I took the risk and I gave them jobs. I still Pay more in taxes in terms of absolute dollars but the % should be the same. 25% of $1mil is $250k. While 25% of $100k is $25k. I am Already paying $225k more. How much more do you want to take from me?

Your fair share.

The funny thing is, you wouldn't have been able to take that loan if we didn't have a federally insured banking system.

You wouldn't have been able to start that company without government paid utilities, fire protection, police protection, etc.

Or as a very wise man said, "You didn't build that."

 

[AzogtheDefiler]

If I put my life savings and take a bank loan and start a company and 20 years later it is worth $50mil and I employ 300 people then explain how employees make me more $$ when I took the risk and I gave them jobs. I still Pay more in taxes in terms of absolute dollars but the % should be the same. 25% of $1mil is $250k. While 25% of $100k is $25k. I am Already paying $225k more. How much more do you want to take from me?

Your fair share.

The funny thing is, you wouldn't have been able to take that loan if we didn't have a federally insured banking system.

You wouldn't have been able to start that company without government paid utilities, fire protection, police protection, etc.

Or as a very wise man said, "You didn't build that."

That doesn’t make any logical sense as I dont have that business but my taxes still pay for those services and the loan comes with fees and interest that I would have paid. You’re so uneducated. I did Build it in that example. Thankfully you cannot reproduce so your stupidity and bigotry will die with you and soon.

 

[JoeB131]

That doesn’t make any logical sense as I dont have that business but my taxes still pay for those services and the loan comes with fees and interest that I would have paid. You’re so uneducated. I did Build it in that example. Thankfully you cannot reproduce so your stupidity and bigotry will die with you and soon.

Actually, you really didn't. Most businesses fail, and we have a whole lot of tax breaks to let them do it.

 

[AzogtheDefiler]

That doesn’t make any logical sense as I dont have that business but my taxes still pay for those services and the loan comes with fees and interest that I would have paid. You’re so uneducated. I did Build it in that example. Thankfully you cannot reproduce so your stupidity and bigotry will die with you and soon.

Actually, you really didn't. Most businesses fail, and we have a whole lot of tax breaks to let them do it.

And those that succeed we should laud and not over tax.

 

[JoeB131]

And those that succeed we should laud and not over tax.

Nope, they should still pay their fair share. The country works much better when they do.

The problem is, we subsidize them when they fail and give them huge tax breaks when they "succeed" in exploiting workers and consumers...

 

[AzogtheDefiler]

And those that succeed we should laud and not over tax.

Nope, they should still pay their fair share. The country works much better when they do.

The problem is, we subsidize them when they fail and give them huge tax breaks when they "succeed" in exploiting workers and consumers...

Define “fair share”. Those same services you mentioned many people use who don’t pay any taxes so by your logic we should deny them these services.

 

[JoeB131]

Define “fair share”. Those same services you mentioned many people use who don’t pay any taxes so by your logic we should deny them these services.

Again, what they paid before Reagan fucked it all up.

That's fair.

 

[AzogtheDefiler]

Define “fair share”. Those same services you mentioned many people use who don’t pay any taxes so by your logic we should deny them these services.

Again, what they paid before Reagan fucked it all up.

That's fair.

Nope. In terms of true taxes paid it hasn’t changed.

 

[basquebromance]

big gov sucks!

 

[dudmuck]

big gov sucks!

oh yea big gov off to war!

 

[Kosh]

I've heard a little talk around here from time to time about the National Debt with each side blaming the other side for the size of it. I just checked the amount of the debt, and it's going up a million dollars in the time that I was there, and considering that was a few minutes ago. The National Debt as of 12/29/2019 is $23,160,651,000,000.00 as of CST 8:44 pm.

U.S. National Debt Clock : Real Time

How important do you think the National Debt is going to be in the election of 2020? Is that too much money right now? Please add your thoughts below. Voting on this poll ends in 45 days. Thank you.

Neither party cares about the debt or the fact that Social Security will become insolvent in about 5 years!

 

[beautress]

I've heard a little talk around here from time to time about the National Debt with each side blaming the other side for the size of it. I just checked the amount of the debt, and it's going up a million dollars in the time that I was there, and considering that was a few minutes ago. The National Debt as of 12/29/2019 is $23,160,651,000,000.00 as of CST 8:44 pm.

U.S. National Debt Clock : Real Time

How important do you think the National Debt is going to be in the election of 2020? Is that too much money right now? Please add your thoughts below. Voting on this poll ends in 45 days. Thank you.

Neither party cares about the debt or the fact that Social Security will become insolvent in about 5 years!

You must not be near retirement age and got squeezed out of 7.5% of your paycheck for 40 years. Stuttering Nancy talks the talk of working for the little man, then takes his savings for retirement and puts it to whatever Mrs. "I'm the most powerful woman in the world" Pelosi wishes for the moment, which is for her personal friends, not the people who earned the 7.5% that she took out of their paychecks when they had no choice but to fork it over. She's the most abusive powermonger in the world.