Fiscal Time bomb

[akelch]

Fiscal time bomb? Can't be. Just look at that stock market.

No...that is another bubble ready to pop.

 

[RoadVirus]

I would start by voting out all the the Teabaggers in the Congress and Senate. With them in there, nothing will be done on anything other than preservation of helium storage.

OldRocks seems to have a problem with the way we select our political representatives. It keeps his Messiah from doing whatever he wants.

 

[akelch]

I would start by voting out all the the Teabaggers in the Congress and Senate. With them in there, nothing will be done on anything other than preservation of helium storage.

Adopt the Buffet Rule. Middle class pays out about 30% in taxes, that should be the absolute minimum for those making over a million. No more 13% Romneys.

Why do we need to spend more than the next 14 nations combined for Defense? If we cut the budget to just that of the next 7 nations combined, wouldn't that be adaquete? Extend the SS tax to all income. Having a stable SS system is in the interest of the very wealthy, also.

How about 0% income tax?

With the Fair Tax everyone will pay into SS ever illegals, tourist, drug dealers, the rich and politicians!!

 

[TheSeventhTiger]

you have to wonder why Barry is off to Hawaii when he gets fired. Yah, hey, let the economy crash, at least I wont be around to deal with it.

 

[akelch]

FYI, only 53% of population pays income taxes...

 

[akelch]

Under the Fair tax 100+% will pay.
Accounting tourist and illegals.

 

[TheSeventhTiger]

how do dem's expect to pay for the trillions in unfunded liabilities without creating a few million jobs?

 

[dilloduck]

how do dem's expect to pay for the trillions in unfunded liabilities without creating a few million jobs?

Same way reps do----print it.

 

[TheSeventhTiger]

as I have mentioned before, how did so many millions of average americans vote for a guy who had no accomplishments, and never had a plan to bring back the economy. {making solar panels was going to save us?}

 

[Dugdale_Jukes]

Median individual income is at least a useful measure, so let's use that:

`$32,000 in 2006 (the peak)
​

Real world facts from 2010 on American individuals with an income:

75% of Americans earned less than $50,000/a
45% of Americans earned less than $25,000/a
​

 

[TheSeventhTiger]

and its no surprise that at least 10% of Americans (who work and/or have cash) hide money at home.

 

[akelch]

Median individual income is at least a useful measure, so let's use that:

`$32,000 in 2006 (the peak)
​

Real world facts from 2010 on American individuals with an income:

75% of Americans earned less than $50,000/a
45% of Americans earned less than $25,000/a
​

So what do you think is the best approach to raise these income levels?

 

[Dugdale_Jukes]

Median individual income is at least a useful measure, so let's use that:

`$32,000 in 2006 (the peak)
​

Real world facts from 2010 on American individuals with an income:

75% of Americans earned less than $50,000/a
45% of Americans earned less than $25,000/a
​

So what do you think is the best approach to raise these income levels

Tax programs are the easiest. No income taxes on first $50,000 of income, all investment and earned income taxed at same rates with zero deductions as follows

$50,001 to $99,999 taxed at 20%; the next
$100,000 to $999,999 taxed at 30%; then income above
$1,000,000 taxed at 35%
​

Other stuff that would help is cut military/national defense/federal policing to a max of 7% of budget except in times of declared war, get the feds completely out of education, eliminate multilateral trade agreements.

 

[akelch]

Median individual income is at least a useful measure, so let's use that:

`$32,000 in 2006 (the peak)
​

Real world facts from 2010 on American individuals with an income:

75% of Americans earned less than $50,000/a
45% of Americans earned less than $25,000/a
​

So what do you think is the best approach to raise these income levels

Tax programs are the easiest. No income taxes on first $50,000 of income, all investment and earned income taxed at same rates with zero deductions as follows

$50,001 to $99,999 taxed at 20%; the next
$100,000 to $999,999 taxed at 30%; then income above
$1,000,000 taxed at 35%
​

Other stuff that would help is cut military/national defense/federal policing to a max of 7% of budget except in times of declared war, get the feds completely out of education, eliminate multilateral trade agreements.

Why income tax? Wouldn't consumption tax be better?

 

[Pop23]

I would start by voting out all the the Teabaggers in the Congress and Senate. With them in there, nothing will be done on anything other than preservation of helium storage.

Adopt the Buffet Rule. Middle class pays out about 30% in taxes, that should be the absolute minimum for those making over a million. No more 13% Romneys.

Why do we need to spend more than the next 14 nations combined for Defense? If we cut the budget to just that of the next 7 nations combined, wouldn't that be adaquete? Extend the SS tax to all income. Having a stable SS system is in the interest of the very wealthy, also.

How about 0% income tax?

With the Fair Tax everyone will pay into SS ever illegals, tourist, drug dealers, the rich and politicians!!

I'm with ya on that. So many pluses, plus no April 15!

 

[Dugdale_Jukes]

So what do you think is the best approach to raise these income levels

Tax programs are the easiest. No income taxes on first $50,000 of income, all investment and earned income taxed at same rates with zero deductions as follows

$50,001 to $99,999 taxed at 20%; the next
$100,000 to $999,999 taxed at 30%; then income above
$1,000,000 taxed at 35%
​

Other stuff that would help is cut military/national defense/federal policing to a max of 7% of budget except in times of declared war, get the feds completely out of education, eliminate multilateral trade agreements.

Why income tax? Wouldn't consumption tax be better?

Depends on the objective. If you want to hammer down consumption, a consumption tax works great. If you want more consumption then a consumption tax is exactly the wrong prescription.

 

[Toddsterpatriot]

I would start by voting out all the the Teabaggers in the Congress and Senate. With them in there, nothing will be done on anything other than preservation of helium storage.

Adopt the Buffet Rule. Middle class pays out about 30% in taxes, that should be the absolute minimum for those making over a million. No more 13% Romneys.

Why do we need to spend more than the next 14 nations combined for Defense? If we cut the budget to just that of the next 7 nations combined, wouldn't that be adaquete? Extend the SS tax to all income. Having a stable SS system is in the interest of the very wealthy, also.

Middle class pays out about 30% in taxes,

Really? How much money does this "middle class" make?
How do they pay 30%? Any proof of your claim?

 

[Toddsterpatriot]

We as a nation have a fiscal time bomb ticking and I see little concern from Washington and the media about it.

If we are really serious about avoiding a national/global fiscal collapse then we need to address Paying off our debt and balancing our budget. There are 3 ways to do this...and it will take all 3.

1. Raise more government revenue.
2. Increase the size of the economy
3. Stop wasting money

Where would you start?

For me it is the Fair Tax Plan...what say you?

It would be hard to do #2 after you've done #1.

That is why I like the Fair Tax plan.
With NO cost to businesses (income taxes, SS, Medicare, capital gains, etc.)
There will be a explosion of investment and foreign companies moving to the US.
Current US companies currently have around $2 to $3 Trillion dollars sitting overseas that is not coming back to the US because of the "triple" taxes they would incur.

This alone would increase federal revenue.

Plus, we would widen the tax base to illegal jobs (drug dealers, theft, etc.) and to foreign visitors and tourist.

More investment
More jobs
More people paying taxes

More government revenue

How much will prices increase under this plan?

 

[Toddsterpatriot]

why didn't the congress force Obama to lower our Capital Gains Tax to 15-20% as part of any legislation deal in the first place? That is what they should of done when they were debating a number of things in 2010, especially the extension of Unemployment/Bush Taxes, they should of added lowering capital gains way down to closer to 15/20% as part of the deal! then Obama would of been at fault for ending unemployment if he refused!

Lowering Capital Gains tax rate really had an overall positive effect?
Check out how many jobs got shipped offshore after the 15% rate went into effect. Seems the job creators thought that since the US dropped their tax rate, they'd reward foreign workers instead of investing in the country that gave them a tax break that fattened their billfolds.

Seems the job creators thought that since the US dropped their tax rate, they'd reward foreign workers instead of investing in the country that gave them a tax break

You're right, we need to raise rates, a lot, because nothing makes companies invest more money like higher tax rates.

 

[akelch]

Tax programs are the easiest. No income taxes on first $50,000 of income, all investment and earned income taxed at same rates with zero deductions as follows

$50,001 to $99,999 taxed at 20%; the next
$100,000 to $999,999 taxed at 30%; then income above
$1,000,000 taxed at 35%
​

Other stuff that would help is cut military/national defense/federal policing to a max of 7% of budget except in times of declared war, get the feds completely out of education, eliminate multilateral trade agreements.

Why income tax? Wouldn't consumption tax be better?

Depends on the objective. If you want to hammer down consumption, a consumption tax works great. If you want more consumption then a consumption tax is exactly the wrong prescription.

If the cost of products jump 23% I would agree with you.....but
What if the cost of products and services don't change and there is no tax on income, capital gains, or any payroll taxes?

http://www.fairtax.org