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Ok… so start listing whatever it is you think will amount to some large amount of money and the way to cut taxes so that the loss won’t affect the economy ( which was how the discussion began)
This should be a substantial sum on both accounts and not just a couple of programs you happen not to like
Tax expenditures ARE spending.And how do you propose we do that? My idea is the only thing that can bring spending under control, but good luck finding a rep that would introduce such an idea.
No, your people spent the money, now they expect us to pay for it.
Tax expenditures ARE spending.
And you eliminate them by banning them. Easy peasy.
However, tax expenditures are the bread and butter of campaign cash, so our corrupt incumbents will never ban them. And they will get away with it due to the ignorance of the citizenry.
Republicans will blame Mexicans for our debt, Democrats will blame the climate.
But the real enemy is tax expenditures.
If we can't cut major programs then if we have to have deficit spending, it should be the least amount possible.
This country is headed for collapse; maybe not in the next couple of years, but it's going to happen. There is no need to put that on fast track.
That money was spent by the US. Of course, you not being a citizen don’t have to pay for it.
Ask the pint sized Commie moron how many times we have defaulted on our debt in the 22 times the govt was shut down.
All we have to do is repeal all of the tax cuts for the filthy rich , and corporations of the last 40 years, and the problem goes away.
You can deflect and bullshit all you want, but that debt is the direct result of the Reagan, Bush2, and Trump tax cuts, along with out of control military spending, even generals scoffed at.
There were no problems before that. This what happens when you allow people with so much money that they think they are kings and queens influence national policy.
Tell us another story.Democrats tax and spend
Republicans cut taxes and keep spending
www.washingtontimes.com
Spending is expected, controlling the spending is something neither party is wanting to do. Cut corporate welfare, defense, social programs, simplify systems and reduce the duplicitous red tape.Do you think spending will ever stop? Spending on what? Most people like you who bitch about spending want your smooth roads, good schools, social security, medicare, police, clean air, strong military, etc.
What do you want to cut spending on?
/——/ It wasn’t good for Trump, it’s not good for America, and that’s why democRATs are pushing it.Preparing to ‘play chicken’ with default: Understanding Republicans’ ‘debt limit terror’
The United States is the only major industrial nation with a debt ceiling. America’s debt ceiling, moreover, applies only to budgetary appropriations that have already been made; it has no impact on future spending or borrowing. Indeed, as one legal scholar has argued, since legislation passed by Congress and signed by the president implicitly authorizes the U.S. Treasury to spend the money necessary to implement it, a separate requirement to increase the accrued debt creates the possibility of default, and may therefore be unconstitutional.
In any event, although debates about the national debt have become increasingly partisan, Congress and the president have agreed to increase the debt ceiling over 100 times since World War II. The debt limit has also been “suspended” — a distinction, made for political reasons, without a substantive difference — seven times. The debt ceiling was raised three times while Donald Trump was President. In 2019, when Congress suspended the debt ceiling until July 2021, Trump exulted that the agreement was “phenomenal.” The ceiling has been raised twice with Joe Biden in the White House.
Preparing to ‘play chicken’ with default: Understanding Republicans’ ‘debt limit terror’
Moody’s has estimated default could result in a 4 percent drop in GDP, 9 percent unemployment and a $15 trillion loss in household wealth.thehill.com
We can't worry about the debt, Biden has one more time to raise the debt. If if's good for tramp why not make it good for Biden.
Can you explain what you mean by "taxing people when the money is spent"?The real problem is that nobody really cares when spending takes place. How many lives do you suppose were effected with last 1.7 trillion dollar waste bill? How many things in that bill could we do without? Most of it. But people don't care because they don't have to. Tomorrow is just another day.
That's why taxing people when the money is spent is the solution to our problem. Many people would be on board to pressure Congress to eliminate pork spending if we had to pay for it once it passes.
"I am going to run for a seat in Congress. My platform will be I will bring no money back to our state. Would you vote for me?"
Walter E Williams
Since a consumption tax would be a federal sales tax, congress passing that is about as likely as changing the constitution. Based on the current 2021 deficit and 2021 consumer spending, your consumption tax would be about 9% tax. Even if republicans controlled congress and the Whitehouse, that would not pass. It's not a bad idea, it just would never happen. Such a law could have been past before we started running high deficits, but not now.You will never see any constitutional amendment ever. Yes people elect representatives to spend money, tax and create law, but when they spend the money like drunken sailers, not many people care. It keeps bringing us closer to collapse that people not even born yet will have to deal with.
So instead of heading in that direction, put it to a stop. All deficit spending must be paid for via a consumption tax. If the current rate of consumption tax is more than deficit spending, then it goes towards paying off the debt. The increases in consumption tax start the day the President signs the spending bill.
What will cause a collapse will be the day the buyers of our debt no longer believe the US will pay them back.The only way there will be a financial collapse of the US economy is if congress choses to let it collapse which is a distinct possibility.
We've all heard the scenario that interest on the debt will become so great that we will not be able to pay the interest which will cause a collapse. While that is distinct possibility it is not likely to happen anytime time soon. Currently 8% of government revenue goes to pay interest on the debt but US taxes are historically very low. Today 57% of American pay no taxes so there is ample room for increase taxes if needed.
We often hear that government spending will drive investors in US debt away. If there is any truth to that then we have to ask to where would they invest the 30 trillion dollars they have invested in US treasury bonds. The answer is there is no country or combination of countries that have a large enough debt offering with a stable currency to meet the demand for sovereign debt.
If we continue spending well above our revenue, there will be a price to pay in higher taxes and lower growth over the coming decades. However, this could be counteracted by positive effects of more sensible government spending leading to a better educated workforce, a healthy population, less crime and less need for social services. So far that has not happened but there no way of knowing what future holds.
What will cause a collapse will be the day the buyers of our debt no longer believe the US will pay them back.
There are many other investments where they can put their money.
The only way there will be a financial collapse of the US economy is if congress choses to let it collapse which is a distinct possibility.
We've all heard the scenario that interest on the debt will become so great that we will not be able to pay the interest which will cause a collapse. While that is distinct possibility it is not likely to happen anytime time soon. Currently 8% of government revenue goes to pay interest on the debt but US taxes are historically very low. Today 57% of American pay no taxes so there is ample room for increase taxes if needed.
We often hear that government spending will drive investors in US debt away. If there is any truth to that then we have to ask to where would they invest the 30 trillion dollars they have invested in US treasury bonds. The answer is there is no country or combination of countries that have a large enough debt offering with a stable currency to meet the demand for sovereign debt.
If we continue spending well above our revenue, there will be a price to pay in higher taxes and lower growth over the coming decades. However, this could be counteracted by positive effects of more sensible government spending leading to a better educated workforce, a healthy population, less crime and less need for social services. So far that has not happened but there no way of knowing what the future holds.
Can you explain what you mean by "taxing people when the money is spent"?
A better idea is to eliminate deficits. And we can easily do that by banning tax expenditures.Certainly. Let's say they put my idea into play and we had a federal 5 cents on the dollar tax when you make a purchase. This money could only be used for our deficits. When the deficits increase beyond what the consumption tax can pay, we simply raise the tax high enough to cover that excessive spending so we have a balanced budget every year. The tax rate can only go up, but not down.
A better idea is to eliminate deficits. And we can easily do that by banning tax expenditures.
This would not only balance the budget, it would provide a surplus which we could use to lower tax rates for EVERYONE.
I said it very clearly. Ban tax expenditures.And what would you cut that wouldn't cost you an election as a politician?
