The problem:over next 40 yrs USA budget will be $566Trillion at current rate BUT...

[healthmyths]

total Federal payroll and income Taxes collected will be only $84 trillion!

I took the time to download this file from the Census bureau...
http://www.census.gov/prod/cen2010/briefs/c2010br-03.pdf

This is the breakdown by age of 308 million people in the USA in 2010.

Using 40 years of working with salary starting at $30,000 increasing 20% over 5 years and ultimately at age 60 salary is $107,000.

Multiplying these yearly salaries over 40 years total income to the different age groups total income to all age groups was $209 trillion.

Using payroll SS/Medicare/FUTA taxes at 20.3% and 20% income taxes, total taxes owed will be $84 trillion!


Yet looking at the average increase in Federal Budget from 1995 when it was $1.6 trillion to the 2012 budget of $3.8 trillion this works out to an increase per year of 5.6%
Taking 2012 budget and increasing for next 40 years at 5.6% Total over 40 years will be $566 trillion.

United States federal budget - Wikipedia, the free encyclopedia


Just doesn't work folks!!!

 

[ClosedCaption]

Tell us how tax cuts need to stay in place, how loopholes are a-ok in all cases and how the debt is a really big deal at the same time. I need a good laugh.

 

[OKTexas]

Tell us how tax cuts need to stay in place, how loopholes are a-ok in all cases and how the debt is a really big deal at the same time. I need a good laugh.

A word from the mathematically challenged. I bet you went to college didn't ya? LMAO

 

[tooAlive]

Tell us how tax cuts need to stay in place, how loopholes are a-ok in all cases and how the debt is a really big deal at the same time. I need a good laugh.

How about we get rid of the ridiculous tax system we have now, implement a fair, flat tax system, and cut spending across the board?

How does that sound?

 

[Mad Scientist]

US Government need money, Federal Reserve Bank print money.

What is problem?

 

[healthmyths]

Tell us how tax cuts need to stay in place, how loopholes are a-ok in all cases and how the debt is a really big deal at the same time. I need a good laugh.

Well how about REDUCING the budgets and growing just at 1% total would be $191.4 trillion.

And if WE just by understanding the Federal Govt. CAN't BE all things to all people and let us take care of ourselves!!!

Thus reducing the budget by 2% for the next 40 years...total budget would be $107 trillion NOW coming close to what we can afford!
Biggest contributor over next 40 years at the rate we are today is NATIONAL DEBT interest which will be nearly 30% of the budget over next 40 years!


OR BETTER YET not have in the budgets stupid things like this:
a Committee report released today revealed waste-cleanup recommendations from non-partisan Inspector Generals
working across the federal government, which would save taxpayers $67 billion per year, have not been implemented.
Backlogs of unimplemented recommendations have grown to 16,906.
“President Obama should listen to the recommendations of his Administration’s own Inspector Generals and work with Congress
to implement common sense spending cuts that target wasteful and poorly performing programs instead of settling for the furloughs
and service disruptions happening under the sequester.”
Education and Transportation: We Have No Idea How Much Money We Spend on Conferences - Katie Pavlich

And specifically HERE!!!

- $2.6 million to make sure prostitutes in China drink less on the job.

- $1.44 million in federal funds estimating the size of the population and examining the “social milieu” of male prostitutes in Hanoi and Ho Chi Minh City, Vietnam.

- Washington spends $25 billion annually maintaining unused or vacant federal properties

- Studying pig poop. The Environmental Protection Agency awarded a $141,450 grant under the Clean Air Act to fund a Chinese study on swine manure and

- a $1.2 million grant to the United Nations for clean fuel promotion.

- Conferences for government employees. In 2008 and 2009 alone, the Department of Justice spent $121 million to host or participate in 1,832 conferences.

_ The US Department of Agriculture has sparked outcry by paying $100,000 a year to a speaker who used compulsory diversity training to teach employees that
“the Pilgrims were illegal aliens” and that “minorities” should be called “emerging majorities”.

- U.S. government has spent $1.5 million to actually preserve some left during the hostile Indian occupation of California’s Alcatraz Island more than four decades go.
While the State Department saved money on security in Libya, it somehow managed to find $5.6 million in 2011 to support “pressing cultural preservation needs” in
dozens of foreign countries. Here are some of the dire projects funded by U.S. tax dollars that perhaps could be better spent on securing U.S. embassies in hostile
Arab countries.
- Uncle Sam doled out
$750,000 to restore a 16th-century tomb complex in India,
$700,000 to conserve ruins in Tanzania,
$600,000 for the “temple of the winged lions” in Jordan and
$450,000 for the conservation of a 10th century temple in Cambodia. Those were just the big ticket projects.
Hundreds of thousands more went to smaller causes throughout the world.

I mean do you REALLY think spending $2.6 million IN CHINA studying drinking habits of Chinese prostitutes is essential??

 

[healthmyths]

Tell us how tax cuts need to stay in place, how loopholes are a-ok in all cases and how the debt is a really big deal at the same time. I need a good laugh.

How about we get rid of the ridiculous tax system we have now, implement a fair, flat tax system, and cut spending across the board?

How does that sound?

THAT sounds GREAT!!!

Which means Obama can't use the $122,000 he did as tax loss in 2010!

in 2010 Obama's taxable income was $1,728,096
245,075 14.18% of his income as donations to charities (WOW a big chunk of change at 14%!!!)TAX LOOPHOLE
49,945 home mortgage interest TAX LOOPHOLE
122,527 Long term capital loss CARRYOVER!!! 7% sheltered income!!TAX LOOPHOLE TAX BREAKS FOR MILLIONAIRES AND BILLIONAIRES!!!
and paid: $453,770 26.26% of gross income.

HE cut his taxes then to 26.% by using the same LOOPHOLES he bitches at!

Also.. if we do eliminate ALL loopholes.. are you ready to pay your own health insurance premiums?
Because in 2012 that was the BIGGEST deduction companies took of $171 billion. Next was 401ks,IRAs at $138 billion..
So let's cut them!

 

[ClosedCaption]

Tell us how tax cuts need to stay in place, how loopholes are a-ok in all cases and how the debt is a really big deal at the same time. I need a good laugh.

How about we get rid of the ridiculous tax system we have now, implement a fair, flat tax system, and cut spending across the board?

How does that sound?

The reason the tax code is ridiculous is because of money influencing politicians. Which you support. So how or why would they allow a unfair flat tax? They, tax lawyers would fight that and since they line pols pockets they have more say than you.

When Exxon pays $0 in taxes. And you're ok with it, don't tell me about how debt is important to you. You're trying to pee on my leg and tell me it's raining.

 

[healthmyths]

Look folks I'm doing what any of the rest of you could do.. DEAL with the FACTS!
FACTS like WHY does the USA pay $2.6 million to study drinking habits of Chinese prostitutes?
Why does the USA spend
$750,000 to restore a 16th-century tomb complex in India,
$700,000 to conserve ruins in Tanzania,
$600,000 for the “temple of the winged lions” in Jordan and
$450,000 for the conservation of a 10th century temple in Cambodia. Those were just the big ticket projects.
Hundreds of thousands more went to smaller causes throughout the world.

I mean are we the chumps of the world when we sign off on stupid projects like the above??
Washington spends $25 billion annually maintaining unused or vacant federal properties

- Studying pig poop. The Environmental Protection Agency awarded a $141,450 grant under the Clean Air Act to fund a Chinese study on swine manure and

Why does ANYONE with ANY common sense approve such spending?
I thought Obama was going to do what he said he was going to do and that was:

When especially Obama administration SENDS Billions to Egypt to what protect Middle East OIL ALL the while the Obama Administration REDUCES oil production on Federal lands EXCEPT..
When Obama approves (remember he promised to "And when I'm president, I will go line by line to make sure that we are not spending money unwisely."
PolitiFact | Obama's promise to go after earmarks 'line by line'

LINE BY LINE!!!

 

[tooAlive]

Tell us how tax cuts need to stay in place, how loopholes are a-ok in all cases and how the debt is a really big deal at the same time. I need a good laugh.

How about we get rid of the ridiculous tax system we have now, implement a fair, flat tax system, and cut spending across the board?

How does that sound?

The reason the tax code is ridiculous is because of money influencing politicians. Which you support. So how or why would they allow a unfair flat tax? They, tax lawyers would fight that and since they line pols pockets they have more say than you.

When Exxon pays $0 in taxes. And you're ok with it, don't tell me about how debt is important to you. You're trying to pee on my leg and tell me it's raining.

Why would I be okay with that?

If I was, I wouldn't be advocating for a flax taxation system. Without any loopholes.

 

[pjnlsn]

Very simply, anyone who thinks spending will continue at the current rate is wrong, unless there's another recession, or the government feels the need to declare war on a few more Arab backwaters.

 

[ScreamingEagle]

total Federal payroll and income Taxes collected will be only $84 trillion!

I took the time to download this file from the Census bureau...
http://www.census.gov/prod/cen2010/briefs/c2010br-03.pdf

This is the breakdown by age of 308 million people in the USA in 2010.

Using 40 years of working with salary starting at $30,000 increasing 20% over 5 years and ultimately at age 60 salary is $107,000.

Multiplying these yearly salaries over 40 years total income to the different age groups total income to all age groups was $209 trillion.

Using payroll SS/Medicare/FUTA taxes at 20.3% and 20% income taxes, total taxes owed will be $84 trillion!


Yet looking at the average increase in Federal Budget from 1995 when it was $1.6 trillion to the 2012 budget of $3.8 trillion this works out to an increase per year of 5.6%
Taking 2012 budget and increasing for next 40 years at 5.6% Total over 40 years will be $566 trillion.

United States federal budget - Wikipedia, the free encyclopedia


Just doesn't work folks!!!

thus electricity (etc.) will necessarily skyrocket....

 

[ClosedCaption]

How about we get rid of the ridiculous tax system we have now, implement a fair, flat tax system, and cut spending across the board?
How does that sound?

The reason the tax code is ridiculous is because of money influencing politicians. Which you support. So how or why would they allow a unfair flat tax? They, tax lawyers would fight that and since they line pols pockets they have more say than you.
When Exxon pays $0 in taxes. And you're ok with it, don't tell me about how debt is important to you. You're trying to pee on my leg and tell me it's raining.

Why would I be okay with that?
If I was, I wouldn't be advocating for a flax taxation system. Without any loopholes.

.

You don't seem to realize that the money that influences our pols won't allow any so called flat tax ever. So your idea won't ever happen. So it's easy to be pro something that will never happen. How about we start with closing the loopholes we already have instead of reinventing the wheel as a first step?

 

[tooAlive]

The reason the tax code is ridiculous is because of money influencing politicians. Which you support. So how or why would they allow a unfair flat tax? They, tax lawyers would fight that and since they line pols pockets they have more say than you.
When Exxon pays $0 in taxes. And you're ok with it, don't tell me about how debt is important to you. You're trying to pee on my leg and tell me it's raining.

Why would I be okay with that?
If I was, I wouldn't be advocating for a flax taxation system. Without any loopholes.

.

You don't seem to realize that the money that influences our pols won't allow any so called flat tax ever. So your idea won't ever happen. So it's easy to be pro something that will never happen. How about we start with closing the loopholes we already have instead of reinventing the wheel as a first step?

And you think they'll happily close the loopholes?

 

[healthmyths]

Why would I be okay with that?
If I was, I wouldn't be advocating for a flax taxation system. Without any loopholes.

.

You don't seem to realize that the money that influences our pols won't allow any so called flat tax ever. So your idea won't ever happen. So it's easy to be pro something that will never happen. How about we start with closing the loopholes we already have instead of reinventing the wheel as a first step?

And you think they'll happily close the loopholes?

Well you tell me will YOU be happy when the BIGGEST TAX LOOPHOLE is closed?
Especially when it is and all you have to do is CHECK the internet at this location:
The Top 20 Tax Expenditures - Business Insider

$171 billion in 2012 was deducted from business tax payments for.. for...drum roll.... health insurance for EMPLOYEES!!
The number 1
Number 2 want that one closed also???
$138 billion for employees pensions!

OH and the 3rd largest deduction??? Home mortgage interests at $87 billion!!!

SO would you be ok closing one of those disgusting loopholes that COST $33 billion a year in tax income???
Charitable contribution deductions! YUP your local church, goodwell .. Salvation Army all no longer deductible!!!

So which ones do you START WITH???

 

[healthmyths]

YOU idiots that want to CLOSE the loopholes!!

 

[tooAlive]

YOU idiots that want to CLOSE the loopholes!!

Let me rephrase myself.

I believe in closing loopholes ONLY if a new taxation system is put in place with much lower rates. Ideally a flat tax for everybody.

If loopholes were closed, we wouldn't need to pay such ridiculously high rates in the first place. That's the point I'm trying to get at.

 

[TheSeventhTiger]

and how long will that "Line Of One Dollar Bills" stretch out into space? last I heard, 14 trillion will at least make it to Pluto.

 

[ClosedCaption]

Why would I be okay with that?
If I was, I wouldn't be advocating for a flax taxation system. Without any loopholes.

.

You don't seem to realize that the money that influences our pols won't allow any so called flat tax ever. So your idea won't ever happen. So it's easy to be pro something that will never happen. How about we start with closing the loopholes we already have instead of reinventing the wheel as a first step?

And you think they'll happily close the loopholes?

Happily? No, but itll be easier than your idea of starting from scratch.

 

[healthmyths]

YOU idiots that want to CLOSE the loopholes!!

Let me rephrase myself.

I believe in closing loopholes ONLY if a new taxation system is put in place with much lower rates. Ideally a flat tax for everybody.

If loopholes were closed, we wouldn't need to pay such ridiculously high rates in the first place. That's the point I'm trying to get at.

OK FLAT TAX people suggest 20% on consumption not INCOME...
So over the next 40 years the total income projected is over $209 trillion.
Assuming ALL $209 trillion is consumed: tax on $209 of 20% yields $41 trillion.

Still far short of the $115 trillion if spending continues at the 5.6% rate.


To equal the 20% flat tax revenue of $41 trillion the budget must actually decline by 5.1% per year.