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U.S. Government(s) Not Held Accountable: Tax Code Reform/Budget

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    U.S. Government(s) Not Held Accountable: Tax Code Reform/Budget

    It's only a matter of time before the tax cuts for the wealthy must be reversed. Eventually, Chinese and Russian investors, and other investors, in the U.S. government are going to be fed up and not buy bonds any more. Someone eventually must pay for all the federal, state, and local spending, and it has to be the wealthy people, because they are the only ones with that much extra money lying around.

    We need a 10% Federal Sales Tax with a full offset on the Income tax Return for people in the lower 1/3rd of the earnings. European nations have carbon taxes and VAT taxes, and they don't run nearly as bad of as deficit as the U.S. I would start it at 3% in the first year and then phase in by 1% per year until 10%.

    All proceeds from this tax would be required to be spent on paying down the existing Federal debt. Once the debt is paid the interest payments go away, and then you can lower the VAT tax to something smaller, phase out 1% until the economy balances the budget.


    The tax would not apply to food, hospital/medicine, nor vitamin/herbal supplements, but would apply to all other goods and services. That whole "Right to life" thing should prohibit sales taxes on the above items and services.
    Last edited by Wade; February 4th, 2018, 08:34 AM.

    #2
    So the aristocrats are finally getting fucked?

    Comment


      #3
      Originally posted by Chara View Post
      So the aristocrats are finally getting fucked?
      If Kim Kardashian threw a million dollars birthday party again, the federal government in this system would gain around 100k revenue to pay off the debt.

      This would hurt "New money" spenders, but wealthy people who know how to manage money would pay out the ass, but not be blowing it either.

      Right now, the democrats have a "tax and spend" mentality, but at least that's honest.
      The Republicans just borrow twice as much more and spend, which is not honest, because they never intend to pay it back...this hurts the nation as a whole because interest payments alone are as big as most nations' entire budget...it's literally money going up in smoke.

      Comment


        #4
        Originally posted by Wade View Post

        If Kim Kardashian threw a million dollars birthday party again, the federal government in this system would gain around 100k revenue to pay off the debt.

        This would hurt "New money" spenders, but wealthy people who know how to manage money would pay out the ass, but not be blowing it either.

        Right now, the democrats have a "tax and spend" mentality, but at least that's honest.
        The Republicans just borrow twice as much more and spend, which is not honest, because they never intend to pay it back...this hurts the nation as a whole because interest payments alone are as big as most nations' entire budget...it's literally money going up in smoke.
        I'm gonna act like I'm not still confused.

        Let me know when the states are running red with snobby rich ppl blood lol

        Comment


          #5
          Huh. I actually agree. The VAT tax is a great way to pay down the debt. Though we won't need it after the debt is paid if the top 1% in the country pay their fair share of taxes. They recently got tax cuts, they need to lose them and their taxes should be raised to around 35% or 40%, and then you need to close any and all loopholes that allow them to get out of paying those taxes. The corporate tax needs to be around 30% as well, and they shouldn't be allowed to write off anything to lower that tax rate. A few years ago Exxon reported a REFUND in their taxes of something like $150 million and that's bullshit. Fuck them for doing it and fuck the politicians that made the loopholes to allow it to happen. Speaking of Exxon, that carbon tax also needs to happen. If these fuckers want to destroy the planet with their 02 emissions, they should pay dearly for it.

          Comment


            #6
            Originally posted by Cid View Post
            Huh. I actually agree. The VAT tax is a great way to pay down the debt. Though we won't need it after the debt is paid if the top 1% in the country pay their fair share of taxes. They recently got tax cuts, they need to lose them and their taxes should be raised to around 35% or 40%, and then you need to close any and all loopholes that allow them to get out of paying those taxes. The corporate tax needs to be around 30% as well, and they shouldn't be allowed to write off anything to lower that tax rate. A few years ago Exxon reported a REFUND in their taxes of something like $150 million and that's bullshit. Fuck them for doing it and fuck the politicians that made the loopholes to allow it to happen. Speaking of Exxon, that carbon tax also needs to happen. If these fuckers want to destroy the planet with their 02 emissions, they should pay dearly for it.
            Most of the tech companies in the U.S. don't pay taxes at all.
            Intel makes a 50% profit margin and pays zero tax. Amazon is taxable under the Commerce Clause, but they pay zero tax.
            This was done as an incentive for tech companies to develop new devices and keep the U.S. military always ahead in technology. However, Moore's Law has hit its limit, so there is no longer as big of a return on investment in making these companies tax free. This is not enough money to pay off the debt, but it is around 100 Billion per year or more just from tech companies alone. They'd get 10 Billion per year from Intel alone with a corporate tax rate of 25%. Oh yeah, general electric pays zero tax, and that's a big deal, because they design diesel locomotives these days.


            aaaaand, U.S. Patent Rights should be revoked for corporations who expatriate. Their patents should be auctioned to the highest loyal bidder. Currently, companies commit treason by expatriating to Sweden or Ireland to evade taxes, and they still keep their real base of operations here, but make a fake corporate headquarters overseas just to evade taxes. "Congress has the power to issue patents 'for a limited time'."
            Last edited by Wade; February 4th, 2018, 09:53 AM.

            Comment


              #7
              Also, "Circus Clown Tax".

              Freaking quarterbacks get payed 100 times more income per year to play football than what medical doctors get paid to save people's lives.

              Athletes
              Actors
              Singer/Songwrite/Musician/Screenplay Writers.

              Sports team owners

              All these people, for the ones who make about 200k, need to be paying additional taxes. It's insane that we have rappers who build 40,000 square foot mansions with 20 bathrooms in them and they pay the same tax rate as the couple who just broke 200k for the first time.

              Like what the hell?

              It's not "unfair" that a person who has so much money it rains from the sky should pay much higher total tax rate.

              Comment


                #8
                Originally posted by Wade View Post
                Also, "Circus Clown Tax".

                Freaking quarterbacks get payed 100 times more income per year to play football than what medical doctors get paid to save people's lives.

                Athletes
                Actors
                Singer/Songwrite/Musician/Screenplay Writers.

                Sports team owners

                All these people, for the ones who make about 200k, need to be paying additional taxes. It's insane that we have rappers who build 40,000 square foot mansions with 20 bathrooms in them and they pay the same tax rate as the couple who just broke 200k for the first time.

                Like what the hell?

                It's not "unfair" that a person who has so much money it rains from the sky should pay much higher total tax rate.
                You don't have to keep implementing different taxes based on profession. Some of those actors and atheletes don't command huge paydays.

                You just need more fair tax brackets.

                $0 - $9,999
                $10,000 - $19,999
                $20,000 - $39,999
                $40,000 - $74,999
                $75,000 - $99,999
                $100,000 - $199,999
                $200,000 - $349,999
                $350,000 - $499,999
                $500,000 - $749,999
                $750,000 - $999,999
                $1,000,000 - $1,499,999
                $1,500,000 - $2,499,999
                $2,500,000 - $4,999,999
                $5,000,000 - $9,999,999
                $10,000,000 - $24,999,999
                $25,000,000 - $49,999,999
                $50,000,000 - $99,999,999
                $100,000,000 - $249,999,999
                $250,000,000 - $499,999,999
                $500,000,000 - $999,999,999
                $1,000,000,000 +

                If we staged tax brackets like this, it would be a hell of a lot more fair. Right now, someone making $500,000 has the same tax rate as someone making $500,000,000. And that is bullshit. If we did the tax brackets like this, it would generate more revenue for the government and allow lower income brackets to have virtually no federal tax burden. You can start off at a miniscule 2% at the bottom and work up to about a 40% tax rate on the $1 billion + earners.

                Assuming you kill tax loopholes, raise corporate taxes, and implement carbon , financial transaction, and VAT taxes you should be able to pay down the debt as well as open up options for single-payer healthcare and free public college.

                Comment


                • Wade
                  Wade commented
                  Editing a comment
                  I agree.

                #9
                After doing a bit of research, you'd probably have to reduce the last half of that some. To be in the top 1% of income, you have to make about $500,000 per year. The top 1% shares about 50% of the tax burden currently. Though that number is probably really skewed because you've got loopholes and deductions that lower an extremely wealthy millionaire's effective tax rate to less than 20% right now. The goal of a new tax system should ideally make it to where the obscenely wealthy who control 80% of the wealth (like the top 1%) should probably be responsible for 80% of the tax burden. To accurately do that, you'd have to know how much of the wealth is held in each new tax bracket.

                I wonder if there's any information to determine that?

                Comment


                  #10
                  David Stockman, a fiscal expert speaking to the media, just said the same thing I said about this.

                  He said there is no way for the U.S. to "Grow" its way out of the government debt. That the tax cuts were unreasonable, and trumps financial advisors don't know what they're doing.

                  We need a return to the Pre-Bush era tax levels, AND we need a special Millionaire's tax on top of that...and we probably need the VAT to further on top of all of that, 3% in the first year, and phase in by 1% per year until 10%.

                  The "Popular Vote" is never going for this, but it has to be done anyway.

                  He also said the Stock Markets are ridiculously over-inflated. This means the DOW and the NASDAQ are in a bubble again right now, and they will crash soon, causing trillions of dollars in lost savings yet again....Fake money and Fake trade. A few billionaires know how to make wealth from these cycles, and everyone else suffers unemployment and loss of their homes every time this happens. This bubble is even worse than the last bubble.
                  Last edited by Wade; March 12th, 2018, 11:20 AM.

                  Comment


                    #11
                    I recommend Platinum, Gold, and Silver. You can also buy "cheap entertainment" stocks, because entertainment industries, such as movies and video games, actually perform well during a the burst of a stock bubble.

                    Comment


                      #12
                      I swear. If you don't have a military you don't have a country.

                      However, we seriously need somebody to pass common sense tax codes and figure out a way to save Social Security. Maybe we should do away with the Earned Income Credit though, it's too easy to abuse.

                      Like, we can't run 20 trillion dollars debt indefinitely. It's just not workable, eventually foreign investors are going to stop buying U.S. bonds.


                      I think Social Security needs an overhaul anyway. On average, it can fund about 7 years of retirement, but the average male life expectancy is 77 years, while the average female life expectancy is 84 years. So the average woman will be on social security for 19 years, with only 7 of that actually funded, while the average man will be on social security for 12 years, and again only 7 of that funded.

                      We need to phase the age of social security retirement back all the way to age 70 in order for this program to be sustainable.

                      Comment


                        #13
                        Oh yeah, I'm totally against "Reverse Mortgages".

                        "A righteous man lays up an inheritance for his children and his children's children."

                        In spite of what Tom Sellec claims, Reverse Mortgages are in fact just a way for banks to get your home. When you spend several years in a reverse mortgage program, then die, you leave a depleted equity situation to your heirs. In other words, they can't sell the home at full value because the Bank owns the balance. If they want to fully own the home, they have to pay down the reverse mortgage again.

                        The next major stock market burst will expose Reverse Mortgages for the con-game that they really are. It's literally an attack on the nuclear family.

                        Now they advertise reverse mortgages on television every few segments, it's presented as the best thing since sliced bread for retirees. What happens when you run out of equity in your home? The bank takes it, that's what. This is going to put not one, but two generations of people in the poor house.
                        Last edited by Wade; April 16th, 2018, 11:22 AM.

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