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Thread: How to balance the budget in 3 steps

  1. #51
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    Re: How to balance the budget in 3 steps

    Quote Originally Posted by Media_Truth View Post
    I think the top tier will have to be a little higher than the Obama era. Clinton/Gore balanced the budget with an Obama-like 40% top tier. Because we now have to pay so much more in interest on the debt, the top tier will have to be about 50%. Once balanced, it could return to 40%.
    The problem with this is tax rates do not mean anything when the IRS has 70,000 pages of deductions and loopholes. For example

    For 2015, the President filed jointly with the First Lady, Michelle Obama, and reported adjusted gross income of $436,065 for 2015 — down about 8% from last year — and paid $81,472 in federal taxes. That makes his effective tax rate is 18.7%, according to tax releases from the White House.
    Obama and Michelle were in the 40% tax rate, based on the Obama tax rate schedule, yet he paid only 18.7% in taxes. The problem with tax rates is they are misleading; scam. Only the poor people pay the full percent. Obama was paying the same tax rate as someone who made $40,000, but fake news and Democrats will call it 40%. In the the end, the poor and middle class pay more, due to fewer loopholes and deductions.

    The reason the Democrats like tax rates is because they know that leaving open the loopholes and deduction is how you get campaign donations from the rich and mega rich. The 70,000 pages of IRS loopholes is a whose who of campaign donation scams, that is so entangled, it is always easy to add more and more pages for new donations.

    If Obama had been in an honest 20% tax bracket, with no loopholes, we could increase tax revenues. It would look like we did him a favor by decreasing his rate from 40% to 20%. An honest number is never pledged by the Democrats. The Democrats will promote a 90% rate for the rich. Then they will approach the same people with loopholes, so their effective rate is 20%, if they pay a donation. The little guy cannot offer this, so he pays more, killing the middle class.

    What I would do, is look at the effective rates of the Fortune 500 companies and top 500 rich people, after all donations and loopholes. Then we add 1 percent to create an honest rate, across the board, with no loopholes. Then we burn the 70,000 pages of donation scams. The swamp will be drained due to transparency and no smoky backrooms of legal complexity to run deals.

  2. #52
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    Re: How to balance the budget in 3 steps

    Military bases: The USA has 10,000 bases in 155+ Nations. These are to enforce hegemony and protect USA/Corporate "interests" and investments or control resources. Kissinger stated that the USA has "interests," not friends. WE are not in these Nations to help people, but to protect interests. We kill a lot of poeple to protect "interests." A 75% cut in all Military related spending might be a good place to start. Put the unemployed military into Renewable Energy as a 100% National policy. Since the Military connected spending is about 30% of the USA WAR economy, there will be some pain and a committment to new domestic infrastructure at a LOCAL, not CORPORATE level would be required. The Military budget subsidizes Big Corporate a/k/a Corporate Welfare and that is the welfare to cut. Get rid of the Corporate Welfare Queens. Mitigation of Global Warming presents opportunities for myriad jobs. Windmills, solar panels, electric vehicles, storage batteries, small farms, localized utilities representing decentralized distribution of Energies, rural retirement communities developed around water resources or entertainment facilities, legalized gambling on a local scale (not Casino scale), Amish style communities where the pool of local money travels in local circles instead of "out of the Community," and other ideas outside my range of vision or expetise. The object being to create an economic engine to replace the Miitary OFFENSE and attendant killing worldwide. I know the MSM agenda portrays us as defenders of the weak and the poor and the powerless, but it is a MSM fable. Keep in mind, we have "interests," not friends, ergo we are probably not friendly. The proof is in the dead bodies created by our Militant policies. This all relates to about 30% of our National budget and pertains precisely to the OP. Realistic appraisal and alternatives, not a rant.
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    Re: How to balance the budget in 3 steps

    Quote Originally Posted by wellwisher View Post
    The problem with this is tax rates do not mean anything when the IRS has 70,000 pages of deductions and loopholes. For example



    Obama and Michelle were in the 40% tax rate, based on the Obama tax rate schedule, yet he paid only 18.7% in taxes. The problem with tax rates is they are misleading; scam. Only the poor people pay the full percent. Obama was paying the same tax rate as someone who made $40,000, but fake news and Democrats will call it 40%. In the the end, the poor and middle class pay more, due to fewer loopholes and deductions.

    The reason the Democrats like tax rates is because they know that leaving open the loopholes and deduction is how you get campaign donations from the rich and mega rich. The 70,000 pages of IRS loopholes is a whose who of campaign donation scams, that is so entangled, it is always easy to add more and more pages for new donations.

    If Obama had been in an honest 20% tax bracket, with no loopholes, we could increase tax revenues. It would look like we did him a favor by decreasing his rate from 40% to 20%. An honest number is never pledged by the Democrats. The Democrats will promote a 90% rate for the rich. Then they will approach the same people with loopholes, so their effective rate is 20%, if they pay a donation. The little guy cannot offer this, so he pays more, killing the middle class.

    What I would do, is look at the effective rates of the Fortune 500 companies and top 500 rich people, after all donations and loopholes. Then we add 1 percent to create an honest rate, across the board, with no loopholes. Then we burn the 70,000 pages of donation scams. The swamp will be drained due to transparency and no smoky backrooms of legal complexity to run deals.
    Not really a problem. Look at the history of upper tier tax hikes. In every case, the EFFECTIVE TAX RATE followed it upward. Clinton and Gore built a budget surplus with a combination of spending cuts (Bipartisan effort with a Repub Congress) and increasing the upper tier tax rate to over 40%. The EFFECTIVE TAX RATE followed it upward.

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    Re: How to balance the budget in 3 steps

    Quote Originally Posted by Media_Truth View Post
    Not really a problem. Look at the history of upper tier tax hikes. In every case, the EFFECTIVE TAX RATE followed it upward. Clinton and Gore built a budget surplus with a combination of spending cuts (Bipartisan effort with a Repub Congress) and increasing the upper tier tax rate to over 40%. The EFFECTIVE TAX RATE followed it upward.
    Clinton and Gore had a GOP Congress, did they propose a larger budget than given or did the GOP propose a larger budget and Clinton vetoed it? Seems basic civics is a foreign concept for the left as is the ability to research actual data

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