The US national debt is constantly rising and approaches 17 trillion. Should taxes be raised to pay it off?
What's your solution to the problem?
All of this is noble and I agree. However, the biggest culprit to our spending problem is the lack of control of entitlements. All of the stuff you named is more likely to happen, including Senators living in barracks, before that happens.Everything should be drastically cut first before even considering the idea of raising taxes. With all this reckless and needless spending going on it is unconscionable to even suggest a tax increase. All foreign aid and other assistance should be cut. All over seas bases should be closed and moved to the US along our borders. We should stop funding CIA programs that interfere with other countries. We should cut funding to NASA and encourage private space missions. Cut all over lapping and outdated agencies. Cut any programs that spies/watches on US citizens,the government has no business spying on its employers. Cut funding to all white house aids and ban white house aids and interns(it is the job of our elected officials to read and understand the bills before voting yes for them, not interns aids or who ever else). Instead of elected officials in DC living in their own apartments or houses in while in DC they should live in barracks similar to what lower enlisted Army soldiers live in and they should eat in chow halls similar to what infantry soldiers(when I was in the army grunts usually had the worst chow halls on post) in the early 2000, and late 1990s ate in(this is mostly to remind every elected official that they are the tax payer's bitch). Cut all grants, that money shouldn't be given out anyways.Let states run the national parks. I am sure other **** can be found that needs to be cut as well.
I still believe we should replace our current tax system with a flat, deduction free, credit free, no exceptions, progressive tax system. As government expenditures increase or decrease the tax percentage raises or lowers to cover all expenses. Anytime new legislation is passed the tax adjustment to cover it must be included in the bill. I think this would go a long way to cutting government spending. People are a lot less supportive of wasteful or unnecessary spending when they can see how it directly affects their pocketbooks.
Flat or progressive. It's one or the other. Not knocking the concept just want to know if I'm agreeing with what.
Both
Progressive brackets based on income but everyone in a particular bracket pays a flat percentage with no deductions or exceptions.
Just an example:
(income)
$0-30K, 3% tax
$30+k-60k, 6% tax
$60+k-120k, 9%
$120+k-200K , 15%
Ect..
You get the idea.
OK, I'm not being a grammar nazi. But the term "flat tax" is more commonly used to describe a single rate system. The term "progressive" is exactly what we have now, a tax percentage that increase a specific levels.
Based on your proposed tax rates, our debt would double immediately. So, the OP would not be satisfied. Even if we kept the current rates, and eliminated all deductions, you'd see a market crash since almost the entire middle class has a mortgage.
Flat or progressive. It's one or the other.
My percentage numbers were purely hypothetical and only used as an attempt to explain my meaning. As for actual percentages, I think that would take a thorough analysis to find the best positioning. However in my mind I wouldn't mind seeing 3% for our lowest earners and perhaps a top bracket of 50% for the ultra wealthy.
Not really. You can have a two-tier flat tax, for example. Let's say, 0% on the first $50,000/yr and 20% on everything above that.
The US national debt is constantly rising and approaches 17 trillion. Should taxes be raised to pay it off?
What's your solution to the problem?
The US national debt is constantly rising and approaches 17 trillion. Should taxes be raised to pay it off?
What's your solution to the problem?
Not really. You can have a two-tier flat tax, for example. Let's say, 0% on the first $50,000/yr and 20% on everything above that.
That I don't like, because the 50,001st dollar earned is worth less than the 50,000th. Go with a pure flat tax and there is nothing to discourage earning more.
No. Our tax code is a ridiculous spaghetti nightmare. Not even the IRS understands it.
We don't need nominal tax rate increases. We need dramatic tax code simplification, similar to that which was proposed by Simpson Bowles.
Fair Tax...consumption tax.
everyone pays, and when taxes are raised the people feel it immediately, and politicians are not so inclined to raise it so quickly or very high.