So the NYT will continue their terrible liberal and socialist bias.
Well isn't this special.
The shocking Soros 'Speech Code Cartel' memo
Exclusive: Joseph Farah on most 'diabolical attack on free speech in the history of America
Read more at https://www.wnd.com/#J3GOGMUvTlKwEo88.99
image: https://www.wnd.com/files/2016/01/ge...ty-596x283.jpg
image: https://www.wnd.com/files/2015/05/ge...os-596x283.jpg
George Soros invests millions in social media after bashing companies
Spending on Facebook, Twitter revealed as industry targets conservative voices
Read more at https://www.wnd.com/#o8LfFzHfW2TZ61oK.99
Take this evil clown's citizenship away!
Soros-backed group fires operative after alleged attack against GOP campaign manager
The Globalist/internationalist evil mantra, wishes and march by either name is Marxism and Communism. Plain and simple. They wish and wished to conquer the world and people groups with their ideology and lethal "form of government" (Hitler, Stalin, Mao, Mussolini, the latest idiots in Venezuela etc...). And many of those started with socialism first. I will take Trumps nationalism or "America first" any day of the week.
Yep the socialist Dems and Democratic Rep. Alexandria Ocasio-Cortezarer are playing by the socialist Soros book trying to create an all out war and destroy America via class warfare and the economy.
Newcomer to Congress seeks tax as high as 70 percent on wealthy
Honestly, if we are to dig out of this pending $22 trillion debt, something has to be done with taxes...i.e. raising them. BUT!! and this is always the rub, we can't tax our way out of debt. Significant spending cuts....and I mean SIGNIFICANT CUTS!...is what will really eliminate the deficit, and start bringing down the debt.
I've posted before, it's not a case of eliminating the debt in some short time period. If we can eliminate the deficit (and that is a huge task) and start paying down the debt, we'll see more confidence in the economy, and from foreign investors.
At the end of Slick Willy's term(s) the national debt was $4 trillion, at the end of GWB's it was about $8.5 trillion, at the end of obummer's it was about $19 trillion, and now we are looking at $22 trillion by the end of this fiscal year (September 30, 2019). So, the lion's share of the debt has been accumulated in the past 20 years or so. What happened between about 1999 and 2019?
There were some tax cuts under GWB, but obummer more than reversed those and doubled down on increased taxes. We had high taxes, fees, penalties on business, banks were paying thru the ying-yang....passing on a lot of those costs to customers, regulation upon regulation...many with "processing fees." BUT! this caused a mass decline in economic activity. 244 large corporations moved their HQ to foreign shores, taking their $billions in taxes with them. Ireland was the single biggest benefactor of this exodus. But of course, many nations benefitted.
We know obummer is the single biggest cause of our national debt and wrecked economy and crumbling infrastructure and loss of manufacturing facilities/jobs. One cannot even say "he's the worst POTUS in history" anymore because that falls short of capturing the enormous damage done during his tenure. Jimmy Carter can be termed as "a worst POTUS in history" because he was a clueless boob. But obummer didn't merely initiate poor policies...he was blatantly DESTRUCTIVE!
So, we know the history, but here we are.
The current projected deficit (FY '19) is $985 billion, might as well say $1 trillion. The IRS collects about $3 trillion in taxes annually. That is up from the $2.5 trillion collected during obummer's tenure, despite the Trump tax cuts. Greatly enhanced economic activity is generating more revenue. The federal budget is about $4 trillion (between $3.8 and as high as 4.2, depending on what source you use). So! seems simple, just cut the federal budget by $1 trillion+, maintain the current revenue, and whallah! no more deficit. Start paying down the national debt, and we'll be okay.
So...where do we cut $1 trillion out of the budget?
On taxes....
the top 5% of income earners earn $300,000 annually (income, not wealth) and collectively pay 46% of all taxes collected by the IRS. That's $1.380 trillion. Is it possible to significantly increase income tax on these folks, maybe double it, and squeeze out another $1 trillion+? The clueless will chime in, sure! just double their tax rates. But, reality is, most, if not all, will simply end some income streams in favor of parking it in "wealth." That will clobber the revenue flowing into the US Treasury, via the IRS, and defeat the purpose of raising taxes. This is has been demonstrated again and again and again and again throughout US history. Unfortunately for our political leaders, they are NOT the smartest people in the room....those in the top 5% are much smarter.
What is the answer then?
Well, some kind of combination of carefully targeted tax increase on the top 5% and SPENDING CUTS!!!!!!!! will provide a path of debt reduction. On the tax side we might realize a small increase in tax revenue from tax increases, such that it still makes financial sense for those so engaged to stay so. This will move the needle only by some $billions, and will not come close to dealing with a $1 trillion deficit.
ONLY significant spending cuts will rectify the deficit/debt.
Well, talk about being handed a loaded gun in the midst of a hangfire......
The interest on the national debt will soon approach a trillion dollars a year (especially if the rates keep rising), which means we will have a trillion dollars of tax money going to pay for the excesses of past administrations and figuring out how shrimp handle being on an underwater treadmill. This, at a time when China is looking to militarize the moon (Trump's space force doesn't seem so comical now....imagine our military without GPS satellites which have been knocked out by China's moon-based missles) and both Russia and China have pretty much caught up with us technologically.
We need to abandon the income tax that punishes high achievers and start implementing a value added tax. High achievers are going to be the ones that get us out of this mess.
We are going to have to scale back the welfare state as well. Heck, without a welfare state, we can even open the borders (as long as we are willing to execute violent offenders that come here illegally...because we cannot afford to house them on the taxpayer dime).
We are in deep doo doo.
Where are you getting those figures? A quick google search showed that the top 5% of US household incomes in 2018 included all households with incomes of only $236,360.40 or more. Even more revealing is the fact that the top 30% of US household incomes in 2018 included all households with incomes of $100,000 or more. These household income figures include households with dual earners, so a man and his wife that both make $50K a year are in the top 30% of US household incomes. These people are a far cry from rich, but you can rest assured that any Democrat socialist tax plan will include major tax hikes on this group too. You can not balance the budget on the backs of only 30% of the households in this country. At some tax level, these productive citizens will decide to quit busting their asses everyday, and instead opt to sit on them with the rest of the deadbeat liberal socialists. Then this country can go to hell just like every other socialist country has. Stop the entitlement spending. There we get absolutely no return on investment from the trillions of dollars we waste on it every year. It isn't complicated.
Just some website I Binged up. Whether the mark is $300K or $237K is irrelevant. The top 5% income earners pay 46% of the income tax. But, you are right, as has been demonstrated many times, smart people don't play the silly games of the tax-n-spend DC establishment.
Spending...
There's about $2.7 trillion in so-called "mandatory" spending and $1.3 trillion in "discretionary" spending.
Interestingly, the category of "Medicare & Health" appear in both....about 12% of discretionary and a whopping 43% of mandatory. The Military spending ALL appears under discretionary, about 55% of that portion. Funny thing as it regards the role of the federal government, the Constitution mandates "provide for the common (national) defense". The rest of the crap in the Federal budget has been put there due to politics and The Swamp creating relevancy for itself (for the most part).
The lion's share of mandatory spending, about 50%, is social security, unemployment & labor....whatever that actually means. So, 93% of the mandatory budget is Medicare, social security, and that labor stuff.
What is not shown, on this particular website, is interest on the national debt, which is running about 10% of the budget, approaching $400 billion annually. Actual number shown for 2018 is $384 billion. Have to figure it has, or soon will, top the $400 billion mark.
So....is it possible to raise taxes on the top 5%, or so, without impacting their economic/financial activity, and maybe generate an additional $400 billion to service the debt? Even if that happened (in a perfect world) we would still be digging a deeper hole with the annual $1 trillion deficit.
Okay...so let's raise income taxes on the other 95% of "income tax payers." After all, collectively, that 95% accounts for 54% of the revenue stream into the US Treasury. Can $500 billion be raised without impacting, too harshly, these taxpayers? If yes, then the other $500 billion can be saved via REAL spending cuts in the Federal Budget.
PLEASE NOTE: I said REAL cuts. Not the political games The Swamp plays by calling reductions in increases "cuts."
Where can we find $500 billion in REAL cuts in the Federal Budget? Anyone care to offer some suggestions?
Sometimes you act like the liberals are the rich elites and sometimes you act like they are the deadbeat non-producers. It is all hard to keep track of.