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Fixing the USA budget and paying down all USA debt. (and other ideas)

274ina

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Taxing the rich

4,000,000 in USA make over $200k
tax them average of 80% means
********************************
$2,500B in taxes every year (IRS figures)



$200k 50% up to 95% over $10 mil.

Eliminating entire US deficit, making billions for
US jobs, programs, and also paying $2,000B yr to the US debt. Debt is gone in a few years.

It worked in the past wars and depressions

Time to do it agian.


__________________________________________

Then there is the top 400.............

If the mega rich paid 80% taxes actual rate

They would still have $76,000,000 to live on each year
$1,520,000 each work week
or Get this now
$304,000 for ***every work day*** AFTER taxes to spend every single workday.

And they dare bitch about higher taxes?
And they dare to force our wages lower?
And they dare to have the poor pay for the Iraq war they started?
And they dare to price us out of all healthcare?

IF the rich paid their fair share, the budget would be balanced and all US debt would be paid in 7-10 years.
_____________________________________

If the Mega RICH paid 99% taxes……

They would still have to live on.

$3.5 million each year
$140,000 from each “paycheck” every 2 weeks
or $14,000 PER DAY to live on.

AFTER 99% taxes……….

And they dare complain that the USA min wage has got to go? LMAO!

_______________________________________

And this thought.................imagine only if the top 400 paid high taxes

The top 400 paying 95% TAXES

Means
$139b in taxes or enough to pay 20% of the defense budget .
or
$139B pays 70% of US interest payments

$146B in income total

From 400 people of 300,000,000.

They currently pay only 16% taxes actual btw. And that is only on there USA money. Offshores pay 0% taxes.

________________________________

A little education>>>>>

RICH paying ZERO taxes in USA

income...........# of fillings paying zero
$100-200k........686,000 people
$200-500K........86,000
$500-1 mil.......18,800
1-.1.5...........5,500
1.5 – 2..........2,500
2-5 mil..........4,000
5-10 mil.........1,200
$10,000,000+......917

From IRS figures
_______________________________________
 

cpwill

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Taxing the rich

4,000,000 in USA make over $200k
tax them average of 80% means
********************************
$2,500B in taxes every year (IRS figures)



$200k 50% up to 95% over $10 mil.

Eliminating entire US deficit, making billions for
US jobs, programs, and also paying $2,000B yr to the US debt. Debt is gone in a few years.

It worked in the past wars and depressions

Time to do it agian.

Actually it didn't.

images


We've had tax rates even higher than what you are proposing. They failed to bring in the additional revenue.
 

274ina

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Actually it didn't.

images


We've had tax rates even higher than what you are proposing. They failed to bring in the additional revenue.

The rich dont work for a living as those figures only count.

Taxing unearned income is the key.
 

Rainman05

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The rich dont work for a living as those figures only count.

Taxing unearned income is the key.

How are they rich if they don't work?
 

cpwill

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The rich dont work for a living as those figures only count.

Taxing unearned income is the key.

Yeah, again. We already tried that - it failed to produce the revenue you are dreaming of. It failed, in fact, to produce any additional revenue whatsoever.
 

cpwill

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How are they rich if they don't work?

Especially given that 274ina has told in the past how those making $50K plus are "rich".
 

Fenton

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Oooohh its those eeebil rich peoples fault for everything.

I wish Zina would climb out of her perpetual existence of contempt, and go back to school and get a marketable degree.
Quit blaming everyone around her for the things that life dishes out evenly for the vast majority of us..

I guess as a child she was never taught the lesson of " getting back up on that horse again" and instead was given HORRIBLE advice that if things did'nt work out just exactly as she had planned, it was ok to claim perpetual victimhood.

I wonder, how thats working out for her.
 

274ina

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How are they rich if they don't work?

Its called taking the work of others via the "dividend" "options" and other WS fantasys. Check it out.
 

Born Free

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Taxing the rich

4,000,000 in USA make over $200k
tax them average of 80% means
********************************
$2,500B in taxes every year (IRS figures)



$200k 50% up to 95% over $10 mil.

Eliminating entire US deficit, making billions for
US jobs, programs, and also paying $2,000B yr to the US debt. Debt is gone in a few years.

It worked in the past wars and depressions

Time to do it agian.


__________________________________________

Then there is the top 400.............

If the mega rich paid 80% taxes actual rate

They would still have $76,000,000 to live on each year
$1,520,000 each work week
or Get this now
$304,000 for ***every work day*** AFTER taxes to spend every single workday.

And they dare bitch about higher taxes?
And they dare to force our wages lower?
And they dare to have the poor pay for the Iraq war they started?
And they dare to price us out of all healthcare?

IF the rich paid their fair share, the budget would be balanced and all US debt would be paid in 7-10 years.
_____________________________________

If the Mega RICH paid 99% taxes……

They would still have to live on.

$3.5 million each year
$140,000 from each “paycheck” every 2 weeks
or $14,000 PER DAY to live on.

AFTER 99% taxes……….

And they dare complain that the USA min wage has got to go? LMAO!

_______________________________________

And this thought.................imagine only if the top 400 paid high taxes

The top 400 paying 95% TAXES

Means
$139b in taxes or enough to pay 20% of the defense budget .
or
$139B pays 70% of US interest payments

$146B in income total

From 400 people of 300,000,000.

They currently pay only 16% taxes actual btw. And that is only on there USA money. Offshores pay 0% taxes.

________________________________

A little education>>>>>

RICH paying ZERO taxes in USA

income...........# of fillings paying zero
$100-200k........686,000 people
$200-500K........86,000
$500-1 mil.......18,800
1-.1.5...........5,500
1.5 – 2..........2,500
2-5 mil..........4,000
5-10 mil.........1,200
$10,000,000+......917

From IRS figures
_______________________________________

Tax the rich more, the more they move offshore. Simple fact, thus the government gets no more in revenue. Another proven fact. The rich are no different then anyone else, they want to keep the money they make.
 

274ina

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Tax the rich more, the more they move offshore. Simple fact, thus the government gets no more in revenue. Another proven fact. The rich are no different then anyone else, they want to keep the money they make.

Trouble is they CANT MOVE offshore. because USA taxes a based on citizenship, not your location.

And if they do dump USA, then they pay 877A taxes on everything. And lose all those protections they have in USA......
 

Born Free

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Trouble is they CANT MOVE offshore. because USA taxes a based on citizenship, not your location.

Here is a fact. The more the rich are taxed the less revenue the government receives. Now where does all that taxable income disappear too?

And if they do dump USA, then they pay 877A taxes on everything. And lose all those protections they have in USA......

Interesting one of the Facebook big shots was denouncing the US for Australia, why to not pay US taxes. Also what is interesting is all the liberals claiming Romney had all those offshore accounts that he was supposedly hiding money. And then US companies have trillions offshore that have not paid one dime in US Taxes. Why because they have not brought the earned income into the US. When the rich get taxed more the more they find ways to hide earned income form the IRS. Thus the higher taxes you want to impose on the rich, raise no more in taxes for the government.
 

imagep

Villiage Idiot
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If the deficit doesn't matter, does the national debt matter?

The part that is owned by foreign countries is a potential claim against US production, so that is of some moderate concern. Otherwise, no, the federal debt doesn't much matter.
 

sookster

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If the deficit doesn't matter, does the national debt matter?

No it doesn't matter. Debt to other countries can just be printed. The only reason why The Fed has not called back on their treasury bond debt is because of two main reasons that I can tell. They potentially make more money in the long run by owning more debt because interest is being paid to them through printing. Also, if they purchase more and more treasury bonds they have a larger and larger influence on the policies of the government. I wouldn't be surprised if The Fed has a much bigger influence than we think on how the whole operation works in Washington.
 

johndylan1

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Its called taking the work of others via the "dividend" "options" and other WS fantasys. Check it out.

What do you think would happen to the economy and jobs if you take 80% of investment capital out of the system and send it to an inefficient government to spend? Further if you take that money out of the economy and pay toward the debt (ie, settle bonds), how much do you think the economy would contract?
 

fmw

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The US deficit doesn't matter.

Only in the sense that the debt will never be repaid. It matters a bunch if you consider that it will eventually bring the economy down completely.
 

fmw

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No it doesn't matter. Debt to other countries can just be printed. The only reason why The Fed has not called back on their treasury bond debt is because of two main reasons that I can tell. They potentially make more money in the long run by owning more debt because interest is being paid to them through printing. Also, if they purchase more and more treasury bonds they have a larger and larger influence on the policies of the government. I wouldn't be surprised if The Fed has a much bigger influence than we think on how the whole operation works in Washington.

I agree with one thing - his location "in my own world."
 

imagep

Villiage Idiot
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No it doesn't matter. Debt to other countries can just be printed. The only reason why The Fed has not called back on their treasury bond debt is because of two main reasons that I can tell. They potentially make more money in the long run by owning more debt because interest is being paid to them through printing. Also, if they purchase more and more treasury bonds they have a larger and larger influence on the policies of the government. I wouldn't be surprised if The Fed has a much bigger influence than we think on how the whole operation works in Washington.

Why would the fed desire to have a larger influence on government policies? They are part of the government to begin with, and don't directly "profit" from their activities, other than to keep their jobs.
 

imagep

Villiage Idiot
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What do you think would happen to the economy and jobs if you take 80% of investment capital out of the system and send it to an inefficient government to spend? Further if you take that money out of the economy and pay toward the debt (ie, settle bonds), how much do you think the economy would contract?

It depends upon how the government spent the money. If it used that money to provide services that were valuable, such as roads, education, research and protection, then I would think that our economy would do OK. When the government taxes, it doesn't destroy money, it just gets unused money back into circulation. So road builders, educators, researchers and the military and other protective agencies would spend that money right back into our economy, which would create more demand, and would result in more jobs, higher wages, more savings and more business investment.

If they increased our taxes to settle bonds, then bond holders would have lots of cash to use for investments that were productive, such as business expansion and creation.

It also depends on who has their taxes raised, and what types of taxes would be raised. If we started making the 47% (who happen to have the highest propensity to consume) pay more in taxes, then it would harm our economy as demand would fall, businesses would contract, jobs would be eliminated, business profits would be lower, etc.

If we raised taxes on those who actually own more financial wealth than they know what to do with (primarily people who hand their money over to various types of money managers or who invest in government bonds or other non-productive investments), then those people aren't particularly harmed as it is excess to them anyway, and the act of raising taxes on the really rich (I'm talking about people with a net worth in the 10s of millions or more, and incomes exceeding $400k) would have almost no effect on our economy, other than to either lower our debt and increase confidence in our economy, or be spent back into the main street economy by government, where it would circulate over and over again creating new wealth with each circulation cycle.
 

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Villiage Idiot
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Only in the sense that the debt will never be repaid. It matters a bunch if you consider that it will eventually bring the economy down completely.

We have had a federal debt every year since 1837, and people have been predicting that it would bring down our economy completely every year since then.

We also had a federal debt every year before 1837, but the then POTUS thought that debt was evil, so he jacked up taxes and reduced government spending to eliminate the debt. As a result, we fell into a depression in 1837. Hmm.
 

head of joaquin

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Only in the sense that the debt will never be repaid. It matters a bunch if you consider that it will eventually bring the economy down completely.

Yeah, it's not like the biggest economy in the world can grow enough to pay off or refinance debt over 20 years. It's totally impossible for a $14T economy to do that. Wait . . . maybe you're missing something.
 

fmw

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Yeah, it's not like the biggest economy in the world can grow enough to pay off or refinance debt over 20 years. It's totally impossible for a 14T economy to do that.

We haven't paid any off in last 150 years. So apparently it cannot.
 
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