Forum Discussion
westernrvparkow
Aug 07, 2019Explorer
Yosemite Sam1 wrote:Some very interesting concepts. However, you need to define Tax loophole to begin with. Items like mortgage interest deductions, earned income credits, charitable deductions, solar car rebates etc. Are all "loopholes" under many definitions. They won't go away easily, just look at the uproar over limiting, not eliminating, state and local property tax deductions. Even if you can actually get that 1.4 trillion dollars in actual tax revenues, spending it on those programs you named would still leaves the US with a trillion dollar annual deficits. Eventually something will have to give.Charlie D. wrote:Yosemite Sam1 wrote:
Let’s also update ourselves and not be scared with the word “socialism”. It’s not the 50’s or the 60’s anymore where this means Soviet Union, China, Cuba and North Korea. The new economic-political system now refers to it as the old-fashioned Communism and, Socialism currently is referred as Benevolent Capitalism or Democractic Socialism modeled by the Nordic countries: Denmark, Finland, Norway, Switzerland, etc. These countries have been surveyed to be the happiest and healthiest on earth with free college, universal healthcare, 48:1 CEO to worker pay gap (US is 354 times average worker), and comfortable social security pensions for seniors.
Well-If you could convince American's that Finland's personal income rate of 51.6% and sales tax rate of 24% and Corporate rate of 20% along with Norway's 31.5% personal tax rate, sales tax of 25% and Corporate tax rate of 22% is a good thing. I think those who work for wages would be opposed Those who pay no or little taxes would like it and those are the voters the "Free Stuff", Free College, and Free Medicare politicians are courting.
How about without increasing the tax rate we:
1. Eliminate all tax loopholes to the tune of $1.4 trillion a year and we'll close the deficit and have enough money to provide Medicare coverage for those below poverty level?
2. How about we withdraw and stop patrolling the Persian Gulf since we said we are already self-sufficient for oil and ask ourselves why we need to be the policemen for the world in that tinderbox and prevent more American lives at risk and bloods spilled?
Then put the money for skills training of our young or for free college for those deserving.
3. How about we place ALL income and not just the first $128,000, sparing the high income earners further social security withholding?
And use the money to lift and put our social security pensioners to live above poverty level.
4. How about we limit aide to humanrian assistance and stop giving tinpot dictators and despots arms to oppress their own people?
And use the money to built our infrastructure that in FDR times sustained and productive employment and decent wages that brought us a strong and vibrant economy.
I cannot say with any certainty that the US acting as world policeman is a great idea, but 80 years ago the collective world though it was a great idea to practice "mind our own business" and we ended up with Nazi Germany and Imperialist Japan. A similiar outcome with the added threat of nuclear weapons is a world no one shoul even contemplate.
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