Keyword: nationaldebt

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  • My Outline for a Federal Wealth Tax

    08/01/2018 12:06:00 PM PDT · by Brian Griffin · 192 replies
    08/01/2018 | Brian Griffin
    To pay off the ~$21 trillion dollar federal debt, which amounts to about $60,000 per American, it is probably necessary to have annual federal wealth taxation. It is best to introduce the federal wealth tax when asset values are high, so a smaller percentage of rich people's assets have to get taxed to pay off the national debt. The tax might be levied upon the total of net personal property financial holdings and the equity in real property. The rates might be: 1% on the equity in real property habitually resided in by the filer(s), 2% on the equity in...
  • Feds Collect Record Individual Income Taxes Through June; Still Run $607B Deficit

    07/13/2018 10:42:22 AM PDT · by Red Badger · 16 replies
    www.cnsnews.com ^ | July 12, 2018 | 10:48 PM EDT | By Terence P. Jeffrey
    The federal government collected a record $1,305,490,000,000 in individual income taxes through the first nine months of fiscal 2018 (October 2017 through June 2018), according to the Monthly Treasury Statement released today. Despite the record individual income tax collections, the federal government still ran a deficit of $607,099,000,000 over those same nine months, according to the Treasury statement. The approximately $1,305,490,000,000 in individual income taxes that the Treasury collected in October through June of this fiscal year was $71,815,310,000 more (in constant June 2018 dollars) than the $1,233,674,690,000 (in constant June 2018 dollars) in individual income taxes that the Treasury...
  • Bernie: Hell Yes, We Need to Repeal and Replace the GOP Law With Higher Taxes

    04/11/2018 4:57:39 PM PDT · by Kaslin · 23 replies
    Townhall.com ^ | April 11, 2018 | Guy Benson
    Step one: Scream that the GOP tax reform bill would be a "massive attack" on the middle class.  Step two: Concede that actually yes, nearly all middle income earners would get a tax break under the bill.  Step three: Call for its repeal anyway, effectively demanding a tax increase -- a "massive attack," one might even say -- on middle class Americans and US businesses.  It sounds like Bernie Sanders has picked up the same tax hike hymnal from which Nancy Pelosi was singing last week: Sen. Bernie Sanders, I-Vt., called Monday for the Republican tax law to be repealed...
  • GOP tax law will add $1.9 trillion to debt: CBO

    04/09/2018 12:02:49 PM PDT · by GIdget2004 · 32 replies
    The Hill ^ | 04/09/2018 | Niv Elis
    The GOP's signature tax law is projected to increase the national debt by $1.9 trillion between 2018 and 2028, according to a new report by the Congressional Budget Office. According to the report, the tax law would cost the government $2.3 trillion in revenues, but economic growth would offset that figure by about $461 billion. At 11 years, the report covers a slightly longer time period than the usual 10-year projections, but even accounting for just the first decade, the figure remains around $1.9 trillion. Some Republicans argued vociferously during the tax debate that tax cuts in the bill would...
  • Federal Budget's Red Ink and Storm Clouds Aren't Black and White

    02/09/2018 3:51:06 PM PST · by jfd1776 · 1 replies
    Illinois Review ^ | February 9, 2018 A.D. | John F. Di Leo
    Reflections on a Federal Budget Impasse... During the February budget showdown in Washington, Senator Rand Paul rose to speak. He reminded America of our spending habit a constant pattern of deficit spending, year-in and year-out, in both Republican and Democrat administrations. A spending habit that doesnt just cause a year of trouble, but an eternity of trouble, since these deficits add up, year by year, into a mountainous national debt, one that doubled Doubled! in just the eight years of the Obama administration alone. And he is right. ... But this is not one of those areas...
  • Trillion-Dollar Deficit Deja Vu

    01/04/2018 10:55:19 AM PST · by Kaslin · 17 replies
    Townhall.com ^ | January 4, 2018 | Veronique de Rugy
    After failing to pass any significant legislation during most of President Donald Trump's first year in office, the Republican-controlled Congress was finally able to pass a major tax reform bill in the waning minutes of 2017. But beyond not getting in the way of the administration's efforts to crack down on abusive federal regulations, the party that never missed an opportunity to bemoan the previous Democratic administration's profligacy continued to show little interest in addressing the country's spending-driven fiscal problems. Will 2018 be any different? The country is now $20.6 trillion in debt, and a return to the annual trillion-dollar...
  • Why Congress Shouldnt Wait For Medicare Reform

    12/21/2017 10:39:37 AM PST · by Kaslin · 23 replies
    The Federalist ^ | December 21, 2017 | Christopher Jacobs
    If Congress fails to comprehensively reform Medicare, seniors will miss out on significant savings, and taxpayers will miss out on the opportunity to slow the programs cost growth.In an interview with Good Morning America on Wednesday, House Speaker Paul Ryan (R-WI) cast doubt on the prospect for comprehensive Medicare reform on the congressional agenda in 2018: There are some provider issues that we may be addressing as you know. Some providers in the Medicare field in some cases are getting overpaid. We want to make sure thats being dealt with. But as far as youre talking about beneficiaries, were not...
  • 4 Of The Biggest Myths About The Tax Cuts And Jobs Act

    12/20/2017 9:39:57 AM PST · by Kaslin · 37 replies
    The Federalist ^ | December 20, 2017 | Justin Haskins
    The Tax Cuts and Jobs Act cuts rates for most tax brackets, substantially reduces business taxes, increases the standard deduction, and eliminates many tax loopholes and deductions. Congress passed historic, far-reaching tax reform legislation this week, and President Donald Trump is expected to sign it into law soon after some technical fixes. The Tax Cuts and Jobs Act cuts rates for most tax brackets, substantially reduces corporate and small business taxes, increases the standard deduction for individuals and couples, and eliminates many tax loopholes and deductions.Since Republicans first rolled out their plan to implement tax reform, liberal pundits and Democrats...
  • Yellen: $20 trillion national debt 'should keep people awake at night'

    11/29/2017 12:12:00 PM PST · by DCBryan1 · 92 replies
    CNBC ^ | 29 NOV 17 | Jeff Cox | @JeffCoxCNBCcom
    With Congress wrestling over a tax reform plan that critics say would explode the government budget deficit, Federal Reserve Chair Janet Yellen said she also is concerned over the surging level of public debt. A Senate committee passed the GOP-sponsored proposal, which would slash the corporate tax rate and lower individual income rates for many Americans.However, the price tag of the plan is in the area of $1.5 trillion at a time when the Congressional Budget Official already is projecting a deficit of more than $1 trillion in the years ahead and with the total debt level at $20.6 trillion...
  • Debt and Taxes and Perdition

    11/22/2017 11:28:17 PM PST · by Oshkalaboomboom · 6 replies
    Townhall.com ^ | Nov 23, 2017 | Andrew Napolitano
    Should the government borrow against the future? Should it guarantee higher taxes for your children and grandchildren in return for lower taxes for you? If government's moral legitimacy depends on the consent of the governed, as Thomas Jefferson argued in the Declaration of Independence, can the federal government morally compel those who haven't consented to its financial profligacy -- because they are not yet born -- to pay higher taxes? These questions are at the base of the debate -- such as it is -- in Congress these days over the so-called Republican tax reform plan. But you will not...
  • New endangered species: the GOP deficit hawk

    10/26/2017 7:10:02 AM PDT · by Jagermonster · 35 replies
    The Christian Science Monitor ^ | October 25, 2017 | Mark Trumbull - Staff Writer
    A SHIFT IN THOUGHT   Desperate for a legislative win, Republicans are preparing to push through a tax-cut package that analysts say could add considerably to the deficit. Voices on the right expressing concern about red ink have been few and far between. WASHINGTON—Republicans have a storied tradition of minding the nation’s fiscal store. Calvin Coolidge pushed for tax cuts, but also for spend-less-than-you-earn budgets. After World War II, the party contributed to fiscal plans that rapidly unwound a war-related surge in debt. In ​the 1990s, ​members of the GOP supported spending restraints that helped usher in a brief era...
  • Do the Math. Tax Cuts Are Bound to Increase the National Debt

    10/16/2017 10:33:33 AM PDT · by SeekAndFind · 44 replies
    Townhall ^ | 10/16/2017 | Debra J. Saunders
    WASHINGTON -- Speaking to a group of workers in Harrisburg, Pennsylvania, President Donald Trump said Wednesday that his proposed tax-cut package "will be rocket fuel" for the U.S. economy.It was Trump's sly way of reinforcing a message that the White House has sent since it first rolled out a framework for the tax cut in April. The message: Instead of adding to the $20 trillion national debt, the GOP tax cut will pay for itself; there's no need to produce some $5 trillion in savings over the next decade to pay for the cuts.Treasury Secretary Steven Mnuchin uttered that mantra...
  • Why We're Doomed: The point is the present system cannot endure

    09/01/2017 8:44:20 AM PDT · by SeekAndFind · 13 replies
    Of Two Minds ^ | 08/31/2017 | Charles Hugh Smith
    Authored by Charles Hugh Smith via OfTwoMinds blog,The point is the present system cannot endure.Despite all the happy talk about "recovery" and higher growth, wages have gone nowhere since 2000--and for the bottom 20% of workers, they've gone nowhere since the 1970s.Gross domestic product (GDP) has risen smartly since 2000, but the share of GDP going to wages and salaries has plummeted: this is simply an extension of a 47-year downtrend.Last month I posted one reason Why We're Doomed: Our Economy's Toxic Inequality (August 16, 2017). The second half of why we're doomed is stagnant wages. Why do stagnating...
  • McConnell: 'America is not going to default'

    08/21/2017 7:30:01 PM PDT · by Olog-hai · 30 replies
    Associated Press ^ | Aug 21, 2017 4:23 PM EDT | Adam Beam
    Senate Majority Leader Mitch McConnell says there is zero chance Congress will allow the country to default on its debts by voting to not increase the borrowing limit. McConnells comments came Monday during a joint appearance in his home state of Kentucky with U.S. Treasury Secretary Steven Mnuchin. It was one of McConnells first public appearances since President Donald Trump publicly criticized him for failing to pass a repeal and replacement of former President Barack Obamas health care law. McConnell did not mention Trump in his remarks, and he did not take questions from reporters after the event. But in...
  • Next Up for GOP Congress: Raising the Debt Ceiling

    07/30/2017 1:51:24 PM PDT · by Hojczyk · 25 replies
    The Wall Street Journal ^ | July 30,2017 | Kate Davidson
    Treasury Secretary Steven Mnuchin says federal borrowing limit must increase by Sept. 29, giving lawmakers little time after recess to act Republicans are leaving town for an August recess after a failed attempt to repeal the Affordable Care Act. When they return in September, theyll have just 12 working days to avert another big problem. In a letter to lawmakers Friday, U.S. Treasury Secretary Steven Mnuchin said the federal borrowing limit, or debt ceiling, needed to be raised by Sept. 29 or the government risked running out of money to pay its bills.
  • Yellen (FED chair) on Inflation

    07/21/2017 1:57:32 PM PDT · by entropy12 · 2 replies
    Safehaven ^ | 07-16-17 | Doug Noland
    "Fed Chair Janet Yellen says that in looking at asset prices and valuations, the central bank is 'not trying to opine on whether they're correct'; instead, policy makers are assessing the risk of potential spillovers. As asset prices rise, there hasn't been a substantial increase in borrowing, Yellen said. [The] financial system is strong and resilient." I assume chair Yellen is referring to U.S. non-financial and non-government borrowings. Clearly, central bank Credit and government borrowings have expanded spectacularly around the globe. I suspect as well there has been a major expansion in speculative leveraging and securities Credit at home and...
  • CBO: Treasury to run out of cash in next 3 days, leading to default or delay in payments.

    06/30/2017 2:11:36 AM PDT · by gattaca · 39 replies
    Free Beacon ^ | Jun e30, 2017 | Ali Meyer
    The amount of money the government spends on programs and the amount it collects in taxes could change from the budget office projections, so the office warns that the Treasury could run out of funds even earlier. Currently, the federal deficit stands at $693 billion, which is an increase of $134 billion than what it projected in January. The federal government has an outstanding debt of $19.8 trillion, which includes $14.3 trillion in public debt and $5.5 trillion held by government accounts. Spending on major government programs such as Social Security and Medicare causes the amount of borrowing to increase....
  • A Constitutional Budget

    05/08/2017 8:22:56 AM PDT · by Sean_Anthony · 6 replies
    Canada Free Press ^ | 05/08/17 | Greg Penglis
    How much a Constitutional Budget would cost? During this entire budgeting and continuing resolution process, there are two words that will never be put together. They are constitutional, and budget. Why? Because no one in Washington wants to be restrained by the Constitution when it comes to getting money, spending money, and especially spending money they dont have. Which is why we are some $20 trillion in for the National Debt. But it never had to be this way. Its one thing to talk about the Constitution. Its quite another to actually live by it. The Supreme Court doesnt. They...
  • How Did We Get to $20 Trillion? Here's What the Numbers Show.

    05/03/2017 6:47:44 AM PDT · by SeekAndFind · 16 replies
    Medium ^ | 05/03/2017 | Jonathan Bydlak, President of the Coalition to Reduce Spending. SpendingTracker.org
    In survey after survey, most Americans tell pollsters they want politicians to address the national debt. Support for specific policies may ebb and flow over time, but what rarely changes are the promises politicians make and break in response. Image via Musée McCordAlmost all politicians pledge to spend responsibly while on the stump, but once they’re in office, voters are at the mercy of a system so complex and crisis-driven it becomes all but impossible to know who’s keeping their word.So who is?As only someone who founded and runs an organization dedicated to reforming federal spending can tell you, understanding...
  • Calling all patriots: The Trump tax plan needs your help

    05/01/2017 12:46:12 PM PDT · by Sean_Anthony · 4 replies
    Canada Free Press ^ | 05/01/17 | Herman Cain
    This is not going to get done without you. Last week the Trump Administration announced its tax reform proposal. Its impressive and a major departure from the tax code mess we have today. I believe its bold and will work to boost the economy without exploding the national debt. Remember, I have been studying tax reform proposals for decades. I served on the Kemp Commission for Economic Growth and Tax Reform in the early 1990s. Im very familiar with, and supportive of, the Flat Tax, the Fair Tax and of course my own 9-9-9 plan.