AM64
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Yes, the people making additional income above Social Security to the point where they have to pay federal income taxes obviously means that they're not in the group of retirees who don't pay federal income taxes (to which I was referring). In general, I think it's silly to pay federal income taxes on an income which you're ostensibly getting because you already paid a payroll tax.You do realize a lot of us pay income tax on our SS "income" don't you?
Yes, the people making additional income above Social Security to the point where they have to pay federal income taxes obviously means that they're not in the group of retirees who don't pay federal income taxes (to which I was referring). In general, I think it's silly to pay federal income taxes on an income which you're ostensibly getting because you already paid a payroll tax.
Just consider what happens if interest rates ever increase significantly (think 3-5%)Sorry, I kicked the hornet's nest so it's been a pain to try to keep up with all the responses. I saw this one, but got sidetracked in another response.
Yes, I agree that at the moment (as in for the last couple of decades at least) we don't generally pay the principal on our debt.
Yes, I agree that the current debt is unmanageable at our current spending level/tax revenue (even pre-COVID). It's not wholly unmanageable if we do the sensible thing and start eating away at the principal by increasing tax revenue or decreasing spending (ideally a combination of both). However, it will still take a long time to get back to manageable levels and it's a problem if we face another big crisis, which is inevitable.
Why should anyone get a ta break for having children?I didn't realize that you were also talking about starting taxes after $30000 for the individual--most of your posts indicate that you want everyone to pay the same tax rate on all income. That changes the proposal to be much more reasonable for low income earners and would probably earn a lot more support to pass, but I don't think it really helps your position. You're complaining about 51% of the population not paying income taxes, but that portion would be likely be around the same or even higher if the personal deduction was $30,000 compared to the current $12,400. A person who was making $15 an hour, which is apparently absurdly high for a minimum wage, would only pay $120 per year in federal income taxes (and that's only if they don't reduce their taxable income at all by investing in a 401k, etc.). At the moment, that same person would pay $2059 per year, unless they get tax credits for having kids. So why not just lower some of the tax breaks we give to people with children?
Will people ever realize that the federal government (regardless which party is in power) desires that the vast majority of citizens only have enough money to be content. They want the rest.
I don't agree that's how it is, but that might be a better system. In general, I don't think the Social Security system is particularly great; I haven't given it a lot of thought, but it seems to me that, on the face of it, a private account system would be preferable.So, you agree that what is paid in over the workers lifetime is just a loan to the government?
I don't disagree with you, you're preaching to the choir. This is one of the big reasons that I don't see all the calls for drastically lowering taxes for everyone as a viable solution. There's no way that we can do that and also reasonably cut enough of the budget to make headway on debt payments. We would barely have enough to cover interest payments on the huge debt we already have.Just consider what happens if interest rates ever increase significantly (think 3-5%)
The debt service would suddenly take up a quarter, a third or an even bigger piece of our current budgets.
It’s a national security issue that needs to be addressed before our financial system implodes - everyone can see the risk, but no one is doing anything to fix it.
Liberals ‘ostracizing, ridiculing’ conservatives with frequent rhetoric comparing them to Hitler, terrorists
Which one would you like to see cracked up side the head the most?
One where the government isnt relied on for food, housing, retirement by an ever growing number of its population.
Ultimately cutting spending is the only way it gets fixed.I don't disagree with you, you're preaching to the choir. This is one of the big reasons that I don't see all the calls for drastically lowering taxes for everyone as a viable solution. There's no way that we can do that and also reasonably cut enough of the budget to make headway on debt payments. We would barely have enough to cover interest payments on the huge debt we already have.
Newsflash: Not every Republican agrees with everything 'their guy' does, unlike you Socialists. Of course I know that the only negative thing I ever heard about Saint Obama from the left was that he didn't go far enough with more entitlements.I didn't argue that they should. In fact, I asked why we don't lower those tax breaks.
(In fact, Donald Trump doubled the Child Tax Credit.)
I've disagreed with several policies of Democratic presidents in this very thread, so I guess you're saying I'm not a socialist?Newsflash: Not every Republican agrees with everything 'their guy' does, unlike you Socialists. Of course I know that the only negative thing I ever heard about Saint Obama from the left was that he didn't go far enough with more entitlements.