If you listen to the political left you will know that we can pay our debts and add new social programs if we just tax the rich, the wealthy – anyone but ourselves.
The political right ignores the fiscal realities of running government and says we can lower taxes and generate more net revenue – even cut waste and fraud in the process.
It’s all …
Deficit spending, and carrying high national debt should be reserved for major national emergencies.
Tax credits, rebates and various subsidies, loan forgiveness should be paid for if they are truly necessary and justified.
The debt to GDP ratio for Scandinavian countries with their extensive social spending is about half of the US cutrently at 122.29, ninth highest in the world.
It wasn’t always this way, in 2000 of debt to GDP was 57.46. Public debt was 112% of GDP at the conclusion of the war in 1945
It’s no secret Scandinavians have high taxes to pay for what citizens want unlike in the US where we want but don’t want to pay.
QUINNSCOMMENTARY 
Sorry, 40+% of American households pay no federal income taxes. The vast majority of the taxes they do pay, Social Security and Medicare, are a percentage of their income, but, and this is the important fact, their taxes are insufficient to fund their entitlements – there is a massive wealth transfer.
When you argue that Social Security is “regressive” because of the cap limits taxes and benefits, please compare it to Medicare Part A – where some individuals and their spouses qualify for Medicare Hospital Insurance, free for life, in 2024 after having paid less than $1,000 in FICA-Med taxes. Many of those same individuals pay no federal income taxes, so, they also qualify for Medicare Part B and Part D, often with subsidized premiums and reduced point of purchase cost sharing. Yes, medical with minimal copays, with no contributions. That the Medicare 4 All that Bernie touts, espouses. However, compare that to the “rich”, the Fortune 500 CEO’s, who have regularly paid more than 3% of their wage income (between FICA-Med, surcharges, etc.) since President Clinton removed the wage cap in 1993, paying those monies over 20, 30, 40, 50 or more years of employment to receive the exact same coverage.
The Bernie and Pocahontas teach what a lot of Americans now believe – Don’t tax you, don’t tax me, tax that guy behind the tree. Or, the best tax is the one I owe and YOU pay.
And, when it comes to pandering to buy votes, when you speak of Biden, or Trump, don’t forget George W. Bush and Medicare Part D – where he added $10+ Trillion in unfunded liability, without a dedicated tax to fund it and President Obama, where since the effective date of Health Reform in 2010, we’ve now added almost $25 Trillion in national debt – in part by extending taxpayer subsidized coverage to over 50 Million Americans without a dedicated tax to fund it.
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The expected behavior standards of our country’s citizens and non-citizens have changed dramatically to the detriment of our society. Behavior of what was considered wrong or inappropriate in previous times is now tolerated and even normalized. The deterioration has progressed to such and extent that this formerly great nation is now in serious decline.We are all cooked!
Just look at President Biden as a glaring really sad example.
I have known people in professional careers showing earlier signs of dementia than Biden now who were forced out. It was the responsible action to take for the safety and confidence of their clients. Dementia only gets progressively worse with time. No action is being taken to remove him from his job.
This is so emblematic of our times! Just letting things get worse and worse for our country.
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Taxes AND transfers (redistribution).
Why do you rob banks? Willie Sutton: “Because that’s where the money is.”
You can not get blood from a turnip.
You can charge a twenty percent VAT, but how much of that, among the lower paid workers, is just recycled from other social welfare programs?
Tax the rich!
…Nearly three quarters of millionaires polled in G20 countries support higher taxes on wealth, over half think extreme wealth is a “threat to democracy”Oxfam
…Why 200 millionaires want higher taxes: Inequality is “eating our world alive”CBSnews
…”For years, Americans have been told that the rich are paying a highly disproportionate share of the nation’s taxes. Claims to that effect often focus on just one tax, the federal personal income tax, which is indeed progressive overall. But when the nation’s tax system is viewed in its entirety, it becomes clear that the reality is very different. Despite their enormous incomes and wealth, the nation’s richest taxpayers are paying a share of overall taxes that (only) slightly exceeds their share of income.”
https://itep.org/who-pays-taxes-in-america-in-2019/?gad_source=1&gclid=CjwKCAjw4f6zBhBVEiwATEHFVrd4sqs68TWSt-AxMJXOlO4OgPNOboYhNyDNnXPBIV6fVUdE3C56gxoCeOgQAvD_BwE
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spare me Lord those millionaires feeling they are under taxed should simply pay more voluntarily to assuage their guilt. Like most of us we do whatever we can to lower our taxes.
the rich here pay plenty but if you are non rich you simply want benefits and look to others to pay.
here’s a way to solve any issues of guilt. Eliminate the step-up provision in the tax code for non-spouses. Let’s see how that flies?
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over half think extreme wealth is a “threat to democracy”Oxfam
…Why 200 millionaires want higher taxes: Inequality is “eating our world alive”
……………
Its called enlightened self interest.
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Sure inequality exists–but maybe intelligence–talent–drive–grit–creativity and persistence are unequally distributed among human beings–inequality of outcomes is and always will be the fundamental of the human condition.
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A neighbor was talking to Dad about the damn commies (1950s, I was 10). After he left, I asked Dad what he was talking about.
Dad said in Communism, the ideal is “from each according to his ability, to each according to his needs.” But in America, if a man works harder/smarter, he gets to keep the result of his labor.
But it’s really hard to imagine how any man can work 10,000 times harder than I do. Or 100,000?
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I think he actually “borrowed” that observation, he did that a lot, but I haven’t been able to locate the original source.
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@stephenDouglas1208
They all say tax us more but I read that folks like Gates and Buffet have set up foundations to keep their money from the government clutches. As said elsewhere here, they could volunteer a few mil if they really were serious.
On a different note, I believe I read a comment you posted a few days back about your battle with cancer. I sincerely hope the treatments are working and you are able to regain your health.
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Charitable foundations are positive things. Buffet just announced he was giving nearly his entire $150 billion to a new charitable foundation upon his death which to me is far more valuable than into the pool of taxes.
I avoid taxes on my IRA RMDs by giving directly to charity. Anyone age 70 + can do the same.
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Thank you James.
First thing my oncologist said, there is no cure, they won’t even try.*
But there are treatments that can possibly slow the growth/spread, and others that can reduce pain and side effects. So far, they have worked very well.
So far, the biggest problem is difficulty and pain when walking, a side effect of the immunotherapy, and a decent trade off for staying alive.
*BUT, if they extend life long enough, there may someday be an actual cure.
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Keep the faith, Stephen, you never know when the cure might crop up. I’m pulling for you and the I’m sure the rest of the commenters here are too.
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Of course the Scandinavian countries don’t have the colossal warfare spending that we have. I don’t agree that it is always a case of the people want this or that but they don’t want to pay for it.
There is no way to advocate a tax increase to cover current deficits. A tax increase of that magnitude would stifle investment and slow down the economy as it also impoverishes the majority of the country. Cut the spending. If you want high unemployment and low growth of the economy, toss in a 2 trillion dollar tax increase.
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cut spending by 1% or 1.5% across the board with the exception of defense.
set up a commission like the one we did for military bases to make mandatory reductions.
National Public Broadcasting should be eliminated as it’s no longer necessary.
like kudzu all of the bubureaucracy just never stops growing.
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Relative to budgets, they spend way more.
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Do you mean defense spending by relative budgets? If so, then they do not spend as a percentage of their GDP as much as the US does. Not even close.
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The spending was on welfare programs
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They also tax far more!
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My problem with a tax increase is our politicians will just find more ways to give it away. They will never use it to pay down our debt since they put us in this place!
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So true
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When was the last time a govt program was cut or eliminated? Maybe never.
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Do the figures presented include Federal, state, local taxes, property taxes, sales taxes, and a few others like transfer, hotel, and of course Social Security.
What percentage pays no Federal income tax.
Didn’t you know who just pass on more debt by buying student votes.
Didn’t I just read the Swedes voted in a conservative leadership. Those benefits are fine but when migrants show up the you know what hits the fan.
I breathlessly wait for list of program cuts to bring us to a semblance of balance.
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Reportedly all taxes and don’t forget those countries have a VAT of 18 to 23%
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