Tax free‼️.

Government, Medicare, Observations on life, Politics, Social Security 5 comments

No taxes on tip income

No taxes on overtime pay

No taxes on Social Security

Extend the current tax laws at its lower tax levels

Does it all make sense to you at a time of high deficits and federal debt? We are $35 trillion in debt and pay nearly $1 trillion in interest on that debt annually.

Nobody likes them, but let’s be realistic.

Do such tax exclusions seem fair to you, to the majority of families not retired, not working for tips, with no overtime?

What are the possible consequences of such tax exclusions on the economy, the workforce?

The finances of the United States say clearly we must have tax increases for Social Security, Medicare and to lower deficits and eventually to lower debt.

Those taxes must come from everyone as much as we want to deny it. The top 1% or even 10% can’t foot the bill.

And cutting federal spending (on what and how by the way) won’t do it either.

One thing is sure, going in the opposite direction of lowering any taxes is irresponsible.

5 comments

  1. Any surprise that a pretend billionaire conman who went bankrupt six times is now ready to lead the US into bankruptcy? I hope TFG loses but it will be interesting to see all the chuds upset about inflation if TFG wins and actually does put in his 20 percent tariffs and deports a good portion of our workforce….the hit on the economy will be massive

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  2. “Those taxes must come from everyone as much as we want to deny it.”

    ok by me.

    Once everyone starts paying federal income taxes, you can come back to me for more.

    Until then, NO MORE or as Bush 1 said: Read my lips, no new taxes!” I voted for him and do not regret my vote.

    We don’t have a revenue issue. We have spending issues.

    25 years ago we had $2 Trillion in federal revenue and $2 Trillion in spend. Today we have $5 Trillion in revenue and $7 Trillion in spend.

    obvious what the issue is.

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    1. The US federal government has the biggest debt in the history of the world. And it’s continuing to grow at a rapid, unstoppable pace.

      First, let me put some crucial numbers and concepts into perspective.

      You often hear the media, politicians, and financial analysts casually toss around the word “trillion” without appreciating what it means.

      A trillion is a massive, almost unfathomable number.

      The human brain has trouble understanding something so huge.

      Suppose you had a job that paid you $1 per second, or $3,600 per hour.

      That amounts to $86,400 per day and about $32 million per year.

      With that job, it would take you 31.5 years to earn a billion dollars.

      With that job, it would take you over 31,688 YEARS to earn a trillion dollars.

      To put that in perspective, if you earned $1 a second 24/7/365—about $31 million per year—it would take over 1,109,080 YEARS to pay off the US federal debt.

      And that’s with the unrealistic assumption that it would stop growing.

      In short, the US government can’t repay its debt. It can’t even pay the interest expense without going into further debt.

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