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Started By
Message
Where Does One US Tax Dollar Go?
Posted on 4/13/24 at 6:44 am
Posted on 4/13/24 at 6:44 am
Just in time for tax season. It may surprise some people that 11% of every tax dollar collected is used to pay the interest on the enormous deficit we currently have.
With bipartisan support that deficit continues to grow as well as the percentage of our taxes which has to be dedicated to paying the interest.
This is the issue which will collapse our country. Either we increase taxes or reduce spending.
LINK to Zerohedge
With bipartisan support that deficit continues to grow as well as the percentage of our taxes which has to be dedicated to paying the interest.
This is the issue which will collapse our country. Either we increase taxes or reduce spending.
LINK to Zerohedge
This post was edited on 4/13/24 at 6:45 am
Posted on 4/13/24 at 6:45 am to Achilles Hill
quote:
Either we increase taxes or reduce spending.
By studying history, which route do you think politicians will choose?!
Posted on 4/13/24 at 6:49 am to Achilles Hill
What’s “health” and why are 14% of all federal dollars going to it?
Posted on 4/13/24 at 6:52 am to Y.A. Tittle
Health and Medicare together amount to 28% of government spending. The largest health expense is grants to states for Medicaid, which helps cover medical costs for people with lower incomes. Medicare, on the other hand, is federal health insurance for people 65 and older, as well as younger people with disabilities.
Posted on 4/13/24 at 6:55 am to Achilles Hill
Got it. I didn’t realize the fed govt was paying as much as it was paying on Medicare to that as well.
Posted on 4/13/24 at 6:57 am to Achilles Hill
One US Tax Dollar isn't the problem.
It's where billions go that's the problem.
It's where billions go that's the problem.
Posted on 4/13/24 at 7:01 am to Achilles Hill
quote:
reduce spending.
Trump and Biden are two of the biggest spenders ever. Neither is going to ever do this. They don’t believe in it and they can’t even if they wanted to because the house of cards collapses. Quite the conundrum to be in.
Posted on 4/13/24 at 7:18 am to ronricks
quote:you people are so ignorant and annoying. presidents can only spend what congress appropriates through the budget. there would be a wall all way across the Mexican border if trump could spend whatever he wanted.
Trump and Biden are two of the biggest spenders ever. Neither is going to ever do this
Posted on 4/13/24 at 7:21 am to Achilles Hill
quote:
Either we increase taxes or reduce spending.
No.
Reduce taxes and spending.
The economy will boom.
Posted on 4/13/24 at 7:26 am to faraway
quote:
presidents can only spend what congress appropriates through the budget
Say hello to Executive Orders
Posted on 4/13/24 at 7:29 am to faraway
quote:
you people are so ignorant
Speaking of ignorance you are aware Trump wanted to spend even more in stimulus than Congress allowed?
We’ve been over this time and time again. Pretending Trump didn’t want more spending doesn’t help. And for the thin skinned posters Biden is and will spend just as much as Trump. It’s BOTH of them. Neither are going to cut spending because if they did it will kill everything they like to brag about and artificially prop up. Trump has never been and will never be a fiscal conservative. He’s a big spending stimulus loving socialist when it comes to spending. His whole term proved such.
Posted on 4/13/24 at 7:34 am to Achilles Hill
Medicaid should be transitioned to the states for funding. Let them work on how to manage since these are state expenses.
Defense needs to be capped at current level at a minimum. Let the Pentagon figure out how to make that work but the waste and lack of controls in defense is ridiculous.
Defense needs to be capped at current level at a minimum. Let the Pentagon figure out how to make that work but the waste and lack of controls in defense is ridiculous.
Posted on 4/13/24 at 7:35 am to faraway
quote:
presidents can only spend what congress appropriates through the budget
Presidents can also veto things like $1.5 trillion dollar omnibus bills. Congress may override it but it makes it more difficult to get pushed through.
Posted on 4/13/24 at 7:41 am to ronricks
Reducing spending means cutting jobs. A tough political proposition. Someone like Trump that only has one term and a bone to pick with many federal agencies would be perfect to take this on, particularly in the face of inflation where it would ultimately benefit he economy. But he just won’t be able to drive Congress into doing this, he isn’t focused enough.
I will say this unrelated to the president, social security and Medicare are absolutely broken systems that hold our entire tax system hostage. I’ve looked at lots of returns lately this is 100% clear to me. For example, I just saw one where a man is on SS, makes $40k on W2. His benefit is reduced because he is working, his $38k benefit is reduced by $7,500, and he pays $2,500 in social security tax (and also pays as much Medicare tax as the benefit) on his W2 income. So it basically costs him $10k to receive his benefit if he doesn’t want to be stuck at $38k total income.
Meanwhile, a couple making well north of $1M is paying $20k in SS tax. What I am trying to demonstrate is with these numbers, there is simply no way to maintain this system without someone getting screwed. There are only so many notches on that belt, and we have already let a few out. The first 15.3% of income first goes to paying this tax, before ever considering what bracket you are in. It is holding our entire tax system hostage and nobody is bold enough to call this Ponzi scheme exactly what it is and end it.
I will say this unrelated to the president, social security and Medicare are absolutely broken systems that hold our entire tax system hostage. I’ve looked at lots of returns lately this is 100% clear to me. For example, I just saw one where a man is on SS, makes $40k on W2. His benefit is reduced because he is working, his $38k benefit is reduced by $7,500, and he pays $2,500 in social security tax (and also pays as much Medicare tax as the benefit) on his W2 income. So it basically costs him $10k to receive his benefit if he doesn’t want to be stuck at $38k total income.
Meanwhile, a couple making well north of $1M is paying $20k in SS tax. What I am trying to demonstrate is with these numbers, there is simply no way to maintain this system without someone getting screwed. There are only so many notches on that belt, and we have already let a few out. The first 15.3% of income first goes to paying this tax, before ever considering what bracket you are in. It is holding our entire tax system hostage and nobody is bold enough to call this Ponzi scheme exactly what it is and end it.
Posted on 4/13/24 at 7:44 am to ronricks
quote:
Trump and Biden are two of the biggest spenders ever.
Has there ever been a president who didn’t spend more than his predecessor?
Posted on 4/13/24 at 7:45 am to Y.A. Tittle
quote:
What’s “health” and why are 14% of all federal dollars going to it?
Medicaid, Medicare, and ACA subsidies. Mostly the first 2
There are like four programs we can cut to make spending changes that will help things. Medicare, medicaid, the military, and Social Security. Any discussion that doesn't focus on those four is masturbatory.
Posted on 4/13/24 at 7:46 am to faraway
quote:
you people are so ignorant and annoying
quote:
presidents can only spend what congress appropriates through the budget
Irony
Posted on 4/13/24 at 7:47 am to ksayetiger
quote:
Reduce taxes and spending.
The economy will boom.
Do the math and tell me what kind of economic growth we need to overcome the deficit and debt issues.
Posted on 4/13/24 at 7:49 am to Achilles Hill
quote:
Presidents can also veto things like $1.5 trillion dollar omnibus bills. Congress may override it but it makes it more difficult to get pushed through.
This is true, but it doesn’t make faraway wrong.
Spending is a congressional issue.
Not vetoing it is an executive one.
Ronricks doesn’t understand that.
Instead, he lactates lies while his TDS laden tampon overflows his salty vag.
He is a Biden boy, he just doesn’t have the guts to admit it.
Posted on 4/13/24 at 7:50 am to Achilles Hill
Wait? Why does 22% go to Social Security?
Don't we already pay an additional tax for SS?
I'm assuming this is based on income tax.
Don't we already pay an additional tax for SS?
I'm assuming this is based on income tax.
This post was edited on 4/13/24 at 7:52 am
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