Guest Post by Anthony Sanders
The Democrat Party debate the other night presented two candidates with pretty much identical views of what they will do as President: give away everything for free!! Free college tuition, healthcare tax subsidies for illegal immigrants, etc.
Here is the 2013 breakdown of Federal taxes paid by income bracket: 13in12ms
Bernie Sanders at least has gone on record saying he wants to spend $18 trillion over a decade. Odd, when the national debt is already over $18 trillion.
Of course, these big spending plans will have to be paid for with a massive expansion of Federal debt. Raising corporate tax rates is a non-starter since the US already has a high tax rate compared to other countries.
So the usual Sanders/Clinton mantra is “Tax The Rich” of which Hillary Clinton is one.
The problem with soaking the rich is that there just isn’t enough money for Bernie and Hillary to spend. Here is a snapshot of 2013 Federal tax filings. ‘The total Federal taxes paid by households earning $500,000 and over per year amounts to $50 billion. Even if Bernie/Hillary doubled the tax rate on those making over $500,000 per year, it would raise only $100 billion per year. That is far short of the $18 trillion that Bernie wants to spend (over the next decade).
I suspect Hillary has the same problem, although she is smart enough not to admit how she proposes to pay for her big spending plans.
Both Bernie and Hillary’s plans will require taxes to be raised on most EVERYONE. And issue more Federal debt to pay for the remainder.
Feel the Bern (or burn) as much of the country becomes poorer.
“The total Federal taxes paid by households earning $500,000 and over per year amounts to $50 billion.”
How many households earning a billion a year pay nothing at all? More than we care to admit.
Have CONgress pass a law to eliminate ALL Corporate Tax loopholes and deductions.
Have CONgress pass a law to Severely punish (financially) any corporation from leaving the U.S.
Have CONgress pass a law to severely tax any worldwide corporations that were previously incorporated in the U.S. or with an office in the U.S.
Drumwaster – you are an imbecile. Go away and find out how many folks make a billion a year. Only 1600 make ten million. Moron.
Everybody knows math doesn’t matter, only their good intentions!
“The total Federal taxes paid by households earning $500,000 and over per year amounts to $50 billion. Even if Bernie/Hillary doubled the tax rate on those making over $500,000 per year, it would raise only $100 billion per year.”
Actually, it would only raise an additional $50B / year, and that’s assuming a totally static analysis where 1) no one decides to earn less (ha!) and 2) the diminution of after-tax income has no effect on the economy as a whole.
Dumwaster: “How many households earning a billion a year pay nothing at all? More than we care to admit.” Actually you could count the number of households earning a billion per year on two hands. If we could confiscate every penny of that income (which would be impossible), it would still wouldn’t come close to covering the increased spending sought by Bernie. And we’re already running a deficit that’s greater than the growth rate of GDP – and that’s with interest rates near zero.
End corporate welfare, farm subsidies, bailouts, “educational” grants, and foreign aid. With 9x million on food stamps and without jobs, 20 trillion in debt that is on the books (100 trillion off the books), we cannot support any more immigrants or refugees.
All these idiots have to do is say tax the wealthy and the rest of the idiots swoon with anticipation. (Listening to Carly sing that now, but these ain’t the good ol days)
This is like hope and change. Ask 10 million people and you’ll get 10 million different answers to what hope and change mean to them.
The same with tax the wealthy, we all know people who have more, so tax those mofo’s.
The problem is is I know I make more than a lot of other people, so sooner or later I’m the wealthy mofo, and so on and so on and son on.
Until…….?
It is not about getting the money, it is about envy, if you got no additional revenue and hurt the growth potential of the economy by doing it, they would still want to punish the rich because they are children.
Holy Fuck!
There are only 44,826,499 tax returns out of a population of 316,500,000 (in 2013)?
That is, only 14% of individuals in the country are filing returns (and paying taxes). Can that be correct?
If so, Jesus Christ, we taxpayers have some serious leverage here.
Here’s what needs to happen:
1) Everybody still (stupid enough to be) paying taxes needs to go to their tax man asap and have themselves withheld over the max, like 6-10 people.
2) Don’t spend that extra money – immediately direct it to the 501(c) of your choice. Most 501(c)s can set up up with an auto withdrawal. You won’t even miss the money if you do it this way.
3) Keep good records and file your tax return accordingly. Remember: Charitable deductions will lower your adjusted gross income and thus your total tax burden.
Fund the charity or 501(c) of YOUR choice, instead of FUNDING YOUR OWN DESTRUCTION by sending to the fed.gov.
Why do you think there are sooo many LibProg 501(c)’s that the George Soros’ of the world give millions of dollars to? These folks lower their tax rate while funding their pet causes. Fucking hypocrites about bigger government, BTW, since they aren’t actually paying into it. (We fools are.)
Why do you think the Church of Mormon or many Jewish tabernacles “request” you tithe 10% of your salary?
Hello??
Jesus H Christ on a stick, those bastards make more then that using the CIA and the USAF to fly heroin and cocaine around the world. And using SF teams as mercenary murder squads to settle disputes between drug lords, business people, etc. And before you red, white and blue misguided fools get your knickers in a twist over my saying that, check your history. ‘Murika used the army in South America since the 19th century to crush popular political movements, murder, torture, genocide native villages and install puppet governments for such worthy causes as Ford Motor Company, The United Fruit Company, Goodyear Rubber and a whole lot more. You don’t believe they are doing it today? Or you just thought it was all about the oil companies in the ME?
Check out this book..it’s called “War Is A Racket” and it was written by the most highly decorated General this nation ever produced; Major General Smedley D Butler. It was published in 1935.
Those income tax receipts are pocket lint to them. They make their money the same way any Mafia family does, and that is using murder, extortion, prostitution, drug-running and protection rackets.
Who knows what dirty deals they have going around the world. Assassinations for hire, the international slave trade, pornography, snuff films….anything.
It’s like I said before, they could eliminate the income tax and just print the friggen money, but they never will because that burden on us is the ultimate control over individuals. Most people are scared shitless by the IRS and those gangsters love it.
The article does not mention that included in the $18 trillion is National Health Care so you no longer have any health care insurance premiums.. Many people pay more for health care than they do for taxes. Health care in the U.S. costs about twice what it does in other industrialized countries and our results are worse.
Unless and until we have a true paradigm shift in the U.S. things will continue pretty much along this same road….until it doesn’t.
While I’m no fan of big government, I think a lot of what Bernie says makes sense. And his method of paying for free college tuition is to tax Wall St. Just a couple of cents for each transaction (including high frequency trading) would do the trick since Trillions are traded daily.
And I think what Drumwaster was getting at is, the rich, and multinational corporations, aren’t paying much at all into our tax system. Exxon-Mobil hasn’t paid a dime in Federal tax for at least five years. Most of these multinationals avoid paying by holding income offshore. Our tax laws are totally skewed in favor of the rich.
Any meaningful revision to our tax code (such as burning all 50,000+ pages of it and starting over with a 2 page limit) is totally out of the question because it would put the accounting industry out of business. Just as any meaningful reform of private health insurance will surely put those bastards out of business. Ain’t gonna happen unless there’s a real paradigm shift. Fourth Turnings are a bitch.
Government is the parasite that is sucking the life out of the economy. And Hillary is saying the government needs more power and control to suck more of the life out of “those other guys at the top”.
The problem isn’t which part of the economy the parasite should chose to suck the most from, the problem is that the parasite is too big. If you funded the government 100 percent from taxes and no borrowing or printing you would immediately collapse the economy. The problem isn’t who should pay more taxes, the problem is the government is too large and spends too much and needs to be drastically reduced. Government and its spending needs to be cut at least in half, more would be even better. But that’s never going to happen; next stop collapse.
@Hope, I noticed the number too.
How can they claim over 100,000,000 people have jobs with that number of returns and our marriage rates?
Complete unadulterated bullshit, is how.
NOTHING is real. Nothing.
Westcoaster says: While I’m no fan of big government, I think a lot of what Bernie says makes sense
What makes sense dumbass? Enlighten us with your liberal delusions.