A number of taxpayers, after losing deductibility of some state/local taxes, paid more following the recent tax cut. Maybe that’s what the poster was referring to?
Showing 6 responses by ghasley
I am thrilled at the privilege to pay my fair share of taxes each year for the privilege to live in a great country. Far from perfect I know but maybe the least imperfect scenario going.
To everyone wishing for a national sales/VAT tax, it places an undue burden on those who spend everything to make ends meet. A flat tax simply doesnt cut it either, too much income is passive and doesnt end up in a bin that can be taxed under any of the proposed methods to date.
I should be paying more…most of us should. |
I know right? Here's the rub...its easy to follow the money: About two-thirds of the tax dollars paid by Americans each year goes to Medicare etc, Social Security payments and unemployment payments. About 20-25% goes to Defense, Interest on the national debt. Various other programs taking up about 8-10%. Everything else is funded by, you guessed it, debt. I cant imagine how the federal "budget" would look without low interest rates....
Both sides of the aisle should raise our taxes, get spending in check and reduce/eliminate our dependence on deficit spending. As a nation, we haven't taken advantage of the low rates, we've just enjoyed them.
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So, regardless of how we as a society have landed where we are fiscally...not agreeing with or shooting holes in your treatise...wouldn't you agree that there are only three levers that we can utilize to address the federal budget: Tax receipts, utilization of debt and government spending? No one would disagree that waste, greed, corruption, good intentions, well meaning but poorly executed programs...they all exist. Neither you nor I started that and its unlikely we have participated in their perpetuation. All I was saying in general was the collective "we" only have a few tools to address the issues.
I'm kindof a rule follower, corny I know but that's what scouting, growing up in a military family, church, community...you get the drift....will do to you. I have managed to shed much of what I wasn't terribly comfortable with over the years. Most of us here on Audiogon have been fortunate financially. We benefitted from the recent tax cuts, we benefit in many case from the tax benefits of home ownership, we benefit from favorable tax treatment of long-term capital gains and in some cases, the treatment of windfall short-term income being treated as long term capital gains. We benefit from asset appreciation during these inflationary times for while many are struggling to buy food, gasoline or pay rent many of us have seen our (on paper) net worth skyrocket.
So, I'm not saying I have the answers but it isn't the fault of the less fortunate that you and I are likely benefitting disproportionately in the current system. I've said this before but, generally speaking, the less fortunate don't pay enough into the system to build schools, roads, hospitals let alone the amounts necessary to defend this amazing country and its citizens. |
@bigtwin +1 |