Do you understand what a loan is? And what collateral IS? We already tax certain forms of wealth - real estate for instance. Sure.
if wages go up, people pay more taxes, only way to get caught up from this huge debt caused by the right's tax cuts for the rich and refusal to have a gradual min wage increase over time
I do — what’s your point But we do not tax share utilization when it is used for loans Yes, sure — if it makes sense to you that we should take people more that are barely making it so that billionaires flying between their fleet of yachts can pay little then you are likely a right winger.
It means if the loan isn't repaid the lender owns the shares. the shares are purchased with after tax money or as part of compensation and are taxed at that point. Nearly half of workers pay no income tax already.
Which has absolutely nothing to do with anything being discussed. It depends on the structure The issue though is that the very wealthy borrow against those assets (stocks, RE holdings) which turns their wealth into liquid income to fund their lifestyles and acquire more assets. They do not, however, pay taxes on that income. This is why you have billionaires making virtually zero income on paper but still being able to fly around the world, purchasing multi-million dollar yacht and having dozens of residences. A billionaire should never pay less than his secretary Those workers do pay more of a percentage of their wealth in sales tax, property tax, and consumption taxes Do tell — how can someone that is struggling to put food on the table for themselves (much less children) supposed to pay income taxes?
There's two parts to this. First, I don't think everyone actually thinks about the U.S. debt or incorporates it into their future calculations. There's a strong tendency for everyone to just assume things will keep on going the same as they have been. This is the type of thing that economic bubbles are made out of. The second part is that I think by now investors and lenders are expecting that the entirety of the U.S. debt is not going to be paid off. Some of it will go down with inflation, and some of it will just go on into perpetuity. But I think people are expecting that part of it will be paid back. And if the government renegades on that promise and expectation, it is going to cause economic consequences and do damage to the U.S. credit rating, which would put the U.S. in a bad place in the future. Already I think the debt is so big that the size of it alone is going to do damage to the country's credit rating, and the value of the U.S. dollar. There are some signs other countries are already beginning to dump the dollar, which could have bad economic consequences for the U.S., making it much harder to print any new money without that causing inflation.
Apparently the U.S. national debt is tied to the financial system and faith of the USD. I think the following movie brings some very strong insights.
Too many Americans are blissfully ignorant about the significance of the national debt... they just imagine that we can go on running it up past the trillions of dollars into quadrillions, quintillions, sextillions, etc. The government can go on doling out untold billions in dozens of different kinds of 'free stuff', 'subsidies', 'loan forgiveness, 'services', and all the other UNEARNED free welfare crap that has been a successful mainstay of Democrat Party strategy for the past NINETY YEARS! To put this into terms that even a poorly-educated Millennial or GenZ can understand, when we get to the point where our national debt versus GDP is so badly out of whack that we can't even pay interest ON the national debt, then the country DEFAULTS! What is "out of whack"? Most internationally-respected economic experts believe that any national debt versus GDP ratio higher than 77% is on a path to disaster! Currently, the United States has a ratio of 123%, and it is now increasing again! One wonders if the Loonie-tunes Leftists who cannot even do 4th-grade arithmetic in their heads even begin to comprehend how devastating this is likely to be.... -- "What? Me worry...?"
Nov 29, 2023 — Of the $68 billion in military and related assistance Congress has approved since Russia invaded Ukraine, almost 90 percent is going to companies in the US Is there any way the money we've been lavishing on the weapons makers by running up the National Debt, can be clawed back to repay the National Debt?
I'm surprised that you were able to discover where 90% of all that money has gone. The biggest thorn of all in the sides of fiscal-Conservatives (like myself) has been the total lack of ACCOUNTABILITY! All these weapons and all this money just goes off into the "Twilight Zone" of Eastern Europe and the only thing we hear in reply is, "Hey, Uncle Sugar! We need MORE!"
Tracing the money is not as difficult as tracing the weapons, those weapons could mean more wars for the US and that means Yippee! more money for our weapons makers. It's an investment in the future.
For a moment I clicked on "Never worry... Jesus will take care of it" but then I decided to go with "other" because Jesus..... actually wants you and I to do..... or write...... or speak......... or at least LEARN something about all of this!! From what I have been reading since 1994.... the national debts of the USA and Canada are significantly a practical joke being played on three hundred and thirty million Americans as well as on thirty eight million Canadians because of our lack of understanding of economics as well as of our history. http://www.politicalforum.com/index...from-the-ottawa-swamp.551407/#post-1070261992 Can we learn about the Washington Swamp from the Ottawa Swamp? ? Does the Ottawa Swamp and the Washington Swamp have the common denominator of ELITISM? NO 2 vote(s) 22.2% * YES 6 vote(s) 66.7% I am not sure but this is an intriguing theory that I may research further????? 1 vote(s) 11.1% Change Your Vote The History of Banking Control in the United States Written by Alain Pilote on Saturday, 31 August 1985. Posted in In This Age of Plenty (book) In this age of plenty - Chapter 49 IN MY OPINION ECONOMIST MILTON FRIEDMAN TOLD US HOW TO PAY OFF THE NATIONAL DEBTS OF THE USA AND CANADA..... A BASIC MINIMUM INCOME THAT IS TAXABLE..... AND UNCONDTIONAL TO ALL CITIZENS AND LEGAL RESIDENTS FROM CRADLE TO GRAVE... BUT... IT MUST BE FINANCED IN THE SAME MANNER AS THE BRILLIANT PRESIDENT LINCOLN GREENBACK MONETARY POLICY EXPERIMENT THAT HE USED TO FINANCE THE CIVIL WAR! Melvin Sickler in article "Lincoln, Kennedy" ... Although the following article is specifically about the economy of Canada.... the principle is very similar to what has been done in the USA. https://www.michaeljournal.org/arti...ce-our-country-debt-free-say-three-economists By Harold Chorney, John Hotson and Mario Seccareccia:
Republicans seem to get hysterical about the debt only when we have a Democrat administration. Most all countries are in debt. Here's a list. There are 50 countries over 77% "on the path to disaster!" We are somewhere in the middle. There are two strategies to cut the debt. The right, cut entitlements and taxes(?). The left, tax the rich. WWJD
We should tax the wealthy among us, Edna! I agree 100% -- and in order to make them pay a true fair-share based on actual personal income, first we must completely overhaul the U. S. Tax Code to get rid of all the loopholes, 'shelters', deductions, exclusions, exemptions, "carried-interest", and other legal manipulations that the rich use to pay little if anything in personal taxation! But, "Fat Cat" Republicans AND "Limousine Liberal" Democrats would never, ever support doing that -- so -- who gets screwed? If you're Middle-Class, go look in the mirror! Because the poor pay nothing, the rich pay next to nothing, and that leaves YOU... to pay for everything! (Don't mind me... I've probably written a hundred posts in this forum, bitching about this same thing.) As far as "entitlements" are concerned -- yes -- cut all UNEARNED entitlements to the bone.
All that does is take money from the productive sector and give it to the government to shovel in their furnace.
I'm afraid you will have to define "UNEARNED entitlements". If you'll notice the top 25 world debtors are some of the most successful nations and 70% of them are "on the path to disaster", so that can be taken with a grain of salt.
OK, here's the truth about "entitlements". When you, as a citizen of the United States, pay all your working life into government-mandated systems for retirement and health care, then, according to the terms and conditions that apply, you are ENTITLED to have the benefits of the systems you paid into. Remember, these are not a 'wealth-creation' systems... you do not build equity, per se, and you do not create 'estate'. When you die, no matter how much you paid into the system, your 'estate' is not enriched one penny by any imagined 'balance' left in an account. Essentially, everything else is just handout welfare, including 'subsidies' (another word for welfare), 'services', and everything else that is simply given away by politicians in return for VOTES. When a person doesn't contribute to any of these government systems, the benefits are, therefore UNEARNED. Your attitude toward national debt is amusing, and perhaps not unlike those that Americans began developing 100 years ago, during The Roaring Twenties, when grotesquely overvalued stock markets offered staggering profits based on nothingness. Everything was 'goodness and glory', until it no longer was.... But, hey, don't let the combined opinions of the world's top economic researchers interrupt the fun... just since last December, we're officially now up to having a national debt-versus-GDP of 124%, and rising! Next month, the idiots in both the Republican AND Democrat parties will probably pass yet ANOTHER continuing-resolution to keep the government from shutting down, and the vast majority of Americans won't care one bit so long as all their treasured 'free stuff' keeps flowing on schedule....
Your pearl clutching "on the path to disaster" attitude toward national debt is amusing when 70% of the top nations in the world are above your line in the sand. And your vision for America where children go hungry, homeless and allowed to die from illness is disgusting.
Cut two-thirds of the budget spent on military and "intelligence" - including the hidden funding. Delete the ATF, FBI, NSA, and CIA, etc.
It's 77% that economists identify as the road to Hell, Edna. At least get the numbers in the right context.... And, no, never once in my life have I ever "made a child go hungry", etc., etc. Charity to those cannot support themselves is something I do support strongly! But, bums, slackers, and welfare-cheats? To hell with all of them! If you support that kind of conduct, then your faction is a big part of the problem!
I don't think you completely understood what I wrote, maybe you shouldn't wait until after 5 to respond.......Oh, you didn't.
And you didn't bother to read the rest of my post.... Touché! You don't like hearing this kind of thing from someone like me, so, I'll give you another source: "A study conducted by the World Bank has found that nations whose debt to GDP ratios stay more than 77% for extended periods encounter substantial slowdowns in economic growth...." Link: https://www.linkedin.com/pulse/unsu...d by the,percentage points in economic growth. If you liberals really wanted to "save the world", you'd change the U. S. Tax Code to make the rich PAY a fair share -- and then -- next -- kick the freeloaders, slackers, bums, and parasites OFF THE WELFARE 'GRAVY TRAIN'! But, libs never do either of those things when they're in power, in spite of all their loud, impassioned "theater"....
I read and understood your post. I can't say the same for you. No one is arguing the 77% is not meaningful, but getting your panties in a wad and thinking we are on the highway to hell is a bit much. We are in the same shape as the rest of the world after the financial crisis and Covid, but we also had the disadvantage of two of the latest Republican presidents who cut taxes for the rich without cutting the budget. Post WW2 our debt was about the same and we recovered. 38% of our current debt is due to the Bush and Trump tax cuts. 26% of the debt is due to the recession from '08 and Covid, which we are recovering from. Only 34% is from other debt and 34% of 124 is a respectable 42. We could get there if the GOP wasn't such a mess and got their act together. You said "when a person doesn't contribute to any of these government systems, the benefits are, therefore UNEARNED" and cut to the bone. I thing you believe the right-wing myth that the social welfare system is full of parasites. Educate yourself with real facts and get out more.
Cut the size of government by 40%. Stop all foreign aid. Deport all non-citizens that do not have legit work permits. Screen un employment claims better.
That wouldn't be sufficient, I'm afraid. Gotta raise taxes as well. The best scenario, of course, would be for Jesus to take care of it with His Second Coming and the destruction of the world, I recon? Now world - no debt to repay.
