US Taxing 100% of Personal Income Will Not Cover Deficits
- Thread starter libertad
- Start date
Doubt that's possible... unless we resort to protectionism. (The "low labor cost in Asia" genie cannot be put back into the bottle.) And of course, that leads to trade wars and perhaps even more aggressive political friction.
We Americans voted for "hope and change" last November. Well, we're getting both... BUT IN THE WRONG DIRECTION!!
Unless America undergoes a MAJOR metamorphosis towards lower, more broadly based tax collection and in the size/function of government, WE ARE DOOMED. Only question is "how long does it take?".
Quote from Scataphagos:
We Americans voted for "hope and change" last November. Well, we're getting both... BUT IN THE WRONG DIRECTION!!
Unless America undergoes a MAJOR metamorphosis towards lower, more broadly based tax collection and in the size/function of government, WE ARE DOOMED. Only question is "how long does it take".
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1000000% CORRECT !!!!!!!!!!!!!!!!!!!
What the US got was more of the same....but worse....
"Lawyers in sheeps' clothing".....
Have ruined the USA....
Most of us don't recognize (yet) "Obama = worse". It's like they're blinded by their hatred for Bush to the point they can't see Obama for what he is.
Most of the time when I ask someone why they're an Obama supporter, first words out of their mouth start with "Bush".
Libertad, sadly enough, just because a 100% Income Confiscation won't get the US out of debt doesn't mean Congress won't try it.
Quote from Scataphagos:
Let's take gasoline. With the average(?) motorist driving 15,000 miles per year and getting 15 mpg, that's 1000 gallons of gasoline. At recent "normal" prices of $2.50/gal, that's $2500 per year in gasoline costs. When gas was $4.50, that's $4500 per year. Sure, $2000 is something. But if that presses one's budget too much, cars and behavior can be modified to reduce "motoring fuel" costs back to near $2500 per year. (Remember, in Europe they pay $7-$9 per gallon. By comparison, our fuel costs are waaayyyy cheap.)
The "800 Gorilla in the room", however, is the "massive deficit spending, government is much too large vs. private sector, high unemployment which will soon be recognized as STRUCTURAL, unfunded social liabilities, overspending by consumers, housing/credit bubble, and the move towards Facist/Socialist America", complex.... threatens everything we've loved about our country.
As I age and think about these things... I'm thinking that the best thing about our country is the Bill of Rights. When I was a little guy I had the basics, good food, my mom had a huge garden and we had meat in and out of hunting season, I had a roof over head, it wasn't much at all, three br one bath but what did I care? I can live without a car entirely, lots of my adult life I was much happier without the hassles of a car, a bus pass and a ten speed worked quite well really.
So we went from freedom to overconsumption to Fascism with a government that is as insane as Hitler ever was, they just aren't killing people that much yet.. I say, hit the frigging reset button on the whole thing, trash the centralized government and watch it float away in the big trash vortex of history and then we can have our full freedoms back. Low consumption taxes only... no invasive income taxes, like Libertad says, play the rest of the chips where they fall, when the dust settles we are free people.....