What is the right rate for federal taxes?

Nov 2014
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The full effects have not yet materialized, but many people are being adversely affected.



Terms of Service Violation

And people are going to be a lot more adversely effected when our economy reaches a crisis point. So if you think it's bad now, just wait.

As I stated, neither party is going to support the kind of taxation that would be required to effectively address our financial problems. Neither party is going to support the kind of dramatic cuts to services that would be required to effectively address our financial problems. So economic growth is our only realistic alternative despite what ever adverse effects it may have.
 
Nov 2014
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North Carolina
actually, even according to your source, taxes of all types only cover 88% of the budget. the remainder is borrowed to cover what's needed. and also according to your source, the 2018 and 2019 revenues are estimated .
Of course we still borrow money to pay for our expenses.

That's not what I produced that link to show. I linked that article to show that revenue form taxes has gone up under the Trump administration despite his tax cuts. And they have - as they have under previous administrations who have signed tax cuts into law.

Tax cuts do not always mean a reduction to Federal Revenues.
 
Sep 2017
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Massachusetts
Correlation =/= Causation.
True. But, what we can say for certain is that the tax structure I presented is demonstrably compatible with a highly desirable trend of rapid prosperity improvement.... far more rapid than we have today. Why not give it a try again?

Economists like Piketty (who favor progressive taxation) and others have acknowledged that the post-WW2 U.S. economy was probably an aberration.
Yes. I've read his book. Why not test it?

So what is the need for a monetarily sovereign country to tax income in particular at all, much less tax it so aggressively as it did in the pre-fiat currency post-WWII United States economic boom?
What would be your proposal for financing the government -- just print as much money as needed? That would have the value of acting as a partial wealth tax (effectively taxing any dollar holdings anywhere). However, I think the resulting inflation would have too many bad side effects, if we tried to get the lion's share of revenues that way. The wealthy would just start holding their wealth in foreign funds or in assets that would naturally inflate to accommodate the effect. You'd end up distorting the economy pretty badly.
 
Sep 2017
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Is that first bracket making 8000 and paying 14% of that? needs some adjustment but thats the idea.
Yes, it would be 14% of the first $8000 you earn. Of course, that doesn't address the issue of deductions and credits, which would greatly complicate things. One possibility would be to go with a system with no deductions or credits, but knock each of those rates down a full ten points.
 
Jan 2014
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Of course we still borrow money to pay for our expenses.

That's not what I produced that link to show. I linked that article to show that revenue form taxes has gone up under the Trump administration despite his tax cuts. And they have - as they have under previous administrations who have signed tax cuts into law.

Tax cuts do not always mean a reduction to Federal Revenues.
the estimated federal revenues have gone up. we won't really know until the actual figures come in.
 
Nov 2014
29,294
5,215
North Carolina
the estimated federal revenues have gone up. we won't really know until the actual figures come in.
Even if you want to ignore the estimations in my link - revenues to the Federal Treasury also went up under JFK, Reagan, and G.W. Bush - all of whom signed tax cuts into law.
 
Jan 2014
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south
Of course we still borrow money to pay for our expenses.

That's not what I produced that link to show. I linked that article to show that revenue form taxes has gone up under the Trump administration despite his tax cuts. And they have - as they have under previous administrations who have signed tax cuts into law.

Tax cuts do not always mean a reduction to Federal Revenues.
so you're okay with constant borrowing to meet expenses?