Holding raising the debt ceiling hostage to force additional budget cuts is ridiculous. You want budget cuts, come to the table and lets work on them. But up until know every Rep and Sen was complicit in one way or another for the national debt…you knew what it was going to cost when you ‘budgeted’ for your whatever…and you knew if you ‘d have the money or not…or would have to borrow. So shut your yaps and raise the debt ceiling. Wanna never have to do it again? Work on the future budget like adults for cryin’ out loud.
It’s sorta like if I’d ordered a home remodel and then refused to get a home equity loan when I knew I wouldn’t have the cash.
4 thoughts on “Federal Debt Ceiling”
Neither party has a leg to stand on as far as fiscal responsibility. The Dem’s haven’t even submitted a budget in 2 years & the Republicans sometimes talk the talk, but not so much on walking the walk. Especially during Bush’s Presidency.
Unfortunately, I have a hard time finding any reason for optimism – it’s a fundamental problem. Saying yes gets you more votes than no. We’re the frog in the pot – taxes are the gradually increasing temperature that nobody really notices, and ultimately, our debt is the boiling water that will kill us.
I am not a big fan of raising the debt ceiling…but I don’t know how in good faith you can vote for budgets or extensions or whatever (and you are correct, it’s Dems and Reps equally to blame) and not intend to pay for them.
The percentage used for income tax rates should be based on the natural logarithm of income multiplied by a Multiplier. The Multiplier should be set by calculation to be whatever would have balanced the budget had that value been used the previous year.
(For example, if you made 10000 dollars last year your logarithm would be 5. If a Multiplier value of 3 last year would have been enough to balance the budget, had it been in effect with the now known incomes of the previous year, the Multiplier this year will be 3. Thus your tax rate would be 5 times 3 or 15 percent.)
Any entity or corporation owning anything or doing any business in America should be required to pay full income tax. (Multinationals wanting to be taxed only on that portion of business conducted in America would have to set up subsidiaries for this)
There should be only one deduction: public corporations should pay tax only on a portion of their income equal to the percent of the corporation’s stock directly owned by human American citizens for the entire year. (For example if a company made 10 billion dollars last year, and the Multiplier was 3 this year, its tax rate would be 33 percent. But, if it could show that of its 1 million shares of stock, 300000 of them were directly held for the entire year by american citizens, then it would only have to claim 70 pertent of its income.)
No politically generated maze of deductions and loopholes, no tax table.
True this would get rid of some deductions that benefit ordinary people, but in reality it would be worth it because it would close so many loopholes.
Also this would get the revenue close to spending, automatically.
Ok, sounds simple. Simple question then: how do you define income?
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