If the National Debt is Such A Problem, Why Isn't Raising Taxes on EVERYONE An Answer (attorney, Obama)
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Obviously. In each case, the tax code is stepping in to alleviate negative consequences that would otherwise have been the responsibility of the individual involved. This is what SNAP, Section 8, and the EITC do as well. This is not to say that there are not valid reasons in any of these cases. But the simple facts are that these are all socially and politically motivated hand-outs, and hence all examples of welfare.
Respectfully, this couldn't be more wrong.
Losses are mostly indiscriminate. Most successful business owners fail, and manyfail more than once. You never, never want to deter risk-taking in business and discriminating against losses would do exactly that.
More importantly, taxes are based on earnings. Earnings can be offset by deductions and losses. Business often incur losses at startup (risk-taking) and expansion (again, risk-taking). Carrying losses forward is a valuable business tool, fair and really, the complete opposite of this:
Quote:
In each case, the tax code is stepping in to alleviate negative consequences that would otherwise have been the responsibility of the individual involve
Respectfully, you are only providing reasons why you think these welfare payments are justified. You are not at all addressing the fact that they are indeed welfare payments.
Obviously. In each case, the tax code is stepping in to alleviate negative consequences that would otherwise have been the responsibility of the individual involved. This is what SNAP, Section 8, and the EITC do as well. This is not to say that there are not valid reasons in any of these cases. But the simple facts are that these are all socially and politically motivated hand-outs, and hence all examples of welfare.
There is no handout. I'm only a little surprised that you don't understand that.
$18.6 trillion debt divided by 215 million working population would required each of the persons ages 15-64, to pay $88,000, to pay off the debt.
The USA debt can never be paid off. Eventually the country will collapse AND BRING DOWN THE WHOLE WORLD but especially China which owns 10% of it. This is why China would never start a war with the USA, because we would simply nationalize their debt to us, and essentially wipe it out.
Respectfully, you are only providing reasons why you think these welfare payments are justified. You are not at all addressing the fact that they are indeed welfare payments.
I'm not addressing the fact that monkeys have wings either, because in fact, they do not.
Welfare is a form of financial support given to those in need. Writing off a loss or carrying over a loss to diminish tax liability is not, by any definition, welfare.
Keeping as much of your earnings as possible is not, by any definition, welfare.
Now if you want to discuss the automotive and financial bail outs, then you're on to something.
The middle-class most certainly does NOT pay more taxes than any other group...
The top 20% of earners pay 86.8% of the federal income tax and 69% of all taxes. (Less of the total tax share because nearly everyone pays excise taxes, such as on gasoline, alcohol and cigarettes.)
The top 1% of earners pay 43.6% of fed income tax
The top 0.1% pays over 20% of the federal income tax
Meanwhile....
The lowest 40% "pays" -3.7% of federal income tax, but +4.2% of all taxes
And the "workhorse" middle class (middle 20%) pays 4.2% of income tax and 9.2% of all taxes
Good! That is the point of progressive taxation. Poorer people must spend a much larger percentage of their income just to pay for the basics than the top % do. Those who are richer can AFFORD to pay more and so they DO. America did not collapse when there were 75% and 90% tax brackets....I don't think it will if we moved closer to that again.
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