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I predict the debt will not only never be paid off, but will keep increasing by at least 500 billion per year going forward.. and during the next economic downturn it will be more like a 2 trillion/year increase just to keep the fractional reserve system from imploding on itself. It requires ever expanding debt levels to service the interest payments. This topic has been long brought up though and a good video called "money as debt" explains all that.
I agree with this because I don't think any administration has the guts to do what it takes to really impact the debt because ALL voters would have to suffer a little.
I'm concerned that the tax cuts will impact those in the upper brackets, with some concessions for lower income people. The people in the middle will not see any benefit and may see more taxes.
That's usually the way. So then more middle class families will slip into the lower income....
Cut everyones taxes and slash spending anything else is just a con job.
Not that it matters , but about 90% of what the fedguv does isn't even authorized by its own rule book, the constitution.
The rates that again ONLY apply to estates worth more than 5.45 MILLION DOLLARS, are graduated and the top most rate is 40%. Lots of exclusions....few pay that 40% rate.
I don't have a problem of taxing estates above multi millions....better than creating a financial oligarchy class. My preference would be that estate tax collections be designated to go to the SS and Medicare funds.
I don't care who it applies to.
The government is not entitled to half of ANYONE'S money when they die.
The government is not entitled to half of ANYONE'S money when they die.
Please try to pay attention to the facts. It is not HALF. The average effective estate tax rate (and AGAIN, only on estates valued at 5.45+ MILLION DOLLARS) is 16.6 %.
The tax applies to estates of individuals with combined gross assets and prior taxable gifts exceeding $5.45 million (double that for estates of married couples) in 2016, as stipulated by the IRS.
While calling it a death tax suggests that the estates of all people who die will be taxed, the reality is that given that the size of the exemption, very few Americans are affected. According to a 2015 report from Congress's Joint Committee on Taxation, 4,700 estate tax returns reporting tax liability were filed in 2013, out of 2.6 million total deaths in the United States. That means the estate tax hits roughly 0.2% of Americans, or 1 out of every 500 people who die.
In fact, households affected fall somewhere between the 95th and 99th percentile of all U.S. households: According to the Wall Street Journal, the top 1% of households have a net worth of at least $6.8 million, while the top 5% have a net worth of at least $1.9 million.
And what about Trump's claim that small firms and family farms are being driven "out of business" by the tax? The Tax Policy Center found that in 2013, 20 small businesses and farms paid any estate tax nationwide.
However, according to the Tax Policy Center, the average effective tax rate for those who paid the estate tax in 2013 was 16.6%.
Cut taxes and cut spending... raise taxes and raise spending... cut taxes and raise spending... none of those have put a dent in the national debt.
How about... raise taxes and cut spending to get rid of the public debt?
What politician would commit that suicide?
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