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Why do states think they are required to have a graduated income tax system?
Some states have state income or no sales tax. How about a flat tax of say 4% and an advocacy of a Federal Flat of oh lets say 12%. No loop holes or deferment. With a provision that the Tax % regresses after the State and Federal Debt is erased. I suggest that all other systems are discarded immediately.
BayRocks press conference of Jesters
BayRocks press conference of Jesters
Marv, just printing money doesn't deal with the problem. Which is over compensation for the bureaucrat/ corporate exec. Not the retired , infirm or apprentice, journey-person or independent.
#1 just because they say they need 19% doesn't make it so. Flat tax is fair for states and the Fed. based on current needs. as debt is paid down as required by our creditors that 12% could be reduced.
3 Answers
- 8 years agoFavorite Answer
Hundreds of years and trillions of dollars of government spending have given us roads and bridges, schools and clinics, police and fire stations, courts and prisons, and the armed services that protect everything else. Spending is good!
To stay ahead of China, we need to spend trillions of dollars more, not less, on infrastructure, including defense. Spending is good!
By spending more, government could put to use such idle resources as the twenty-five million unemployed and underemployed Americans who are drawing benefits instead of creating wealth. Real government waste is caused by NOT spending to convert idle resources into wealth. Spending is good!
Government spends too much only when it buys scarce resources that could be better used by the private sector. Our scarcest resource is energy and the only way to increase it is by spending more, not less, on energy resources: wind, solar, geothermal, nuclear, coal, and oil. Spending is good!
What’s bad? Borrowing is bad and paying interest to bond-holders is worse. Why can’t we just print our own damn money? In wartime, both Lincoln and Roosevelt printed money with great success. Out of desperation, both resorted to an excellent idea that should be used just as successfully in peacetime. Our great industrialists, Ford and Edison, believed that borrowing for public projects was a stupid idea. http://prosperityuk.com/2000/09/thomas-edison-on-g...
In fact, any stinking little corner bank branch can create money out of thin air so that you can buy a home and pay back the loan with interest. So, why can’t our almighty Congress create money out of thin air to repair a bridge which will pay for itself over 50 years?
Pros and cons? Pro: Print just enough money, not more, and full employment will create Heaven on Earth. Con: inflation, if you either print or borrow too much money. The only difference between printing and borrowing is that borrowing and paying interest enriches the 1% and hurts the 99%.
When idle resources become scarce and inflation begins, that’s the signal for government to reduce printing and raise interest rates. It’s like sprinkling the lawn: stop when it’s wet enough! Voila! Heaven on Earth!
Stop borrowing and paying interest! Print the damn money!
Google: Economics faculty, UMKC; http://www.neweconomicperspectives.org/
- who WAS #1?Lv 78 years ago
Here's the deal:
The Feds need a net of 19%; they always will need 19% and that's fairly constant, as a net gain in revenue from all Americans. 47% pay no net Federal income tax, so the middle class has to make up the difference because that's where the bulk of the "income" is. "The rich" pay something like over 3/4 of all income tax.
States? Politicians want to get reelected. So they can't tax the poor.
- 8 years ago
They would have to find an honest person to over see the money and it should be 7.5 percent in every state. The problem is no honest politicians especially democrats