Posted on 02/04/2012 9:37:56 AM PST by Qbert
AMT is evil.
FReepers prefer to see this country destroyed economically, rather than compromise on their ‘benefits’ regarding SS and Medicare (even though those benefits are now being taken off the backs of my kids). And if no more than half of the elderly FReepers are willing to sacrifice, FORGET ABOUT any hope for the rest of the country.
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You hit the nail on the head. I’ve concluded that the Republic is dead, and most people just haven’t realized it yet. I recommend every one pay as little as possible into the Imperial Federal Behemoth as they can and resolve to save your local community and state.
Given the level of spending, even that won't come close to balancing the budget. Think about it... Spending has now reached 100% of GDP. That means to balance the budget with no spending cuts, the government would have to confiscate all products created, as well as all the payments for services, that are produced in the USA. That means that people would have to stop eating, because the food would be confiscated by the government. And there would be nowhere to live, because all salaries would be confiscated as well, so you would not be able to pay rent.
I recall reading that were congress to pass a tax that confiscated 100% of all earnings above 1 million dollars, it would only fund the government spending for about 18 days.
The government is "borrowing" about 40% of its current spending. And the Federal Reserve has now exceeded China as the #1 holder of US "public debt." THAT'S FRIGHTENING!
Mark
Hey SES1066:
Any idea here? Thanks in advance ... ;-)
“Somebody correct me if I’m wrong but it is my understanding that there already is a tax surprise awaiting us when we file the 2011, a tax credit that Congress just let lapse. Single working $400; couple working $800. Remember that one? Funny, didn’t hear a word about this from anyone, not the media nor the Congress” - Maxter
The AMT is one problem...consider what happens when the bush tax cuts go away because His Excellency will not let them continue. I already alerted my wife to expect a 3-4K tax increase in 2013. This might just do it for us, we file as individuals, we will do a non jucidical but socially justice approved non documented divorce.
Fire the bastard and have the new Prez void all of Obama’s illicit actions.
Because that money paid in does not exist and was already spent.The money you receive is being taken from your grand children now.
Have been hit by it since I can remember. It is not an Alternative Minimum Tax (AMT). That is Orwellian. It is an Alternative Maximum Taking.
And the Republican Leaders are just going to go along with it. They really are not that bothered about it. Never really have been. Lip service paid to it, but that’s about it.
If they took everyone’s savings it would only pay for about 4-5 months at the current rate of spending per day. Then what?
“I just want the government to stop giving away billions of dollars in grants, foreign aid, etc. Why do the people who have worked and contributed all their lives have to give some more? “
BECAUSE THEY BORROWED THAT MONEY (it was never put away), and they want my kids to pay it back for them. They simply didn’t tax themselves to pay for their level of benefits. Yes, I know, it’s not you, it was those politicians.
Doesn’t matter, because it wasn’t my kids either, and they had even less to do with it.
“Haven’t had one of those since the Eisenhower administration.”
I think Congress did quite well in the 90s...they didn’t even spend as much as they took in.
In this case it wasn’t the ORIGINAL plan. The original plan was to go after a few ultra-rich families (about 11-12 of them) that were able to avoid paying any taxes at all.
THe plan to use this to go after the middle class came afterwards as successive legislatures changed threshold amounts, and didn’t take into account inflation and the increase in earnings that were happening due to inflation across the years.
“I couldn’t possibly disagree more.”
I think Obama has TOTALLY decoupled spending from revenues. The spending level is set by what Congress wants, regardless of how much money is brought in.
Even Clinton made an effort to try to not drive up the debt too much - but that all ended with Obama.
“If they were to confiscate every cent of wealth owned by members of the Forbes 400 list, the amount raised, a little over a trillion dollars, wouldn’t cover the deficit for even one year.”
I agree that “taxing the rich” does not provide much in increased revenues, but the AMT is a Middle Class tax cut, and people will not be able to get out of it. It will bring in money, just as a VAT or increase in the gas tax, or the expiration of the Bush Tax Cuts.
I just think it’s a good idea to start taxing ourselves at the level of services that we demand.
“But that is the thing! We can’t avoid melt-down, only delay it. And the longer we delay it, the worse it is going to be.”
I agree that meltdown cannot be avoided if we keep spending at the levels that we’re at, and running trillion dollar plus deficits. But if we do start taxing ourselves to pay for our spending (and deregulating, etc.) we might just pull out of it.
“payimg more taxes to this government is like giving money to a credit card junkie who has gone over his limit by triple. Ya’ think he’s gonna use the extra money to pay down the balance? I DON’T THINK SO”
I hear you, but we’re at the point that spending is totally decoupled from revenues. The revenue level only matters as to our debt level and whether or not we collapse our economy.
Then why has the National Debt increased every single year since 1957?
“You hit the nail on the head. I’ve concluded that the Republic is dead, and most people just haven’t realized it yet. I recommend every one pay as little as possible into the Imperial Federal Behemoth as they can and resolve to save your local community and state.”
I haven’t totally given up yet. I’d simply like my country to collect what it spends...and if we’re unable to control spending, then we might as well start taxing the middle class to pay for it.
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