mwdegutis Loc: Illinois

I wrote this back during the "fiscal cliff crisis". I feel it still applies...

Concerning the so-called fiscal cliff, for those of you who remember…as Gary Gilmore said, “Let’s do it!”

However as a side note to the fiscal cliff “crisis”…I’ve spent a lot of time…too much time I’m sure my wife will say…contemplating OUR country’s financial situation, the fiscal cliff, etc. and have come to the following simplistic (we need simple) conclusion to solve our budget crisis RIGHT NOW. It involves EVERYONE and if people don’t like it I really don’t care, it's solving our country's financial issues, not arguing which side has the power, won or lost, etc...I’m looking at it from the perspective if it were my own finances. Here goes:

1) Cut all federal employees wages by 25 percent (They would still be 10 percent above the private sector) – over $440 billion savings over ten years
2) Do whatever it takes to raise tax REVENUES from personal income taxes that includes EVERYONE by 5 percent
3) Reinstate the 6.2 percent SS tax rate from 4.2 percent while no longer having an income cap on it
4) Cut federal spending ACROSS THE BOARD by 22.5 percent – I recall several instances in my business life where I’ve been tasked with cutting expenses by a certain percentage…end of story

Moving forward, we will have “stopped the bleeding”, have a balanced budget, and we can now attack OUR over $16 trillion debt. Like I said, it’s simple but us idiots need simple.

I can already hear one thing…what about them greedy corporations. Again simplistically, I’m looking at it from the perspective that ALL business is the driver that HIRES and EMPLOYS this nation and the workers in those businesses ultimately drive our economy, NOT government. So we need business “plugging along” keeping people employed so the people have money they EARNED to keep this economy moving. Wow, that American Dream...what a concept.

Just my two cents for what it’s worth…

bahmer

I guess under him we would all go out and have a weeny roast around an open fire and sing "I'd like to teach the world to sing" or "kum ba yah" together and then shake hands and make up.

andrew998 Loc: NYC

Thanks for the recommendation anyway.

andrew998 Loc: NYC

cold iron Loc: White House

Well, why lie about conservatives, none are socialist, the Nazis are and as is you.

EugenePatrickDevany

Let's try a dry run next November with a twist. Insist that each candidate present their views on government spending and vote for the one you like best.

Albert Maslar Loc: Absecon, NJ

Tax Everyone, NOT Flat Tax, Solves Problem Of Proverbial 47%
Basically, Flat Tax features one low tax rate with no deductions or special interest loopholes. Flat Tax will not solve problems resulting from lack of participation in funding government by the proverbial 47% who pay no income taxes; consequently they will pay NO Flat Tax either. Only the names will have been changed to protect the guilty.
The VAT tax is European style consumption tax that is rife with loopholes and gross avoidance, and has resulted in EU VAT rates in the mid 20% range which is totally counter-productive.
The answer to the present income tax code is not the Flat Tax, but a tax that applies equally to all, and as encompassed in the Maslar “Three-Page Tax Plan” (TPTP) that imposes a no-exception, no exemption 3% National Sales Tax (NST) across the board, taking the poisonous sting out of lobbyist fangs.
TPTP makes spending of all organizations, for profit or not, along with 100% of the population, illegal or not, whether income is from legal sources or not, or from under the table, drugs, crime, investment, gift, or whatever, subject to the 3% NST when spent. According to a study published by Lanny Davis in ‘The Hill” tax revenues would be about $4 Trillion for budget, $4 Trillion to pay down National Debt, and $4 Trillion for Universal MediCare (UMC) for every legal resident in the US. UMC will save many States from bankruptcy, as State administered budget-busting Medicaid will no longer be necessary.
Wall Street type transactions would be taxed at 1/2 of 1%, putting smaller investors on a par with giants that do "High Frequency Trading (HFT) in nano seconds while ordinary investors are the first to lose and the last to gain. Programming errors caused panic that dropped a thousand points on the Dow Jones Industrial Average in minutes.
Congressional Budget Office (CBO) must score the TFTP, but it takes a Representative to do the submission, difficult for an individual, as most Representatives ask for zip code first but do not allow e-mails from anyone outside their district.
To further uncomplicate present unintelligible tax laws, nuisance and death taxes would be eliminated. In the event NST does not produce the $12 Trillion annual revenue projected, there would be a simplified Income Tax (SIT) that treats ALL income equally; no loopholes, special treatment, exceptions, or exemptions. SIT reduces income tax rates to a graduated 20% max, for all entities, personal and business. The following are examples of effective tax rates under the SIT plan:
Effective tax rate on Taxable Income of $100,000 2.74%
Effective tax rate on Taxable Income of $1 Million 7.47%
Effective tax rate on Taxable Income of $1 Billion 19.88%
Once the NST functions and produces tax revenues as projected, the IRS would be history as well as the temporary SIT.
“Three-Page Tax Plan” and/or Six-Page” Plan To Fix It All” available from albertmaslar2@gmail.com

andrew998 Loc: NYC

The current tax revenue is about $1.2 Trillion. Your figures of "‘The Hill” tax revenues would be about $4 Trillion for budget, $4 Trillion to pay down National Debt, and $4 Trillion for Universal MediCare" I presume is over a 10 year period then? Please explain.

Albert Maslar Loc: Absecon, NJ

If the figures published by The Hill, derived from government sources are accurate, the $12 Trillion is the total annual revenue for budget, debt, and Universal Medicare for all legal residents. The plan requires annual filing of a new simplified tax return that would be used for annual census, and to determine the deductible and co-pay for each individual. Copy of plan available from albertmaslar2@gmail.com

PoppaGringo Loc: Muslim City, Mexifornia, B.R.

Yes Ghost it is vulgar. However, can we not inquire of them; 'How do we keep you from procreating'?

Perhaps we could send them all to 'live' with Manning in his soon to be 'new digs'. That should solve the problem, ist das nicht wahr?

andrew998 Loc: NYC

I understand your proposal but the American economy always responds to stimulus or lack of same in odd ways. If we tax the middle class more, he will spend less. Thats not the effect we want. If the government spends less, then there is less stimulus which further delays recovery.

The best of all worlds is to have the economy booming again, low unemployment, wage earners earning more, thereby paying more taxes. The government uses the excess to pay down the deficit. In fact, Romney's economic plan depended on exactly that. In order to try to get there, the economy needs stimulus and it is currently being provided by the Fed buying Treasuries from banks so the banks will have money to lend. By trying to get unemployed people back to work again rebuilding the infrastructure so they will start paying taxes again too. Its unfortunate that it costs so much to accomplish it but the deficit is increasing least this year than any other year. The promise is that it will get paid down but we have to stay out of wars.

PoppaGringo Loc: Muslim City, Mexifornia, B.R.

For mwdegutis:

I could acquiesce to all your suggestions except #2. We don't have a revenue problem, we have a spending problem. Many others have said that, I am just borrowing from them, but I wholeheartedly concur with that allegation.

saloopo Loc: Colorado

You conveniently avoided Andrews question, is this over a 10 year period ? The value (GDP) of all goods and services produced in the U.S. in 2012 was 15.5 Trillion (approx.). If this plan requires an annual filing as you say, to cover a 12 Trillion budget (currently), that would leave literally nothing left over for the entire population to buy food, pay rent, insurance, maintenance and fuel. Youre suggesting taking the entire production of the nation and transferring it to the government annually. I think i saw this form of taxation once before. It was called slavery.

andrew998 Loc: NYC

When they say to you we have a spending problem, they want you to think that it is being spent on things that are not needed. Just wild spending. Actually, it is investing. The Fed buys $85 Bil of Treasuries from the banks every month so they will have money to loan for mortgages, business loans and the like. In December of this year, the Fed will probably reduce that number now that the economy is in an upswing, he will not need to support it further. Money invested (or spent as they say) to save FNMA and FMCC (approx 150 B) has already been partially paid back ($110B). The Fed also sold its stock in GM, AIG, BOA and others for a profit. The result is a serious reduction in this year's deficit. It will probably be around $500 B. Next year even less. But we have to stay out of wars to get back on track.

saloopo Loc: Colorado

To date, the government has recouped about $30.7 billion of the $49.5 billion in bailout funds GM received. The government would need to sell its remaining shares at an average price of about $50 to break even on its investment; even analysts who like the stock don’t think it will get there any time soon. GM shares closed today at 35. Considering the 15 billion profit from the AIG sale (they say) minus the 20 billion loss still outstanding at GM, I would say that the tax payer is still looking at a 5 billion loss. I would also say that your financial evaluation of the goodness of the government bail out is a bunch of crap. I wont even go into fanny mae and freddy mac. Those losses are irretrievable.

Your fairytale about the Fed is particularly hilarious. They even made a U Tube about it. You can watch it here:
http://www.youtube.com/watch?v=PTUY16CkS-k&feature=player_embedded