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Originally Posted by Guest
Are you talking about eliminating every social program that helps low income folks? Are you talking about getting rid the earned income credit? The low income do have an investment in the game. It is called putting food on the table.
You could soften the blow on low income people by getting rid of social security, and Medicare taxes. You treat them like any other item in the budget funded by income taxes. You just reduced the national debt by 5.1 trillion dollars. There would be no need for the Social Security Trust Fund. You just increased the tax on people making over the social security maximum by 6.2%.
A flat tax based upon gross income would destroy the housing market. How many people bought their house with the assumption that property tax, and mortgage interest were deductible on their income taxes? Take away these deductions they can't pay their mortgage. The housing market would be flooded. Housing prices drop, and you have a banking crises to equal or worse then the 2008 great recession.
Simple solution to a complex problem never works.
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Sure, get rid of the earned income credit. Why not? Why should someone be given money they never paid into the system?
As far as SS and Medicare, if you wish to get rid of it, fine. Give me all that I paid in plus the interest I WOULD have accumulated if it had been invested. As far as Medicare is concerned, I don't use it. I have full coverage under BC/BS. Medicare is a ripoff unless you are willing to pay extra for Medicare part B,C and D. The medicare that you pay for all your life before retirement only pays for hospitalization. If you don't believe me, look it up.
As for those getting some sort of breaks or they can't afford to pay their mortgage, oh well. You shouldn't borrow money you can't afford to pay back out of your budget. Just because the gov gets away with it, doesn't make it right. Tough love, baby.
And bailing out the banks was not my idea. Did they bail you out when your stock portfolio took a dive? No!
Sounds to me like you are living off the gov teat and don't understand the concept of being weaned off of it. A mature healthy adult doesn't need someone else to pay their way.
Your comment about low income people being invested in the game by providing food for the table, is ludicrous. That's not investment, that's dependence. Depending on someone else to provide for them, the gov. You don't seem to understand at all.
We had the mortgage crisis for other reasons than folks getting tax breaks and then being able to pay their mortgages. TO simplify it, those that gave up on paying their mortgages did so because they had adjustable rate mortgages that they couldn't pay after five years because the interest rate went up. They should never have been given those loans to begin with. Many of them thought they were going to make a million bucks over night when their home value went up. It had been for several years before the buble finally burst. They walked away without paying their obligation.
But, this has nothing to do with school taxes. The answer to that question is, yes you should pay for it, just as everyone else participates in it. As long as the gov intends to provide eduction for our children, then yes we should pay taxes for it. If you don't drive, do you believe that you should pay taxes to pay for maintaining the highways and bridges? Same thing.
No one enjoys paying taxes. What we really hate is when that money the gov takes from us is used frivolously.