Quote:
Originally Posted by huge-pigeons
I’m tired of hearing if you have money, you need to share it. Most people who have money when they retire worked hard and long hours during their working years. And these same people did the right thing and invested a lot of their money during those years for the future instead of partying and overspending. Now, the have nots want to condemn the people that did the right thing.
Socialism/robbing Peter to pay Paul does not work and will never work. ACA is the worst thing that was ever created, ask around.
As for taxes, your goal every year for your whole life is to pay the least amount of taxes legally. If you want to pay more, there is a line that lets you add more taxes to your return. Same for social security, we all paid SS taxes during our working years and now we are double taxed on these distributions which is unfair. Hopefully that will change.
Everyone got a tax reduction 5 or 6 years ago. Somebody mentioned the rich only pay 20% tax, that is huge. If you make $1M a year, they will be paying $200,000 in taxes, this is a huge amount of money.
We should implement a flat tax of 10% for everybody, no deductions, no loopholes, and we would have much more money coming in for the government to spend foolishly.
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"We should implement a flat tax of 10% for everybody, no deductions, no loopholes"
Ahh, but that's still progressive taxation, no? A flat tax would be everybody writes the same size check. Sorta like the way everybody gets the same number of votes - the old "one man, one vote" thing. Except they now let *wimmin* vote!
On a more serious note, what I keep wondering is what happens where a threshold is crossed when the combination of national debt size and high enough interest rates leads to a % of the budget being paid out as interest on said debt becomes unsustainable.
Have read a fair bit of speculation about the subject of late. The most plausible (to me) is that it happens gradually - and then all of a sudden. Reading more and predictions that have it occurring during my (likely) lifetime. Hard to anticipate much likelihood of a sudden turn towards fiscal responsibility by our "leaders" on the national level in time to avoid that cliff. Could get interesting. . .
So, I'm wondering if your spreadsheets include any "assumptions" that factor that scenario in. That is, SS payments get massively and suddenly reduced.