Originally Posted by DianeM (Post 1744485)

Nonsense. Are you paying no taxes now in retirement?
The lawn person pays taxes on his paycheck now.
Sounds as if your problem is with someone who planned better and is RICHer (your typing). BTW - bigger income is bigger bills so proportional.

No one gets away with paying nothing now.

Originally Posted by Paper1 (Post 1744703)

Last I looked 46% did not pay federal income tax and I expect that number will hit 50% this year. National debt is what it is because no one except our grandchildren will feel the pain. Force a balanced budget where every dollar of spending had to be matched with dollars of taxes. I guarantee if Uncle Sam was reaching into your pocket to finance war in Middle East it would have been over 18 years ago. Americans are very proud of our military as long as our grandchildren are paying for it. Balanced budget would also take care of term limits I’m always hearing everyone wants.

Originally Posted by tophcfa (Post 1743920)

It wound not be the stock traders that pay this tax, it would be the investors as the trading tax will be passed through. Everyones 401k plan that holds mutual funds owing stocks will be taking the hit. In non 401k/IRA accounts, money that people have invested in stocks was already taxed as income before it was invested.

Originally Posted by blueash (Post 1743914)

A modest proposal. As the Covid crisis continues there will be more rescue bills coming to help individuals and businesses. At the same time, income into the treasury is dropping as income and sales taxes and import taxes all decrease. The trillions of new debt have not been offset by any decreases in spending, domestic or military. So other than leaving the bills for our grandchildren, is there any way to perhaps repay our government, which is ourselves?

According the World Bank, the value of stocks traded in the US in 2018 was

33,027,245,670,000

Round that off to 33 trillion. I propose a stock trade tax of two tenths of one percent. That means you will pay 2 pennies in tax for every 10 dollars in value you trade. Considering that recently the market goes up and down several percent daily, a 0.2% difference is tiny.
If you sell one million in stock value, you pay a tax of two thousand dollars. Not much of a hit. You pay 7% to sell your house to the agent.

Here's the great part. 33 trillion in sales times 0.2 percent generates 66 billion in tax revenue. Keep in mind of course that this is doubled as the buyer also has a stock trade tax of the same amount. So 132 billion in tax revenue per year.

It won't pay off the debt entirely, but it is a nice dent. It covers nearly 1/3 of the Federal interest payments on the debt. Make the tax 1% and you totally cover the interest on the debt and begin to reduce the principle. Can we ask our stock traders to pay 1% for this national emergency? Or do we leave it for our grandchildren?

Originally Posted by NJRICHARD (Post 1744801)

NOVEL IDEA; We automatically focus on raising taxes, how abut REDUCING SPENDING. We can reduce ALL areas in government by 10% with sacrificing anything. The same 'quality' of service will remain and in most cases will become more productive. Actually the repetition of services in government alone will immediately start reducing the debt if we put a stop it. We are like trained seals that never look at what we have and how do we make it more efficient, but let's increase taxes!

Originally Posted by retiredguy123 (Post 1744704)

I agree. But, it can't happen under our current system of Government.

Originally Posted by Andyb (Post 1744381)

Another penalty for those few supporting our country. Would be too complicated. We have spending problem, best way is to cut spending. Wasteful spending and fraud is off the charts.
No offense, it is a good thought, but to me, not the answer.

Originally Posted by biker1 (Post 1744394)

Their tax return is none of your business. Compliance is not your job.

Originally Posted by Topspinmo (Post 1744918)

No, if they hold public office expect to held to higher standard when they increase taxes on citizens, especially when majority are ex lawyers. they need to be held accountable also. Several examples over the years where career politicians have went several years without paying their share or no taxes at all, but, poor old joe smock get rakes over coals IRS and bankrupt. career politicians go on like steal candy out of candy store.

Originally Posted by NJRICHARD (Post 1744801)

NOVEL IDEA; We automatically focus on raising taxes, how abut REDUCING SPENDING. We can reduce ALL areas in government by 10% with sacrificing anything. The same 'quality' of service will remain and in most cases will become more productive. Actually the repetition of services in government alone will immediately start reducing the debt if we put a stop it. We are like trained seals that never look at what we have and how do we make it more efficient, but let's increase taxes!