[petsetc]

Originally Posted by DianeM

Ummm could you explain that one. 10% is 10%. We’d all be level in responsibility. No deductions for ANY ONE. If you make less, you owe less. If you make more, you pay more.

Sure.
Progressive Taxation vs. Regressive Taxation | Northeastern University

[Andyb]

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.

[gatorbill1]

How about all politicians needing to show their tax returns to show they paid taxes

[biker1]

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

Originally Posted by gatorbill1

How about all politicians needing to show their tax returns to show they paid taxes

[justjim]

Originally Posted by gatorbill1

How about reversing last year's tax cut??

Most economists (unless they are diehard political liars) will tell you “trickle down” only works for the rich. Tax increase for the 3% highest incomes and also cut Unnecessary spending. OP, your proposal also have merit. Those that are able must also work and no increases in public aid for over two children. Term limits for Congress. Happy Easter!

[graciegirl]

Sigh. I have read them all. It will be far worse than any imagined and we will have to do what was done in the generation before mine...in the thirties. So start saving anything extra...reusing what you have and doing without. It is going to be tough. I hope it brings out some good traits in everyone they didn't know they had and makes people rethink things about large families and wasting money on things not necessary...and taking care of their own and expecting their own to work hard and do without too.

It will be difficult to say the least and there are no easy or simple answers. The government may need to do things like the New Deal to employ people.

My generation will suffer a lot if they don't have savings that are safe. Everyone will suffer. Now is not the time to spend money on foolishness.

[blueash]

Originally Posted by Andyb

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.

I am not offended and appreciate your contribution.

Well the rescue money is going to be spent to try to not have the economy collapse. People can't pay their rent, buy food, basic essentials. Most Americans do not have savings. So even the GOP has overwhelmingly supported this bail out.

My quibble is your comment that it would be too complicated. It is no more complicated than the collection of sales tax when you buy something. When you would buy or sell publicly traded shares the agent collects the trade tax and remits it to the gov't just like the merchant who sells you a product does now with the sales tax collected. And as very few agents can do that sort of transaction all of which are large businesses like banks and Etrade, it could be reasonably straight forward, I think.

[blueash]

Just saw this..

It is a slow day in the small town of Pumphandle, and streets are deserted. Times are tough, everybody is in debt, and everybody is living on credit.

A tourist visiting the area drives through town, stops at the motel, and lays a $100 bill on the desk saying he wants to inspect the rooms upstairs to pick one for the night.

As soon as he walks upstairs, the motel owner grabs the bill and runs next door to pay his debt to the butcher.
The butcher takes the $100 and runs down the street to retire his debt to the pig farmer.
The pig farmer takes the $100 and heads off to pay his bill to his supplier, the Co-op.
The guy at the Co-op takes the $100 and runs to pay his debt to the local prostitute, who has also been facing hard times and has had to offer her "services" on credit.
The hooker rushes to the hotel and pays off her room bill with the hotel owner.
The hotel proprietor then places the $100 back on the counter so the traveler will not suspect anything.
At that moment the traveler comes down the stairs, states that the rooms are not satisfactory, picks up the $100 bill and leaves.
No one produced anything. No one earned anything .
However, the whole town is now out of debt and now looks to the future with a lot more optimism.

And that, ladies and gentlemen, is how a Stimulus package works

[Stu from NYC]

Originally Posted by tophcfa

I have a novel idea. Once the covid 19 thing is behind us and the economy normalizes, how about getting back to the good old days where the government runs a budget surplus during good times and uses the surplus to pay down debt.

It's called fiscal responsibility, and it involves cutting spending, not looking for ways to tax people. Defecit spending is acceptable during crisis times like we are now in, but is unsustainable when done year after year as has become the new norm.

Great idea Warren Buffet proposed an amendment to the constitution along the line of when the economy is doing well and the govt runs a deficit all sitting members of congress would be ineligible to be reelected.
The deficit would eliminate in just over a heartbeat.

[tophcfa]

Originally Posted by noslices1

How about deducting the U. S. cost of the Virus from the debt we owe to China, since they started this and didn’t warn anyone until it was too late?

That might sound like a great idea, but in reality it is called defaulting on debt. If the USA defaults on its debt obligations then how would it fund it’s massive budget defects?

[OrangeBlossomBaby]

Originally Posted by tophcfa

That might sound like a great idea, but in reality it is called defaulting on debt. If the USA defaults on its debt obligations then how would it fund it’s massive budget defects?

The idea though - not the implementation, seems like it could be negotiated. The US puts some of the burden on China for the expenses incurred regarding the spread of the virus. We get China to accept at least some responsibility for it. We agree on a value of that responsibility. We then deduct that value from what we owe them.

That will at least slow down the increase of our own country's deficit. It won't bring us to a zero balance. But it might give us some breathing room to come up with other ways of catching up.

[DianeM]

Originally Posted by gatorbill1

How about all politicians needing to show their tax returns to show they paid taxes

None of my business.

[DianeM]

Originally Posted by petsetc

Sure.
Progressive Taxation vs. Regressive Taxation | Northeastern University

Actually what I suggested was proportional.

[MorTech]

Good little tax cattle...Doubleplusgood!

[DianeM]

Originally Posted by blueash

Just saw this..

It is a slow day in the small town of Pumphandle, and streets are deserted. Times are tough, everybody is in debt, and everybody is living on credit.

A tourist visiting the area drives through town, stops at the motel, and lays a $100 bill on the desk saying he wants to inspect the rooms upstairs to pick one for the night.

As soon as he walks upstairs, the motel owner grabs the bill and runs next door to pay his debt to the butcher.
The butcher takes the $100 and runs down the street to retire his debt to the pig farmer.
The pig farmer takes the $100 and heads off to pay his bill to his supplier, the Co-op.
The guy at the Co-op takes the $100 and runs to pay his debt to the local prostitute, who has also been facing hard times and has had to offer her "services" on credit.
The hooker rushes to the hotel and pays off her room bill with the hotel owner.
The hotel proprietor then places the $100 back on the counter so the traveler will not suspect anything.
At that moment the traveler comes down the stairs, states that the rooms are not satisfactory, picks up the $100 bill and leaves.
No one produced anything. No one earned anything .
However, the whole town is now out of debt and now looks to the future with a lot more optimism.

And that, ladies and gentlemen, is how a Stimulus package works

Surprisingly enough, I agree with you. I’m truly not sure this stimulus package was a good idea. We have added a huge amount of debt to our bottom line.