[petsetc]

Originally Posted by DianeM

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.

Never mind!

[Rwaccess]

Thank you I don't feel so alone in my thinking now .

[MorTech]

The political terrorists did not even bother to vote when they stole the last 2 trillion dollars from us.

[Paper1]

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.

[retiredguy123]

Originally Posted by Paper1

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.

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

[NJRICHARD]

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!

[Villageswimmer]

Just read Stossel’s column in today’s DS. Made me sad.

[ficoguy]

Originally Posted by tophcfa

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.

It would be great if we had control over the volume of trading in our 401k plans. But I don’t see Vanguard or Fidelity eating that cost. They will pass it along to us who already paid management fees and transactional costs

[Topspinmo]

Originally Posted by blueash

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?

Not enough

I propose 10% tax on all stock trades, after all its Ponzi scheme anyway for inside traders that sell millions that causes the market to dive, then they buy back when it goes low enough. Only peons lose there A55. And really who cares about poor peons

[Topspinmo]

Originally Posted by NJRICHARD

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!

10% really, at least 30% and still enough pork to go around

[Topspinmo]

Originally Posted by retiredguy123

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

Hey, it’s me, me ,me world. After gone it’s somebody else’s problem. Any career politician more concerned about how much pork can They get for there district.

[Topspinmo]

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.

One politician fraud is another good fortune.

[Topspinmo]

Originally Posted by biker1

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

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.

[biker1]

You can hold elected officials to whatever standard you like via your vote on Election Day. You can cherry pick some examples of bad apples all you want but until a law is put in place you have no right to their returns. The fact that the IRS doesn't do their job does not change anything. Feel free to vote for only those candidates that voluntarily release their tax returns.

Originally Posted by Topspinmo

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.

[Paper1]

Originally Posted by NJRICHARD

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!

Your thinking is exactly why we have the mess we have. You say we spend to much the other side says we don’t tax enough so nothing changes. All I’m saying is get our grandchildren out of the equation and let the dust settle where it might.