Talk of The Villages Florida - The Federal Deficit

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- - The Federal Deficit (https://www.talkofthevillages.com/forums/villages-florida-non-villages-discussion-93/federal-deficit-299388/)

Quote:

Originally Posted by cgilcreast (Post 1693038)

Corporations don't pay taxes, their customers pay them. Taxes are a cost of business and they are passed on. Taxes are reduced by deductions for capital expenditures.... ie expansion!

And their employees

Quote:

Originally Posted by xNYer (Post 1693045)

About 48 percent of federal revenue comes from individual income taxes, 9 percent from corporate income taxes, and another 35 percent from payroll taxes that fund social insurance programs. The rest comes from a mix of sources.

Don’t forget about capital gains tax, inheritance tax, 401K, tax. Lottery winner tax. Basically if you made dime feds want their 4 cents, unless you have army of lawyers to get out of paying.

Quote:

Originally Posted by anothersteve (Post 1693220)

I don't get your point.

US Debt by President: By Dollar and Percentage

Steve

Interesting, you link is very very much out of context and totally ignores the last 3 years as if it did not happen.

Does no one understand how rare, and scary it is to have such deficit increases with a "strong" economy ?

Deficits are usually going down in such an economy, and up as they did in the 2008 recession.

But hey...

Quote:

Originally Posted by Topspinmo (Post 1693227)

There few types of government employees GS and WG are majority. WG does all the manual work and GS employees do all the paperwork, figureheads, and bean counters. WG employees do have to show up to work on time, and actually have or accomplish something, and leave at end of shift down to minute.

WG employees don’t Have the option of flex time. Which means you can come to work when you feel like it, take long lunch, and go home early, cause GS employees account for their own time keeping. where WG employees are controlled by WS or GS employees that are time keeper DONE to MINUTE. So please don say ALL government employees don’t earn their wage cause some do.

I agree that some Government employees earn their wage. But, I am very familiar with WG Federal employees. Most of the ones I worked with were overpaid and underworked. They made way more money and had way more benefits than comparable workers in the private sector. As an Inspector General, I remember conducting a focus discussion with a group of WG employees in West Virginia, where the WG employees made more than twice the income of the local blue collar workers. They spent over an hour telling me about all the problems they had with their jobs. After that, I asked them, if the job is so bad, why don't you just quit and get another job. I will never forget the one worker who stood up and said to me, "this is the best paying lousy job that I have ever had". There was no chance they were going to leave their Government jobs to work for a contractor in West Virginia for half the pay and no benefits.

Quote:

Originally Posted by Topspinmo (Post 1693014)

Did you forget the famous peanut farmer?

George Washington Carver?

Sent from my SM-N960U using Tapatalk

That link is well within context considering the posts quoted.
Steve

Quote:

Originally Posted by anothersteve (Post 1693294)

That link is well within context considering the posts quoted.
Steve

"The U.S. budget deficit by year is how much more the federal government spends than it receives in revenue annually. The Fiscal Year 2020 U.S. budget deficit is expected to be $1.1 trillion. That's the largest deficit since 2012.

Spending was high in 2012 to combat the 2008 financial crisis. Tax receipts dropped due to the recession at the same time. Revenues are expected to be the highest in U.S. history in FY 2020"

US Deficit by Year Compared to GDP, Debt, and Events

Nothing political her, just economics. The previous link simply ignored the 2008 depression.

In 2019 and 2020, the biggest item is military spending, not what one refer to as "freebies".

"Social Security and Medicare are mandatory programs that are also expensive, but payroll tax revenues cover most of their expenses."