SCOTUS Decision Poll

[healther]

I dont consider a Deduction a true subsidy. It does help reduce your taxes, but not on a dollar for dollar basis. A Credit is a dollar for dollar reduction.
A $5,000 Deduction would result in maybe $300-$600 less in taxes paid depending on effective rate.
A $5,000 Credit is $5,000 less in taxes paid.

There is a big difference between a Deduction and a Credit. And there are very few Credits available to those making over $60k/y. Especially big Credits like the EIC (which is responsible for the majority of tax refunds for middle/low income families).

I believe that everyone should pay income taxes. Not just the wealthy. Some should pay more than others, but everyone should pay something. But between EIC & now ACA a large majority pay no income taxes and are even getting paid (from the gov) to work in many cases. And that is not even touching the issue of welfare & foodstamps.
The current tax system is just a charade. It would be much more efficient to just eliminate taxes entirely for those individuals making under $30k/y or families under $60k. As it is right now it is just a convoluted way to make people feel like they are helping to financially support the country when in reality they are not.

This nation cant afford the path we are on and we are quickly becoming a Greece or Spain like economy. We are already living on 103% credit as a nation, and it is getting worse each year.

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At the end of 2008 we hit 70% debt to gdp (meaning we were putting 70% of our expenses on a credit card).
End of q1 2015 we were at 103%.... so in 7 years it has exploded by 30%... the largest single increase in our nations history.

To put Ocare into perspective, beginning of 2010 we were at 85%. Now it has increased by 18% and healthcare spending is the 2nd largest expense that our taxes pay for.

And lets not forget that we are at historically low interest rates... once they start going up (if they go up), then that ratio will be exacerbated by increased debt payments.

All of these concerns are symptoms, not causes.

In an ideal world nobody pays taxes, but we are faced with reality.

IMO it's all about the unending trade deficits. Artificially propping up an economy only works for so long before the income finds the pockets of the haves. Buying more than we sell globally, is not a solid long term strategy in any environment, and we've been doing that for 40 years.

 

[scagnt83]

All of these concerns are symptoms, not causes.

In an ideal world nobody pays taxes, but we are faced with reality.

IMO it's all about the unending trade deficits. Artificially propping up an economy only works for so long before the income finds the pockets of the haves. Buying more than we sell globally, is not a solid long term strategy in any environment, and we've been doing that for 40 years.

Well it would take a whole page to list all of the causes.

And I am more worried about boosting the domestic internal economy vs. trade. A well off nation should be spending more overseas than we sell overseas because we have buying power. That is not a bad thing. It is our domestic main street economy that is being smothered right now and needs a boost. And the main street economy employs around 60%-70% of our workforce.

 

[healther]

Well it would take a whole page to list all of the causes.

And I am more worried about boosting the domestic internal economy vs. trade. A well off nation should be spending more overseas than we sell overseas because we have buying power. That is not a bad thing. It is our domestic main street economy that is being smothered right now and needs a boost. And the main street economy employs around 60%-70% of our workforce.

Unfortunately, IMO, there are too many people with this same mindset, I respectfully disagree. I believe this is a misguided approach. Internal trade forces us to feed on each other. External revenue sources are essential to maintain a middle class. Without that mechanism, the haves will eventually choke out the have nots.

 

[scagnt83]

Unfortunately, IMO, there are too many people with this same mindset, I respectfully disagree. I believe this is a misguided approach. Internal trade forces us to feed on each other. External revenue sources are essential to maintain a middle class. Without that mechanism, the haves will eventually choke out the have nots.

People do not "feed" off of each other in a healthy economy. It is a symbiotic relationship. Without a strong and healthy domestic economy, we will never have a healthy trade balance.

 

[AllenChicago]

Sunday 6-28-2015

For those of you who are still all goose-bumpy over the SCOTUS decisions last week, they're maintaining tradition with a SPELL BINDING conclusion to the 2014-2015 session tomorrow. Take a look at what's in store!

Decisions in Last 3 Supreme Court Cases Expected Monday - ABC News

 

[houcoogster]

AC this is not right.

I dont have time right now to explain, I will post later.......................