show me a bank giving 1% 30 year mortgages and I might agree with you
Funny how wrong so many " experts " are when it comes to our debt. I found this 2010 article calling for 20 trillion in 2020
Try 5 yrs, that is my projection. As long as wages are frozen at the levels they are now, I donât think there is a practical way to resolve this. Wages have not moved up since, the 70âs, and there have been more down years than up. What I am talking about are the middle and lower middle class wages, if you couple that with the inflation since then, there is no way to raise enough taxes to pay for all of the wants of the central Govât. Let alone pay off the debt, even if they wanted to, which they donât.
One of the concepts of the Fed, which was a great concept, was to be the lender of last resort. So if regional banks did not have the capital to lend to lets say a company who wants to build a factory, that in itâs self is a great idea. Unfortunately, as with all human attempts at self rule, it failed miserably and mutated into a private piggy bank for the Banksters and their ilk. Getting loans to speculate in stocks, futures, currency, derivatives etc. Then if the bank loses this money, the Fed comes along with âto big to failâ, and bails them out, all the top folks get bonuses and the little guy wakes up in an ice water bath, and his kidneys missing.
So I just try to make a living, the whole world is addicted to Debât. People complain about China holding US paper, and the could break the US etc. But, it is my view that the latest bond failures in China are the tip of the fraud iceberg, and there are some ugly things yet to happen, the new Chinese stance against Bitcoin shows that there is a lot of money flowing out of China, thus not being used in China.
In reality, IF China blows up, and there is some kind of populist uprising, it is my opinion the the Chinese Govât would have no problem cutting down millions of itâs own, declaring the old Yuan worthless and offering R on the Y, to reset the currency.
Obviously this will affect the worlds economy, and, well, it will not be good.
The Ever Cynical VIPER
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Oh yeah did I mention,
The Ever Watchful VIPER
Post #10 on this thread offers the fix for this problem
I have my answer, September 8th, Jeff Berwick as usual is all over this
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So you think someone earning $10,500 should give 1/4th their income to taxes? This is ludicrous. $50k should be the minimum with a slightly higher tax bracket for those earning over $150k!
John, donât put words in my mouth. The Negative Income Tax as shown in the video from post #10 of this thread call for a basic income of $10,000 for everyone and a flat tax rate of 25% on all income. In your example of earning $10,500 you would also get the $10K basic income for a total of $20,500. You would only pay taxes on the $10.5K , at 25% would equal $2,625. That taxed amount would then be subtracted from your UBI reducing it to $7,375 giving you a total tax free income $17,875. It is only after your income crosses $40,000 do you become a net tax payer. Again using your example of earning $50K the tax would be $12.5K minus your UBI of $10K giving you a real tax bill of $2500 or 5%. Also remember that 25% tax covers everything, no longer will you see Social Security and Medicare taxes,
As far as higher tax rates for higher incomes, that defeats the idea behind a âFlat Tax Rateâ besides do higher income earners pay higher sales tax, no, Another point is the 25% flat rate includes all income, no longer will those people earning over $150k that you seem to hate so much, be paying lower rates on investment income, All income will be taxed equally.
Now if you still think the 25% tax rate is too high, on that note I agree with you, I would like to see that number dropped to 10%, but before we get there we are going to have to do a whole lot of house cleaning in congress
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