According to the source http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt.htm the total debt outstanding has grown as follows: 09/30/2006 8,506,973,899,215.23 09/30/2005 7,932,709,661,723.50 09/30/2004 7,379,052,696,330.32 09/30/2003 6,783,231,062,743.62 09/30/2002 6,228,235,965,597.16 09/30/2001 5,807,463,412,200.06 09/30/2000 5,674,178,209,886.86 09/30/1999 5,656,270,901,615.43 09/30/1998 5,526,193,008,897.62 09/30/1997 5,413,146,011,397.34 09/30/1996 5,224,810,939,135.73 09/29/1995 4,973,982,900,709.39 09/30/1994 4,692,749,910,013.32 09/30/1993 4,411,488,883,139.38 09/30/1992 4,064,620,655,521.66 09/30/1991 3,665,303,351,697.03 09/28/1990 3,233,313,451,777.25 "hocus-pocus accounting" perhaps, but before slick willy sailed off into the sunset, all those capital gains taxes from the tech bubble sure helped minimize the amount of money that we needed to borrow just to pay the interest owing to the creditors. Compare that to "Reagan proved that deficits don't matter. We won the midterm elections. Our due is another big tax cut."
you ignored the money from social security. we'll be needing it 5 yrs from now smoke and mirrors. ignoring numbers doesn't make them go away. we should have been running a huge surplus in those years to actually save for our retirements. we put the money in, but it dissappeared just like all money given to the government. we will be eating dirt
You understand next to nothing. 1. The solution is to get Gummint to stop overspending, lying and cheating. 2. Corporations don't really pay taxes. They are merely a "tax conduit"... ultimately the money is taken from their shareholders. To tax corporate income, then shareholder dividends, then capital gains, then estate taxes from capital gains [when applicable] is totally immoral.
Another thing a brainwashed liberal will say. Raise taxes=insanity. How about we will do a flat tax of lets say 18%-22%. Then we will be rocking!
We should have a tax system which is fair... either a flat income tax or a consumption tax, and I'm liking the idea better and better of taxing consumption. Of course, certain things would be exempt... like non-prepared food, utilities, and other things lower income folks spend a larger proportion of their income upon. Such a tax would be easy to initiate. Most states already have a sales tax mechanism.
I am in favor of taxing consumption, but then you have to think what kind of shock that will have considering such a large percentage of GDP is based on consumer spending. Sure ppl. will adjust, maybe after 1-2 years of not buying as much, and the economy comes out of the toilet. Europe has the VAT, which I am sure you know, it's quite high, approx. 17.5% in England. You are talking about a fundamental shift in America, one which I think would ultimately be a good one, but very tough at first for many to accept. On the flat tax, good idea, but under our current special interest controlled political system it ain't going to happen. Ireland, has done very well, since they instituted a flat tax, Microsoft European hq there, many others too. Steve Forbes has been quoted a number of times as saying Slovakia will do very well in the next 10 years due to cheap property, entering the EU, switching to the Euro, and most importantly instituting a flat tax a few years back.
EXACTLY. Imagine the tens, no HUNDREDS OF THOUSANDS of unemployed tax accountants and the like. The devastation of the IT consulting business over the past 5 years would be nothing in comparison. I don't know who's involved or heading the accounting lobby, but they're doing a fantastic job. There's been no positive action on tax simplification....only talk. Talk's cheap. They know that. That's why they keep talking, and talking, and talking....
there is no such thing as a "substitute" tax -- if the US were to implement a federal consumption tax system, eventually, the end result would be an income tax AND a consumption tax.
we need to clean out all the wasted spending..like oil and the war. invest in new energy technologies like nuclear fusion and solar.
One major benefit of a national consumption tax would be it picking up tax revenue from illegal enterprise and tax evaders. But, you're probably right. After all, federal politicians don't give a rat's ass about taking care of America, only exploiting it. They like things the way they are, so not about about change. In 30-50 years or so, America will be buried in debt, have an ass-wipe currency, and the middle class will have joined the poor.