The National Debt simply put
08-13-2011, 07:12 AM
#1
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Squid
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Location: Chattanooga, TN
Posts: 18
The National Debt simply put
The U.S. Congress sets a federal budget every year in the trillions of dollars. Few people know how much money that is so we created a breakdown of federal spending in simple terms. Let's put the 2011 budget into perspective:
U.S. Income: $2,170,000,000,000
Federal budget: $3,820,000,000,000
New debt: $1,650,000,000,000
National debt: $14,271,000,000,000
Recent budget cut: $38,500,000,000 (about 1% of the budget)
It helps to think about these numbers in terms that we can relate to. Let's remove 8 zeros from these numbers and pretend this is a household budget for the fictitious Jones family.
Total annual income for the Jones family: $21,700
Amount of money the Jones family spent: $38,200
Amount of new debt added to credit card: $16,500
Outstanding balance on the credit card: $142,710
Amount cut from the budget: $385
So in effect last month Congress, or in this example the Jones family, sat down at the kitchen table and agreed to cut $385 from its annual budget. What family would cut $385 of spending in order to solve $16,500 in deficit spending? It is a start, although hardly a solution. Now after years of this, the Jones family has $142,710 of debt on its credit card (which is the equivalent of the national debt). You would think the Jones family would recognize and address this situation, but it does not. Neither does Congress. The root of the problem is that voters and special interest groups do not send people to Congress to save money. They are sent there to bring home the bacon to their own home state or to their own personal/special interests. To effect budget change, we need to change the job description and give Congress marching orders. It is awfully hard (but not impossible) to reverse course and tell the government to stop borrowing money from our children and spending it now. In effect, what we have is a reverse mortgage on the country. The problem is that the voters have become addicted to the money. Moreover, the American voters are still in denial stage, and do not want to face the possibility of going into rehab. And, they don't seem to care that they are passing this burden to their children. What kind of parent would do that?
- Quoted from David Ramsey, Financial Advisor
U.S. Income: $2,170,000,000,000
Federal budget: $3,820,000,000,000
New debt: $1,650,000,000,000
National debt: $14,271,000,000,000
Recent budget cut: $38,500,000,000 (about 1% of the budget)
It helps to think about these numbers in terms that we can relate to. Let's remove 8 zeros from these numbers and pretend this is a household budget for the fictitious Jones family.
Total annual income for the Jones family: $21,700
Amount of money the Jones family spent: $38,200
Amount of new debt added to credit card: $16,500
Outstanding balance on the credit card: $142,710
Amount cut from the budget: $385
So in effect last month Congress, or in this example the Jones family, sat down at the kitchen table and agreed to cut $385 from its annual budget. What family would cut $385 of spending in order to solve $16,500 in deficit spending? It is a start, although hardly a solution. Now after years of this, the Jones family has $142,710 of debt on its credit card (which is the equivalent of the national debt). You would think the Jones family would recognize and address this situation, but it does not. Neither does Congress. The root of the problem is that voters and special interest groups do not send people to Congress to save money. They are sent there to bring home the bacon to their own home state or to their own personal/special interests. To effect budget change, we need to change the job description and give Congress marching orders. It is awfully hard (but not impossible) to reverse course and tell the government to stop borrowing money from our children and spending it now. In effect, what we have is a reverse mortgage on the country. The problem is that the voters have become addicted to the money. Moreover, the American voters are still in denial stage, and do not want to face the possibility of going into rehab. And, they don't seem to care that they are passing this burden to their children. What kind of parent would do that?
- Quoted from David Ramsey, Financial Advisor
Last edited by oldgeezer; 08-16-2011 at 04:54 AM. Reason: Denote author of article
08-13-2011, 07:48 AM
#2
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I agree with everything you have said. Unfortunately, we (and the Jones') are not a cohesive family with common interests anymore.
The typical Jones family now? Single mom, unemployed, age 20. Five kids age 2 months to 5 years...all with different last names being raised by their grandmother. The kids' fathers? Either loitering around or split for parts unknown. Financial status? Sucking on the giant societal teat. Ethnicity? Everyone...
The typical Jones family now? Single mom, unemployed, age 20. Five kids age 2 months to 5 years...all with different last names being raised by their grandmother. The kids' fathers? Either loitering around or split for parts unknown. Financial status? Sucking on the giant societal teat. Ethnicity? Everyone...
08-13-2011, 07:52 AM
#3
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The U.S. Congress sets a federal budget every year in the trillions of dollars. Few people know how much money that is so we created a breakdown of federal spending in simple terms. Let's put the 2011 budget into perspective:
U.S. Income: $2,170,000,000,000
Federal budget: $3,820,000,000,000
New debt: $1,650,000,000,000
National debt: $14,271,000,000,000
Recent budget cut: $38,500,000,000 (about 1% of the budget)
It helps to think about these numbers in terms that we can relate to. Let's remove 8 zeros from these numbers and pretend this is a household budget for the fictitious Jones family.
Total annual income for the Jones family: $21,700
Amount of money the Jones family spent: $38,200
Amount of new debt added to credit card: $16,500
Outstanding balance on the credit card: $142,710
Amount cut from the budget: $385
So in effect last month Congress, or in this example the Jones family, sat down at the kitchen table and agreed to cut $385 from its annual budget. What family would cut $385 of spending in order to solve $16,500 in deficit spending? It is a start, although hardly a solution. Now after years of this, the Jones family has $142,710 of debt on its credit card (which is the equivalent of the national debt). You would think the Jones family would recognize and address this situation, but it does not. Neither does Congress. The root of the problem is that voters and special interest groups do not send people to Congress to save money. They are sent there to bring home the bacon to their own home state or to their own personal/special interests. To effect budget change, we need to change the job description and give Congress marching orders. It is awfully hard (but not impossible) to reverse course and tell the government to stop borrowing money from our children and spending it now. In effect, what we have is a reverse mortgage on the country. The problem is that the voters have become addicted to the money. Moreover, the American voters are still in denial stage, and do not want to face the possibility of going into rehab. And, they don't seem to care that they are passing this burden to their children. What kind of parent would do that?
U.S. Income: $2,170,000,000,000
Federal budget: $3,820,000,000,000
New debt: $1,650,000,000,000
National debt: $14,271,000,000,000
Recent budget cut: $38,500,000,000 (about 1% of the budget)
It helps to think about these numbers in terms that we can relate to. Let's remove 8 zeros from these numbers and pretend this is a household budget for the fictitious Jones family.
Total annual income for the Jones family: $21,700
Amount of money the Jones family spent: $38,200
Amount of new debt added to credit card: $16,500
Outstanding balance on the credit card: $142,710
Amount cut from the budget: $385
So in effect last month Congress, or in this example the Jones family, sat down at the kitchen table and agreed to cut $385 from its annual budget. What family would cut $385 of spending in order to solve $16,500 in deficit spending? It is a start, although hardly a solution. Now after years of this, the Jones family has $142,710 of debt on its credit card (which is the equivalent of the national debt). You would think the Jones family would recognize and address this situation, but it does not. Neither does Congress. The root of the problem is that voters and special interest groups do not send people to Congress to save money. They are sent there to bring home the bacon to their own home state or to their own personal/special interests. To effect budget change, we need to change the job description and give Congress marching orders. It is awfully hard (but not impossible) to reverse course and tell the government to stop borrowing money from our children and spending it now. In effect, what we have is a reverse mortgage on the country. The problem is that the voters have become addicted to the money. Moreover, the American voters are still in denial stage, and do not want to face the possibility of going into rehab. And, they don't seem to care that they are passing this burden to their children. What kind of parent would do that?
08-13-2011, 08:00 AM
#4
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That definitely helps frame the size and scope of the problem in terms people can comprehend. An important part missing is the figures for total corporate profits and comparative contributions in taxes. In other words, there should be far more actual spendable income for this "American Family" example above, but they get robbed daily. That's because an awful lot of extremely rich "relatives" gain the advantages of this spendthrift family's shopping habits, but they don't do much about paying their share. Factor that in and the debt at least starts to look a little more manageable. We can agree there's also tremendous waste at the federal, state, and local levels of government, not the least of which are the extraordinary salaries, benefits etc for many government employees (elected and otherwise) the average family cannot hope to get.
Last edited by killer5280; 08-13-2011 at 08:05 AM.
08-13-2011, 08:04 AM
#6
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Location: Atlanta, GA
Posts: 1,802
The U.S. Congress sets a federal budget every year in the trillions of dollars. Few people know how much money that is so we created a breakdown of federal spending in simple terms. Let's put the 2011 budget into perspective:
U.S. Income: $2,170,000,000,000
Federal budget: $3,820,000,000,000
New debt: $1,650,000,000,000
National debt: $14,271,000,000,000
Recent budget cut: $38,500,000,000 (about 1% of the budget)
It helps to think about these numbers in terms that we can relate to. Let's remove 8 zeros from these numbers and pretend this is a household budget for the fictitious Jones family.
Total annual income for the Jones family: $21,700
Amount of money the Jones family spent: $38,200
Amount of new debt added to credit card: $16,500
Outstanding balance on the credit card: $142,710
Amount cut from the budget: $385
So in effect last month Congress, or in this example the Jones family, sat down at the kitchen table and agreed to cut $385 from its annual budget. What family would cut $385 of spending in order to solve $16,500 in deficit spending? It is a start, although hardly a solution. Now after years of this, the Jones family has $142,710 of debt on its credit card (which is the equivalent of the national debt). You would think the Jones family would recognize and address this situation, but it does not. Neither does Congress. The root of the problem is that voters and special interest groups do not send people to Congress to save money. They are sent there to bring home the bacon to their own home state or to their own personal/special interests. To effect budget change, we need to change the job description and give Congress marching orders. It is awfully hard (but not impossible) to reverse course and tell the government to stop borrowing money from our children and spending it now. In effect, what we have is a reverse mortgage on the country. The problem is that the voters have become addicted to the money. Moreover, the American voters are still in denial stage, and do not want to face the possibility of going into rehab. And, they don't seem to care that they are passing this burden to their children. What kind of parent would do that?
U.S. Income: $2,170,000,000,000
Federal budget: $3,820,000,000,000
New debt: $1,650,000,000,000
National debt: $14,271,000,000,000
Recent budget cut: $38,500,000,000 (about 1% of the budget)
It helps to think about these numbers in terms that we can relate to. Let's remove 8 zeros from these numbers and pretend this is a household budget for the fictitious Jones family.
Total annual income for the Jones family: $21,700
Amount of money the Jones family spent: $38,200
Amount of new debt added to credit card: $16,500
Outstanding balance on the credit card: $142,710
Amount cut from the budget: $385
So in effect last month Congress, or in this example the Jones family, sat down at the kitchen table and agreed to cut $385 from its annual budget. What family would cut $385 of spending in order to solve $16,500 in deficit spending? It is a start, although hardly a solution. Now after years of this, the Jones family has $142,710 of debt on its credit card (which is the equivalent of the national debt). You would think the Jones family would recognize and address this situation, but it does not. Neither does Congress. The root of the problem is that voters and special interest groups do not send people to Congress to save money. They are sent there to bring home the bacon to their own home state or to their own personal/special interests. To effect budget change, we need to change the job description and give Congress marching orders. It is awfully hard (but not impossible) to reverse course and tell the government to stop borrowing money from our children and spending it now. In effect, what we have is a reverse mortgage on the country. The problem is that the voters have become addicted to the money. Moreover, the American voters are still in denial stage, and do not want to face the possibility of going into rehab. And, they don't seem to care that they are passing this burden to their children. What kind of parent would do that?
It's all over but the rioting and killing in the streets.
08-13-2011, 08:10 AM
#7
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FWIW, Canada was in a very similar situation in the early 90's (deficit and debt out of control, debt rating reduced) and, after some serious belt-tightening by our federal (Liberal) govt., we pulled out of deficit, managed to ring up a string of surpluses, pay back some accumulated debt, and now stand as being the envy of much of the world for our fiscal stability. It can be done, the powers that be just need to quit acting like spoiled babies and get to work for the good of the country, rather than their own self-interest. Hopefully they will realize what is truly at stake before it's too late......
08-13-2011, 08:13 AM
#8
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Location: Atlanta, GA
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FWIW, Canada was in a very similar situation in the early 90's (deficit and debt out of control, debt rating reduced) and, after some serious belt-tightening by our federal (Liberal) govt., we pulled out of deficit, managed to ring up a string of surpluses, pay back some accumulated debt, and now stand as being the envy of much of the world for our fiscal stability. It can be done, the powers that be just need to quit acting like spoiled babies and get to work for the good of the country, rather than their own self-interest. Hopefully they will realize what is truly at stake before it's too late......
Last edited by killer5280; 08-13-2011 at 08:17 AM.
08-13-2011, 01:14 PM
#9
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Posts: 72
Chairman of the Federal Reserve ( privately owned by the Banksters) says US can't default because we'll just print more money. Result devaluation, inflation and the rest of the world realizes their investment in T-bills is a rip off as it's being paid with money that's worth less and less. That's why oil and gold keep rising. What happens when the rest of the world no longer accepts US dollars as the "reserve" currency?!
Russia, China,India ...pretty well all major countries are buying all the gold they can...no one is selling...look out
Russia, China,India ...pretty well all major countries are buying all the gold they can...no one is selling...look out
08-14-2011, 07:34 AM
#13
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Location: Delmar NY
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The family analogy really helps. I don't want to extend it absurdly but there is a bit more to it.
Mom and Dad don't work. A long time ago it was decided their job was to keep the property nice and interact with the neighbors. Since then it was also decided to help support the off spring that can't work or get into trouble.
The families $21,700 income comes from rent they charge their working offspring for living in the family home. Not everyone is charged the same in fact only a little more than half pay at all. Those who make more are are charged more, some who make very little are not charged at all. Some do chores the family needs and these are credited towards the rent.
Lately Mom and Dad fight a lot. They argue over where to spend money and they argue over how much the children should contribute. The children are concerned because while the house is very big, it takes a lot to maintain it and it is starting to need repairs. Many of the children, especially those paying the highest rent think Mom and Dad are not being very responsible.
Should Mom & Dad keep spending $38,200? Should the children pay more than $21,700? The children argue and sometimes they vote. Each child gets a vote even if he pays no rent or does no chores. Mom & Dad and even many of the children think they can decide to do whatever they want with the money - that they don't necessarily need to keep the property nice any more EVEN THOUGH THAT WAS THE ONE JOB THEY WERE SUPPOSE TO DO.
Its not looking good for the family.
Mom and Dad don't work. A long time ago it was decided their job was to keep the property nice and interact with the neighbors. Since then it was also decided to help support the off spring that can't work or get into trouble.
The families $21,700 income comes from rent they charge their working offspring for living in the family home. Not everyone is charged the same in fact only a little more than half pay at all. Those who make more are are charged more, some who make very little are not charged at all. Some do chores the family needs and these are credited towards the rent.
Lately Mom and Dad fight a lot. They argue over where to spend money and they argue over how much the children should contribute. The children are concerned because while the house is very big, it takes a lot to maintain it and it is starting to need repairs. Many of the children, especially those paying the highest rent think Mom and Dad are not being very responsible.
Should Mom & Dad keep spending $38,200? Should the children pay more than $21,700? The children argue and sometimes they vote. Each child gets a vote even if he pays no rent or does no chores. Mom & Dad and even many of the children think they can decide to do whatever they want with the money - that they don't necessarily need to keep the property nice any more EVEN THOUGH THAT WAS THE ONE JOB THEY WERE SUPPOSE TO DO.
Its not looking good for the family.
08-14-2011, 12:11 PM
#14
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If corporations were unaffected by taxes why would they maintain hordes of lobbyists in Washington DC to work assiduously against any changes in the tax structure??
08-14-2011, 12:21 PM
#15
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I agree with everything you have said. Unfortunately, we (and the Jones') are not a cohesive family with common interests anymore.
The typical Jones family now? Single mom, unemployed, age 20. Five kids age 2 months to 5 years...all with different last names being raised by their grandmother. The kids' fathers? Either loitering around or split for parts unknown. Financial status? Sucking on the giant societal teat. Ethnicity? Everyone...
The typical Jones family now? Single mom, unemployed, age 20. Five kids age 2 months to 5 years...all with different last names being raised by their grandmother. The kids' fathers? Either loitering around or split for parts unknown. Financial status? Sucking on the giant societal teat. Ethnicity? Everyone...
08-14-2011, 06:41 PM
#16
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08-14-2011, 09:35 PM
#17
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That's like saying they can't really pay any CEOs exhorbitant compensation packages, they can only collect revenue and distribute it to their "employees" !!
If corporations were unaffected by taxes why would they maintain hordes of lobbyists in Washington DC to work assiduously against any changes in the tax structure??
If corporations were unaffected by taxes why would they maintain hordes of lobbyists in Washington DC to work assiduously against any changes in the tax structure??
08-14-2011, 10:34 PM
#18
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I find this discussion (which is nearly the same whether at a Tea Party rally or a college town coffee shop) rather short sighted and ridiculous. Economics is not one with politics. You are NOT going to vote this away. It is NOT about government spending or taxation. That is all politics. Point fingers and deliver glittering generalizations. If you want to know how it works you have to study economics. The information is free yet it is much more complicated than partisan bull. It takes motivation to learn. Plato wrote the analogy of the cave. It is very valuable to know this piece of thought. Groogle it. Again free. In this situation, most people buying in to the political arguments and solutions, are the people chained in the cave staring at the shadows on the wall. They are trying to assess the world based on those shadows. The few with knowledge of the national and global economic systems are the ones who step outside of the cave and see the sun. It is blinding and painful. We are victims. We are indentured servants. It is not the redneck war president or the socialist black president. The wealthiest who know how to play the game and can put the pieces into place. It is a Ponzi scheme. The real-estate boom, bubble economics. Doomed to fail, with the savvy betting on their fall while creating the booms and falls themselves.
I don't care to convince the uninitiated, I only reply because someone may decide to educate themselves (FREE, although a university helps). Read the meat of the subject or stay silent and enjoy the show.
NOBODY IS SMART BUT ME! Except all of the people who robbed the country and precipitate the international collapse of multiple monetary systems for personal gain and their own posterity. Hey, we only have one life on this planet. Might as well take all that you can. Rape and pillage and save some of those rapings for your children. Those children love left-over rapings.
I don't care to convince the uninitiated, I only reply because someone may decide to educate themselves (FREE, although a university helps). Read the meat of the subject or stay silent and enjoy the show.
NOBODY IS SMART BUT ME! Except all of the people who robbed the country and precipitate the international collapse of multiple monetary systems for personal gain and their own posterity. Hey, we only have one life on this planet. Might as well take all that you can. Rape and pillage and save some of those rapings for your children. Those children love left-over rapings.
Last edited by johndoeafro; 08-14-2011 at 10:46 PM.
08-15-2011, 12:44 AM
#19
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I find this discussion (which is nearly the same whether at a Tea Party rally or a college town coffee shop) rather short sighted and ridiculous. Economics is not one with politics. You are NOT going to vote this away. It is NOT about government spending or taxation. That is all politics. Point fingers and deliver glittering generalizations. If you want to know how it works you have to study economics. The information is free yet it is much more complicated than partisan bull. It takes motivation to learn. Plato wrote the analogy of the cave. It is very valuable to know this piece of thought. Groogle it. Again free. In this situation, most people buying in to the political arguments and solutions, are the people chained in the cave staring at the shadows on the wall. They are trying to assess the world based on those shadows. The few with knowledge of the national and global economic systems are the ones who step outside of the cave and see the sun. It is blinding and painful. We are victims. We are indentured servants. It is not the redneck war president or the socialist black president. The wealthiest who know how to play the game and can put the pieces into place. It is a Ponzi scheme. The real-estate boom, bubble economics. Doomed to fail, with the savvy betting on their fall while creating the booms and falls themselves.
I don't care to convince the uninitiated, I only reply because someone may decide to educate themselves (FREE, although a university helps). Read the meat of the subject or stay silent and enjoy the show.
NOBODY IS SMART BUT ME! Except all of the people who robbed the country and precipitate the international collapse of multiple monetary systems for personal gain and their own posterity. Hey, we only have one life on this planet. Might as well take all that you can. Rape and pillage and save some of those rapings for your children. Those children love left-over rapings.
I don't care to convince the uninitiated, I only reply because someone may decide to educate themselves (FREE, although a university helps). Read the meat of the subject or stay silent and enjoy the show.
NOBODY IS SMART BUT ME! Except all of the people who robbed the country and precipitate the international collapse of multiple monetary systems for personal gain and their own posterity. Hey, we only have one life on this planet. Might as well take all that you can. Rape and pillage and save some of those rapings for your children. Those children love left-over rapings.
Can't say that I disagree with any of this except the part about a university helping. Universities are part of the control mechanism to perpetuate blindness and indentured servitude.
Yes, what is happening is the result of a criminal conspiracy by elites.
Oh, and ultimately it is about government spending and taxation, which is certainly economics, but you're right that we're not going to change anything by voting.
Last edited by killer5280; 08-15-2011 at 12:51 AM.
08-15-2011, 07:28 AM
#22
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I find this discussion (which is nearly the same whether at a Tea Party rally or a college town coffee shop) rather short sighted and ridiculous. Economics is not one with politics. You are NOT going to vote this away. It is NOT about government spending or taxation. That is all politics. Point fingers and deliver glittering generalizations. If you want to know how it works you have to study economics. The information is free yet it is much more complicated than partisan bull. It takes motivation to learn. Plato wrote the analogy of the cave. It is very valuable to know this piece of thought. Groogle it. Again free. In this situation, most people buying in to the political arguments and solutions, are the people chained in the cave staring at the shadows on the wall. They are trying to assess the world based on those shadows. The few with knowledge of the national and global economic systems are the ones who step outside of the cave and see the sun. It is blinding and painful. We are victims. We are indentured servants. It is not the redneck war president or the socialist black president. The wealthiest who know how to play the game and can put the pieces into place. It is a Ponzi scheme. The real-estate boom, bubble economics. Doomed to fail, with the savvy betting on their fall while creating the booms and falls themselves.
I don't care to convince the uninitiated, I only reply because someone may decide to educate themselves (FREE, although a university helps). Read the meat of the subject or stay silent and enjoy the show.
NOBODY IS SMART BUT ME! Except all of the people who robbed the country and precipitate the international collapse of multiple monetary systems for personal gain and their own posterity. Hey, we only have one life on this planet. Might as well take all that you can. Rape and pillage and save some of those rapings for your children. Those children love left-over rapings.
I don't care to convince the uninitiated, I only reply because someone may decide to educate themselves (FREE, although a university helps). Read the meat of the subject or stay silent and enjoy the show.
NOBODY IS SMART BUT ME! Except all of the people who robbed the country and precipitate the international collapse of multiple monetary systems for personal gain and their own posterity. Hey, we only have one life on this planet. Might as well take all that you can. Rape and pillage and save some of those rapings for your children. Those children love left-over rapings.
universities may be helpful if they were not only teaching Keynesianism....
08-15-2011, 07:31 AM
#24
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08-15-2011, 08:52 AM
#26
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It's quite interesting to note that so many seem to want to play Robin Hood and take from the rich just because they have it. Last time I checked, everyone has an opportunity in this country to work hard and get ahead. I guarentee if anyone trys to take more of my money to give to someone else, they'll have a fight on their hands. It's not a big business issue. it's a GREED issue. and that doesn't just apply to the rich. How many of us count on the stock market either directly or indirectly for our retirement. Do you know why we do that instead of a more trusted source such as bonds or bank savings? We want what everyone else has....more money. And we're willing to take risks (that we really don't understand) in order to get more. There are many that prey on greed. it happens locally as well as nationally.
08-15-2011, 10:32 AM
#27
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this is what happens when large deficit spending occurs over 100 years, with no intent to pay for any of it:
US debt visualized: Stacked in 100 dollar bills
US debt visualized: Stacked in 100 dollar bills
08-15-2011, 10:33 AM
#28
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08-15-2011, 11:27 AM
#29
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Couldn't you kinda use that arguement about most anything though? A company earns money by selling goods or services. I make money by selling services (mine). I pay taxes on the money I collect from others. Companies pay taxes on money they collect from others. I don't print money any more than corporations do, so we are both simply acting as a collection agency for the government.
The thing that really gets me is how many times the governement taxes the same money over and over. I make money selling my services. I pay about 33 cents of every dollar to the boys in DC. I buy things with my money. I pay about 8 cents of every dollar for that privilage. Of the money I pay to a business, in addition to my 8 cents, they pay the government about 34 cents of it. Of the money left over, they pay their workers for services, and their workers again pay a portion of that same dollar. From where I sit, the government has a pretty good racket going on. Any wonder the Tea Party is gaining popularity?
The thing that really gets me is how many times the governement taxes the same money over and over. I make money selling my services. I pay about 33 cents of every dollar to the boys in DC. I buy things with my money. I pay about 8 cents of every dollar for that privilage. Of the money I pay to a business, in addition to my 8 cents, they pay the government about 34 cents of it. Of the money left over, they pay their workers for services, and their workers again pay a portion of that same dollar. From where I sit, the government has a pretty good racket going on. Any wonder the Tea Party is gaining popularity?
Killer didn't say corporations are "unaffected by taxes", he said they didn't pay any. Absolutely correct. The U. S. federal government tax rate on corporations is 34%. Higher than Canada, Sweden, Netherlands, the UK or any other democratic socialist country the American left admires.
Where do you imagine corporations get the money they "pay" in taxes? Do they print it in the basement of corporate headquarters? Do they pick it off the money tree growing in the corporate garden? Of course not. They collect it from the "working families" who purchase their goods and services and pass it on to the FedGov.
Corporations don't pay taxes. They collect them from you and hand them over to the government. Only people pay taxes.
Where do you imagine corporations get the money they "pay" in taxes? Do they print it in the basement of corporate headquarters? Do they pick it off the money tree growing in the corporate garden? Of course not. They collect it from the "working families" who purchase their goods and services and pass it on to the FedGov.
Corporations don't pay taxes. They collect them from you and hand them over to the government. Only people pay taxes.
