US Debt Limit

[SAJ-99]

And Musk kicked in around 8 billion when he sold Tesla shares. Drop in the bucket for the total receipts. We sure do piss away a lot of money these days!

"Total Receipts: Up by 21 Percent in Fiscal Year 2022. In 2022, federal revenues amounted to $4.9 trillion—$850 billion (or 21 percent) more than the receipts recorded in 2021."

Again, go through the budget and figure out what you want to cut. Don’t be scared by the zeros. It’s all chump change until you get to medical. Rural hospitals need to go. You can tell your neighbors to stop suckling off the government and they can drive an hour to a doctor.

 

[noharleyyet]

Again, go through the budget and figure out what you want to cut. Don’t be scared by the zeros. It’s all chump change until you get to medical. Rural hospitals need to go. You can tell your neighbors to stop suckling off the government and they can drive an hour to a doctor.

I'm vexed why you'd mention Musk's tax debt...didn't he used to be a blue darlin'?

 

[FI460]

Again, go through the budget and figure out what you want to cut. Don’t be scared by the zeros. It’s all chump change until you get to medical. Rural hospitals need to go. You can tell your neighbors to stop suckling off the government and they can drive an hour to a doctor.

Back around 2019 I made a funzies spreadsheet for this purpose. I don't remember exactly what it showed but I think it was something like 18 years of 100% government spending cuts while keeping the revenue the same before we paid off the federal debt.

Of course that doesn't account for whatever that would do to destroy the global economy. And it was before the massive debt expansion that followed.

Interesting exercise though. I'll see if I can find it to update it.

 

[BackofBeyond]

Back around 2019 I made a funzies spreadsheet for this purpose. I don't remember exactly what it showed but I think it was something like 18 years of 100% government spending cuts while keeping the revenue the same before we paid off the federal debt.

Of course that doesn't account for whatever that would do to destroy the global economy. And it was before the massive debt expansion that followed.

Interesting exercise though. I'll see if I can find it to update it.

 

[SAJ-99]

Back around 2019 I made a funzies spreadsheet for this purpose. I don't remember exactly what it showed but I think it was something like 18 years of 100% government spending cuts while keeping the revenue the same before we paid off the federal debt.

Of course that doesn't account for whatever that would do to destroy the global economy. And it was before the massive debt expansion that followed.

Interesting exercise though. I'll see if I can find it to update it.

We don't really need to pay it off. This is the "personal account" concept that people incorrectly apply to the government. The fact that the US government has a lot of debt is very beneficial to the global economy. It is the risk-free benchmark, but we will see come August. The main problem is that we all complain about spending or taxes but no one is willing to take the hit to chip away slowly at the deficit problem. Defense contractors are buying votes to get an increase in defense spending, oil is buying votes to keep tax breaks and kill ethanol and solar, ethanol and solar are buying votes to keep tax incentives, healthcare cos are buying votes to keep Medicare paying for everything. We just fight over how one pet project is more worthy than the other guy's pet project. And then we flock to vote for some 80yo dude who says he can fix it all. It really is pathetic.

We have to use all tools to change the path of the debt and make forward progress. I like structuring taxes as incentives to get what we want. We structured housing incentives to get people into homes and we see how that worked out. Maybe we should consider taking away the ability to deduct mortgage interest. Listening Big Fins latest podcast- We want solar but don't want to use public land? Reverse tax breaks for corporations and instead incentivize them with those same tax rates to put solar on roofs and parking lots. Both sides of that argument win a little. What every voter should avoid, is the magical thinking that cutting Government spending will result in more growth, because it won't.

 

[rogerthat]

We don't really need to pay it off. This is the "personal account" concept that people incorrectly apply to the government. The fact that the US government has a lot of debt is very beneficial to the global economy. It is the risk-free benchmark, but we will see come August. The main problem is that we all complain about spending or taxes but no one is willing to take the hit to chip away slowly at the deficit problem. Defense contractors are buying votes to get an increase in defense spending, oil is buying votes to keep tax breaks and kill ethanol and solar, ethanol and solar are buying votes to keep tax incentives, healthcare cos are buying votes to keep Medicare paying for everything. We just fight over how one pet project is more worthy than the other guy's pet project. And then we flock to vote for some 80yo dude who says he can fix it all. It really is pathetic.

We have to use all tools to change the path of the debt and make forward progress. I like structuring taxes as incentives to get what we want. We structured housing incentives to get people into homes and we see how that worked out. Maybe we should consider taking away the ability to deduct mortgage interest. Listening Big Fins latest podcast- We want solar but don't want to use public land? Reverse tax breaks for corporations and instead incentivize them with those same tax rates to put solar on roofs and parking lots. Both sides of that argument win a little. What every voter should avoid, is the magical thinking that cutting Government spending will result in more growth, because it won't.

Trumps tax cuts effectively took away the mortgage int deduction for a lot of people with the higher standard deduct and the penalty for marriage with the SALT. I have a giant mortgage and can’t beat the standard deduction

 

[SAJ-99]

Trumps tax cuts effectively took away the mortgage int deduction for a lot of people with the higher standard deduct and the penalty for marriage with the SALT. I have a giant mortgage and can’t beat the standard deduction

Yes, then reduce the standard deduction. The move only helped those with very large mortgages that pay a lot of interest that still made it advantageous to itemize. @wllm will be one of these people soon. This means lower incomes will have to pay Federal tax and higher incomes don't get the $million house and Boomers lose some of the nested built up in their homes. Again, everyone has to endure some pain.

 

[TOGIE]

yeah, i found it somewhat surprising doing taxes earlier this year after our first full year of home ownership and having a baby the standard deduction was still the way to go.

it was looking like maybe we could come out with like 500-1000 more than the standard deduction if i really went wild itemizing. juice ain't worth that squeeze when time is limited tho.

 

[BigHornRam]

I'm vexed why you'd mention Musk's tax debt...didn't he used to be a blue darlin'?

Similar to a crack addicts love/hate relationship with their pusher.

 

[BigHornRam]

Trumps tax cuts effectively took away the mortgage int deduction for a lot of people with the higher standard deduct and the penalty for marriage with the SALT. I have a giant mortgage and can’t beat the standard deduction

I have had no mortgage for many years and the standard deduction is just fine. Thanks Donald!

 

[rogerthat]

I have had no mortgage for many years and the standard deduction is just fine. Thanks Donald!

Glad it worked out for you. Hopefully you got all his stimmys too.

 

[Deleted member 28227]

Yes, then reduce the standard deduction. The move only helped those with very large mortgages that pay a lot of interest that still made it advantageous to itemize. @wllm will be one of these people soon. This means lower incomes will have to pay Federal tax and higher incomes don't get the $million house and Boomers lose some of the nested built up in their homes. Again, everyone has to endure some pain.

wilber is probably renting for the rest of eternity

 

[rogerthat]

wilber is probably renting for the rest of eternity

But if you buy a really big one with a high interest rate you can itemize your deductions!! It’s like free money!

 

[TOGIE]

wilber

for real?

no, it's william.

i won't accept wilber

actually it's willum, duh

 

[BigHornRam]

Glad it worked out for you. Hopefully you got all his stimmys too.

None of those, but if you move to Wyoming, you won't have to cry about the SALT deductions Trump stole from you.

 

[noharleyyet]

for real?

no, it's william.

i won't accept wilber

actually it's willum, duh

 

[fleabagmatt]

View attachment 273521

 

[SAJ-99]

I have had no mortgage for many years and the standard deduction is just fine. Thanks Donald!

BHR's reality shows again. You want someone else to pay the bill.

 

[noharleyyet]

BHR's reality shows again. You want someone else to pay the bill.

So you want him to keep paying after he's already paid...

 

[brymoore]

Yes, then reduce the standard deduction. The move only helped those with very large mortgages that pay a lot of interest that still made it advantageous to itemize. @wllm will be one of these people soon. This means lower incomes will have to pay Federal tax and higher incomes don't get the $million house and Boomers lose some of the nested built up in their homes. Again, everyone has to endure some pain.

I need to do the math in comparison, but I’m paying much more in taxes under the “tax cut” than before it.