Imo, we should institute a one-time asset tax on every person and business worth more than 500k-1M bucks... From what I've read, a even a single digit tax rate would literally eliminate all $12T of our national debt in one year...
That's catchy rhetoric, but it's not gonna happen. Try it, and watch millions leave their US citizenship behind. Hell, I'd do it, if only because I'd be wiped out, as I qualify for the tax based upon my home. It doesn't take much of a home to be worth 500K in most parts of CA - here that's a suburban rancher, firmly middle class. Tax me on it, and I'll have to sell. That will surely help the already wrecked CA housing market/banks/state and federal tax rolls. Just as we all have to live within our means, so too does government.
Historically the Federal budget is, on avg., 20% of GDP, post WWII. We are now at 25%, and we borrow 40% of that, with 5% of the total going towards the federal debt. That's unsustainable, especially as the bill for SS comes due.
CNSNews.com - Federal Government Will Borrow 40 Percent of the Money It Spends Next Year, Says White House Report
The CBO estimates we will run Trillion dollar deficits, at current spending levels for the next ten years. So, even if taxes are raised on those who have assets above $500K, you gonna have to take it all to cover just the $8.53T in
new deficits.
CBO: Huge deficits to average $1 trillion per year over the next decade - TheHill.com
Just because government cannot control what they spend hardly means you, I, or anyone should continually pay for their inability to do so. Corporate kleptocracy is morally bankrupt (as is government version too), but those who benefited from that aren't worth $500-1M, these are guys/families worth $5M-60B.
Who Rules America: Wealth, Income, and Power
If you took
ALL of the money from the everyone it the top 1% in America, it would still not be enough to pay off all the Federal debt, and unfunded liabilities of SS, Medicare, Fannie and Freddie, etc, which total about $56
T; you'd be
short about $42
T, and even if
everyone in the US signed over
every home, stock, and life insurance policy, etc. you'd still be short by about $20
T. We're broke. That's why everyone should kick in, even if it's community service - whatever. Otherwise, if the chits are called in, it's game over,; no pol will publicize the numbers, cause they are numbingly scary, for
every one.