How would you balance the budget? (simple budget worsheet/program inside)

[scrappydoo]

I posted this a while ago on another forum and we had some fun with it. So here's your chance to balance the budget. It also shows how much and where our tax money goes. Just keep in mind that a few things may have already been passed. One last thing, the program won't allow you to cut social security from the budget because you'd have to eliminate the payroll tax which is a huge amount of revenue. Also, your adjustments to SS only has to equal 100% to balance it.

Here's the link to the worksheet. Have fun. It's not very long and there's no ads.

Here's my results:
I ended up with a $41B deficit. Here's my cuts:

Defense in half, entirely cut iraq/afghanistan, TSA in half.
Tax rate increases: $200k-$500k +5%, $500k-$1m +10%, over $1m +20% (If I could have lowered the rate for everyone else I would have)
Corporate earnings tax increase +10%
Banks pay "crisis insurance"
No carbon, alcohol, soda, fed tax
Increased estate tax
For Social Security I raised payroll tax 1% and eliminated the wage cap.

Read More

 

[Burt Gummer]

The debt cannot be paid off.

We will resort to monetizing the debt via a printing press.

 

[scrappydoo]

If that happens then Mexico might be the one with the immigration problem.

All kidding aside, take a stab at the worksheet. I'd like to see what approach other people would take to balance the budget.

 

[deadeye]

Nothing addressed the government need for oversight on these areas therefore cutting waste and corruption. Without getting into the waste,corruption and people getting benefits they shouldnt be there will be no balanced budget.

 

[scrappydoo]

I don't think waste, corruption, and people scamming the system accounts for $625b.

 

[deadeye]

I didnt say it was the sole issue but it is an issue none the less. No one will balance the budget with a single stroke of a pen due to the fact that it has accumulated over several years. The biggest issue is that both sides think the others idea is only "a drop in the bucket" well, those drops add up over time as we are seeing with the deficet.

 

[rufus]

Eliminating redundant government agencies is a good place to start.

Billions in Bloat Uncovered in Beltway

The U.S. government has 15 different agencies overseeing food-safety laws, more than 20 separate programs to help the homeless and 80 programs for economic development.

These are a few of the findings in a massive study of overlapping and duplicative programs that cost taxpayers billions of dollars each year, according to the Government Accountability Office.

A report from the nonpartisan GAO, to be released Tuesday, compiles a list of redundant and potentially ineffective federal programs, and it could serve as a template for lawmakers in both parties as they move to cut federal spending and consolidate programs to reduce the deficit. Sen. Tom Coburn (R., Okla.), who pushed for the report, estimated it identifies between $100 billion and $200 billion in duplicative spending. The GAO didn't put a specific figure on the spending overlap.

 

[Jamie6.5]

So you want to increase the highest corporate tax rate in the world by 10%,...

You'll get more revenue by reducing it 10% and using that to bring more corps over here. Why do you think they do so much business elsewhere?

You can tax the upper 50% of earners at 100% and still not balance the budget we have currently.

To borrow/subvert an old campaign phrase:

IT'S THE SPENDING STUPID!

 

[Trlsmn]

Limit welfare to 12 months and then you get kicked to the curb.

After the first baby you get no child welfare at all.

Welfare recipients must attend school or lose their benefits.

No non citizen or their dependents regardless of where the dependent is born receive anything free at tax payers expense including school and medical care.

Simplify the tax system to a flat tax on any item bought or sold period and remove all other taxes, that will equalize taxes on the rich as well as the poor.

Stop fighting wars in countries that do not benefit the US.

Stop foreign aid.

Term limits and public service limits, there should be no career politicians. The term limits should be total time in public office limits.

Here is number one....

Death sentences for public officials, politicians and public employees caught stealing or doing anything financially corrupt with public money.

 

[Trlsmn]

I don't think waste, corruption, and people scamming the system accounts for $625b.

Yes in fact it does. Just because you can't now cut it to make $635b magically appear doesn't make it not so. It's is all the previous waste, corruption, and people scamming the system that has brought it up to that amount.

 

[Just Jim]

There is only one chance to get control of the debt, get every progressive out of government.

jj

 

[Nwcid]

Tax rate increases: $200k-$500k +5%, $500k-$1m +10%, over $1m +20% (If I could have lowered the rate for everyone else I would have)
Corporate earnings tax increase +10%

Increasing tax LOSES money not makes it. While you get a higher % of what comes in less will come in. People will find loopholes, cheat, lie or just flat quit making the money. Why work harder just to be penalized for it?

You need to give tax breaks to create more jobs, more industry and more people wanting to achieve things (that will not cost more). This will lead to more taxes being paid overall plus growth elsewhere making things better overall.

Just like WA state with their hunting regulations. They have one of the highest out of states licenses out there. This year they really jacked up the regulations. Most if the things they did are cause they are broke. I know lots of long time hunters (WA residents) that are refusing to get licenses or to hunt in our state due to this. They are planning on hunting out of state. So WA is actually losing money not just in fees but also the revenue that would be generated in state, and upsetting residents. That is just one small example.

 

[saxon]

from 1776 ish to 1913 the U.S.A. ran and fought wars without income tax

untill you have taxation WITH representation we will be doomed no mater what you do


also after looking at the slush funding that was listed

i cut it $-882.1 B

 

[Trlsmn]

There is only one chance to get control of the debt, get every incumbent out of government.

jj

FYP