US Worse Off Financially Than Euro Nations: Walker

www.cnbc.com...

Published: Monday, 23 May 2011 | 9:25 AM ET
By: Jeff Cox
CNBC.com Staff Writer
The US is spending $4 billion a day more than it is taking in, putting the country on an unsustainable fiscal path perpetuated by both Democrats and Republicans, according to David Walker, head of the Comeback America Initiative.

Solving America's problems will require a combination weighted toward spending reductions but one that also will require spreading the taxation burden around more evenly, said Walker, the former US comptroller general.

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More at link

I just have to wonder, bleeding $4B a day is massive. It would be good to see what that is percentage-wise or relative to other nations.

..."We have to broaden the base—51 percent of Americans don't have any income taxes," he said. "That's not acceptable in a democracy."

The richest Americans are paying just 18 percent income tax rates even while the top marginal rate is supposed to be 35 percent, he said....

Right now the middle class carries the burden, and the middle class is shrinking. To know the proper write-offs or to shift income to write-offs helps, but not to the extent that professional tax preparers can. Lower middle-class or below middle class don't pay much in taxes and take more than they pay, but having to pay higher taxes is a disincentive to earning more or working for higher positions as well.

In 1970, the year I was born the national debt was about 3 billion and Vietnam was still going on.
Now the intrest on our debt is more than that.
Yup, I would say that's pretty bad.

The best way to ensure that everyone pays their fair share of taxes is to completely scrap income taxes and the IRS and come up with a Federal Sales Tax on every single thing you buy.

The poor still pay less as a percentage (they buy less), the rich still pay more (they buy more) savings would be encouraged as money saved would not be taxed. Paying off debt would be encouraged as it wouldn't be a sale, therefore not subject to sales tax.

Illegal immigrants, corporations, tax dodgers, and everyone who currently pay zero tax would all pay their fair share into the system, as everyone buys stuff in the end. Make it zero deductions, zero loopholes.

No more offshore accounts to hide assets for the rich. No more corporations paying accountants and lawyers to figure out how to pay less taxes. No more illegal immigrants trying to dodge paying taxes. No more people being paid under the table to avoid paying taxes.

It's a win-win-win-win for every conceivable situation.

Ron Paul 2012.

reply to post by babybunnies

I agree. A flat tax for everyone but we know that will never happen.

The Us is not worse off. The Euro countries are doing worse. Gernamny is the only country hlding the Euro down while most of the rest are neary bankrupt.

Here is an article bout the countries are closest to defaulting on their debt. Most are European. USA is not on it.

reply to post by Dbriefed



This is a well-known fact among unbiased analysts around the world. USA is the biggest debtor nation throughout history.

US government, politicians, lawmakers, bankers and media have been spinning media diversion and blackout relentlessly.