95% Top Marginal Tax Rate Needed to Close 2010 Deficit

[Just_A_Guy]

Originally Posted by Moksha

How were you able to make that disinction?

I should have linked to the taxprof'ssource. But he's clearly talking about the annual deficit here, not the national debt.

And what happened to the 1.7 trillion debt that was left over from last year?

Something like .7 trillion of that was the first stimulus, of which I understand around 60-70% is still tied up in President Obama's administration waiting to be spent.

Maybe he'll give it back?

[Moksha]

Originally Posted by Just_A_Guy

Something like .7 trillion of that was the first stimulus

But what of the other cumulative deficit stemming back from the 1950s?

[Just_A_Guy]

What of it? (aside from the fact that it has to be paid back too).

Spending more than you earn is stupid, no matter what your political party.

[Charlyc]

Originally Posted by Moksha

How were you able to make that disinction?

"close the deficit" makes the distinction. Means to bring it to an end during 2010, and not have to take out more debt, from the Chinese today, to cover a deficit.

The rest of the debt I believe will never be paid because it would require big changes in taxation, like introducing a national VAT/GST or something.

My guess, just my personal opinion, is that they'll default on the Chinese debt on some lame excuse eg Chinese government supports terrorism, or go to war with China and thus avoid payment. They can also start paying part of SS payment with new Bonds and thus kick the social security problem forward.

But then again patriots pay ALL their taxes, so maybe you should start there?

[blusun7]

The economy will come crashing down within the next three years.
When did they end the patriot act?They improved it if anything.

[Moksha]

Originally Posted by blusun7

The economy will come crashing down within the next three years.
When did they end the patriot act? They improved it if anything.

You may have a point. After all, the end was predicted in the Mayan Calendar as being 2012 and Glen Beck has not said anything to the contrary.