It's become exceptionally unpopular to suggest raising taxes on people that all feel like they're already paying too much. So instead, politicians are looking for other ways to close budget gaps without increasing the actual rate.
Tariffs, tolls, and closing loopholes are all likely candidates to keep increasing if the tax rate itself is a third rail item. They're simply shifting where the income comes from. But unless we make major cuts to spending... government revenues are going to need to keep increasing. Especially when the deficit is exploding.
I Agree...
***WARNING...DOOM AND GLOOM RICKY IS ABOUT TO POST ANOTHER DOSE OF NEGATIVITY FOR EVERYBODY. EXIT OUT OF THE THREAD IF YOU CAN'T HANDLE IT***
I have an answer to this. ...WE ARE SCREWED! ME, YOU, and MOST everybody under the age of 50 to 55ish right now
The government, and our leadership over the many years since the Gold Standard was done away with back in the early 70s has kicked the can down the road far too long. They will continue to do so until things collapse. So many people love to live in the good times, and will talk bad about realists when it comes to this all because they have managed to keep things going this long. "It will never happen" ...right?
I present this as evidence to my opinion:
Current US DEBT TO GDP RATIO: 106.73% and climbing ...We have already surpassed the point of no return!
$187, 631 is the debt per tax payer.
The government has been tapped out, and their only answer moving forward will be zero interest rates and monetary injections into the system by the FED. ...Those two tactics had effect in the past, but moving forward, will have very little clout in defending against a recession/depression.
Social Security and Medicare have a HUGE, GIGANTIC SHORT FALL over the next 3 decades. 100 TRILLION DOLLARS according to the Congressional Budget Office.
Boomers don't care, or maybe some do, but they throw their hands up and turn the other way on the subject because they believe they will be gone before they have to experience, or deal with it.
It will be those of us younger than 50 to 55ish at the moment that will be left to deal with this problem in the future. It's not going to be pretty. ...ESPECIALLY if some other big countries decide to THROW THE PETRO DOLLAR in the trash in the future.
Where will that leave us?
Insanely high tax rates? Austerity for everybody for a prolonged amount of time? Taxing the wealthy at even insanely high rates won't be enough...
When we get to this point to where the charade is over, and we must deal with it as a country, things are going to get CRAZY!