July 29, 2014

Alternatives for US Federal taxation and budgeting – Part 1

Increasing the US Federal Income Tax paid annually per US citizen while many Middle Class citizens are monetarily struggling due to the recession, being laid off as businesses shrink, becoming retired or other reasons that cause monetary strains is cruel, unwise and not a proper method for decreasing the United States of America’s national trillion dollars plus deficit the US government has accrued. Nor will Congress’s increasing the US Federal Government’s debt ceiling and its elected officials’ salaries resolve the accrued US national deficit. These measures are unworkable methods for budgeting and decreasing any size deficit. These politically-correct budgeting methods harm any budget; especially that of a nation’s. Any politician who stipulates otherwise does not comprehend how to properly be fiscally responsible and should not be voted into a public office where budgeting is part of his position.

These unwise modernly established practices of increasing the annual Federal Income Tax, bestowing salary increases to elected officials in the US Legislative Branch, and raising the US Federal Budget’s debt ceiling deliver the message to all hard working Americans that the nation’s General Welfare is unimportant. The United States needs to properly take care of the United States; honestly evaluate the real needs of the nation and its citizens. This includes developing a balanced US Federal Budget by correctly practicing fiscal responsibility.

The General Welfare of every state and citizen within the US borders should be of primary importance, listed first on the US Federal Budget. General Welfare should include the care of Federal government buildings like the White House, National Memorials like the Lincoln Memorial, National Forests and Parks, interstate roads, the US borders, US military, NASA, Social Security, Medicare and Medicaid. These types of things should take precedence, considered high priority expenditures and always paid. All of these General Welfare things combined do not equate to a trillion dollars plus national deficit.

This American believes the US government has a trillion dollars plus deficit because of the humongous amount of foreign aid the US government bestows to foreign entities in the form of military financial aid that finances militaries for other countries. The about 4 billion dollars CNN and Fox News reported in the beginning of February 2011 that Egypt receives annually in the form of monetary military assistance from the US government is an example of mismanagement for governmental funds the US Federal Government needs to immediately cease for the good of the US Federal Budget. Egypt is not the sole nation the Federal Government is delivering this kind of monetary military aid. The USA cannot afford to continue.

This Middle Class American further recommends as a Federal Governmental budgetary measure for the US government to opt for a 10% Federal Income Tax per American income earner (no exceptions, deductions or exclusions and regardless of class). The rich elite can afford to pay annually a 10% Federal Income Tax. The majority of current taxpayers would give a sigh of relief to pay only 10% of their annual income to the Federal Government.

The majority of Middle Class America currently pays a median of 35% to 45% in annual Federal Income Tax plus their annual State Income Tax (unless they live in a state like Nevada that does not have a State Income Tax). Most Middle Class Americans pay 5% to 10% in State Income Tax depending upon which state they reside. That is a total median of 40% – 55% annually out of their incomes due to taxation. This does not leave much to live on. If 10% across the board for Federal Income Tax was implemented, then the Middle Class would pay an average of 15% to 20% for their annual income tax (State plus Federal). That is a 25% – 35% difference in annual income taxation which could mean less monetary stress for all residing within Middle Class America. A 10% Federal Income Tax is also easier to plan for and incorporate into one’s individual budget. It does not take a chart or instructions to figure out how much to pay.

The US Federal Government could afford to adopt this annual 10% Federal Income Tax plan. This would give the US government plenty of money to fund all it is supposed to cover per the US Constitution. The US government would not lose revenue if this annual 10% Federal Income Tax plan went into effect because all citizens (including all elected government officials) who generated an income, no exceptions, would pay it. The US government would be able to pay its expenditures (high, moderate and low priority) plus cover the US Savings Bonds many Americans have invested. There might even be some tax revenue left over to pay extra toward the loan from communist China. The sooner this loan is paid in full by the US government, the better for the United States of America.

Sources:

Alicia Rose, personal viewing CNN and Fox News Channel nightly evening news broadcasts January 1 – February 8, 2011

Alicia Rose, personal viewing The O’Reilly Factor on Fox News Channel, January 31, February 2 and February 7, 2011

Alicia Rose, personal work experience: administrative, accounting and bookkeeping, 1988 – 2008

Alicia Rose, personal studies in Political Science, 1978 – present

Income Statistics, US Census Bureau

The Effects of Taxes and Transfer on Income and Poverty, US Bureau of Census

Is There Such a Thing as an Absolute Poverty Line Over Time? by Gordon M. Fisher, U.S. Census Bureau, August 1995

Taxation in the United States, Wikipedia

Federal spending and taxation across the states, Wikipedia

US Constitution, main body

US Constitution, Amendments 1 – 10

US Constitution, Amendments 11 – 27

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