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who's going to pay the bill
- Thread starter Harbourwoodwork
- Start date
One of the interesting things here is, who will end up with the bigest tax bill? The middle or the upper class? If they're anything like us,there's not much left to squeeze out of the middle classes,with rising prices and stagnant wages!
Well that's an interesting claim as it can be checked quite simply.
Raising tax on gasoline in the US to UK levels would raise an additional US$500 billion per year in federal tax.
Current federal dept is US$16 trillion. At a 0% interest rate it would take 32 years to pay off - unfortunately the interest rate isn't going to be 0% over the next 32 years. Let's say it's 5% per annum over the length of the loan.
5% of 16 trillion in year one is, er, 800 billion per year. So as you can see, your extra $500 billion doesn't even cover the interest payments, so it can hardly end their debt crisis at all, never mind in a "few years".
Though it would be $500 billion extra income a year so would definitely slow the increase.
And that's assuming that gasoline consumption habits don't change because of the tax increase and they keep raising that cash, which of course is a false assumption.
No, unfortunately the US is stuffed, they can kick the can down the road but eventually they are going to meltdown. As they have significant natural resources they will come back a lot stronger than we will, if we come back at all.
End their debt crisis I said. Not pay back the debt.
A slight difference.
Google wrote.
The biggest joke is that the majority of the debt doesn't exist in real cash or its equivalent in gold bars.
Its just funny money created by greedy bankers. Pixels on a computer screen. Nothing more.
Another financial crash is due anytime soon imo.
A slight difference.
Google wrote.
The biggest joke is that the majority of the debt doesn't exist in real cash or its equivalent in gold bars.
Its just funny money created by greedy bankers. Pixels on a computer screen. Nothing more.
Another financial crash is due anytime soon imo.
Apparently there's not enough money in the world to pay the debt of the world, the bankers win then
I know an Irish bank that had to sign over one of its own high street banking facilities to their own customer.
He went to withdraw his cash which was upwards of a million euro and the bank had it squandered. Told him "no can do"!
He was lucky I guess. Could have walked away with nothing.
He went to withdraw his cash which was upwards of a million euro and the bank had it squandered. Told him "no can do"!
He was lucky I guess. Could have walked away with nothing.
Yes that's why I gave two scenarios, the second where your new tax didn't even cover the interest payments.
If you cannot even cover the interest then the crisis gets bigger.
Simple accounting.
Balance Sheet
Profit / Loss account
Simple accounting
What other fuel taxes do we pay 70% on?
Throw some figures out of your own and prove your case
C
calorific
Does anyone think that this is the beginning of the end of capitalism?
If it was, what would it be the begining of?
C
calorific
Socialism.. Have you ever read "the Ragged Trousered Philanthropists"?
Probably not even though it failed as a concept years ago.
