Income tax and national debt

[comic_man]

Even if RP is unable to eliminate the income tax entirely during his presidency, his foreign policy would save trillions of dollars over that time and that money could be applied toward debt reduction.

totally agree with this statement!

 

[Mini-Me]

Here's something that doesn't make much sense, though:
As Ron Paul has stated, we need to stop diverting Social Security money towards our ordinary budget, and we need to start using it for only Social Security (like it should be). That's the only way we can, as he put it, fulfill our promise to our seniors.
According to table B-80 on page 377 of the GPO report, federal income is broken down as such for 2007 (estimated):
$2415.9 billion - Total
$1096.4 billion - Individual income taxes
$260.6 billion - Corporate income taxes
$884.1 billion - Social insurance and retirement receipts
$174.8 billion - Other

Now, unless I am wrong here (and please correct me if I am), "Social insurance and retirement receipts" = Social Security funding. If we count these as part of the regular budget, individual income taxes account for only 45.4% of federal revenue, and corporate income taxes account for only 10.8%.

HOWEVER, if we use Social Security for Social Security (as Ron Paul says we should), that cuts out $884.1 billion. Now, the total amount of revenue we can use for the budget is $1531.8 billion. Out of this, individual income tax accounts for a whopping 71.6%, corporate income tax accounts for 17%, and "other" accounts for 11.4%.

Now, I'm not sure if we need the IRS for the corporate income tax or if Ron Paul is even talking about abolishing that...however, we do know he wants to abolish the individual income tax. If we abolish the individual income tax AND use Social Security money for only Social Security, we'll only have $435.4 billion in revenue (and if we abolish the corporate income tax as well, we'll only have $174.8 billion). As areyou4real noted,
"Over $429 billion spent on interest payments for the $9.1 trillion national debt in 2007. Disgusting!"

So...assuming we keep the corporate income tax and make our interest payments, that still leaves us with only $6 billion to run the rest of the government and make payments on the principle of our national debt.

So, all of this said...am I missing something very important here? Does Social Security cost a lot less in reality than we're actually paying for it (allowing us to put a good amount of Social Security money towards the budget and debt principle)? Did areyou4real simply misread the amount we actually pay in interest? Or would we absolutely have to instate hefty [uniform, non-protectionist] tariffs to take up the slack for the income tax? Obviously Ron Paul wouldn't advocate just printing all the money we need to pay the debt, so...

 

[ErikBlack]

I believe this is the most important information that voters need to have:

1. They need to know how much revenue the Federal Income Tax actually generates.

2. They need to know how much interest is being paid by the government on the national debt and how much that bill increases every MONTH as the Federal Reserve continues to lend the government money created out of thin air.

3. They need to know how much of the national debt is now held by member banks of the Federal Reserve System and the banks who own the Federal Reserve System.

I would like to know these things. Can you provide these figures?

 

[Mini-Me]

Bump...I'm really hoping someone knows the answer to my questions (see above).