Pentagon pigs out as $25 Trillion debt approaches.

[Snowball]

Under this deal, the Pentagon and its affiliated programs will get $1.48 TRILLION dollars over the next two years. The entire rest of gov't, including the VA btw, will get $1.30 trillion. That's $178.6 BILLION more for the Pentagon than the whole rest of gov't.

— Stephen Miles (@SPMiles42) July 25, 2019

'Unprecedented, Wasteful, and Obscene': House Approves $1.48 Trillion Pentagon Budget

Right now the Gross Federal Debt is $22,022,541,856,518.42.
https://www.usgovernmentspending.com/debt_deficit_history

House passes bipartisan budget bill with Trump support

Federal Tax Revenue FY2020 Estimate in USD Billions

So where does the federal government's revenue come from? Individual taxpayers like you provide most of it. Income taxes contribute $1.822 trillion, over half of the total. Another third, $1.295 trillion, comes from your payroll taxes. This includes $949 billion for Social Security, $289 billion for Medicare, and $46 billion for unemployment insurance.

Corporate taxes add $256 billion, only 7%. The Tax Cut and Jobs Act cut taxes for corporations much more than it did for individuals. In 2015, corporations paid 11% and income taxpayers paid 47%.
https://www.thebalance.com/current-u-s-federal-government-tax-revenue-3305762

 

[r3volution 3.0]

Under this deal, the Pentagon and its affiliated programs will get $1.48 TRILLION dollars over the next two years. The entire rest of gov't, including the VA btw, will get $1.30 trillion. That's $178.6 BILLION more for the Pentagon than the whole rest of gov't.

DoD spending is obscenely high, but it isn't the largest part of the budget.

Social security, medicare, and medicaid cost about 3x as much as the DoD per year.

Right now the Gross Federal Debt is $22,022,541,856,518.42.
https://www.usgovernmentspending.com/debt_deficit_history

House passes bipartisan budget bill with Trump support

Interest on the debt will be consuming $1 trillion per year by 2029.

...and that's assuming there's no recession (there will be, and that will blow out deficits and add more debt faster).

Federal Tax Revenue FY2020 Estimate in USD Billions

So where does the federal government's revenue come from? Individual taxpayers like you provide most of it. Income taxes contribute $1.822 trillion, over half of the total. Another third, $1.295 trillion, comes from your payroll taxes. This includes $949 billion for Social Security, $289 billion for Medicare, and $46 billion for unemployment insurance.

Corporate taxes add $256 billion, only 7%. The Tax Cut and Jobs Act cut taxes for corporations much more than it did for individuals. In 2015, corporations paid 11% and income taxpayers paid 47%.
https://www.thebalance.com/current-u-s-federal-government-tax-revenue-3305762

Keep in mind that corporations are owned by people; after corporate tax is collected, they pay individual tax on their dividends/capital gains.

 

[jkr]

anyone got a picture of this hokey stick?

 

[r3volution 3.0]

 

[angelatc]

It's 4D chess, and we were the pawns.

 

[Snowball]

DoD spending is obscenely high, but it isn't the largest part of the budget.

Social security, medicare, and medicaid cost about 3x as much as the DoD per year.

You can't just group those together as if they are the same. We pay into Social Security, for the most part.
Medicare is roughly equal to DoD spending.

Social Security was by far the biggest expense at $1.102 trillion.

Medicare was next at $679 billion, followed by Medicaid at $418 billion.
The discretionary budget will be $1.426 trillion. More than half goes toward military spending
https://www.thebalance.com/u-s-federal-budget-breakdown-3305789

Keep in mind that corporations are owned by people; after corporate tax is collected, they pay individual tax on their dividends/capital gains.

I understand, but 7% is still too low for corporations if we are ever going to stop the road to endless debt.
Cutting the Pentagon budget is needed. Social Security is pledged already. Time for the megacorps to pay.

 

[Snowball]

anyone got a picture of this hokey stick?

Here's a chart. We are currently over 22.5 Trillion NOW.

 

[TheTexan]

Debt is good for the economy.

So a lot of debt is probably great for the economy.

 

[juleswin]

DoD spending is obscenely high, but it isn't the largest part of the budget.

Social security, medicare, and medicaid cost about 3x as much as the DoD per year.



Interest on the debt will be consuming $1 trillion per year by 2029.

...and that's assuming there's no recession (there will be, and that will blow out deficits and add more debt faster).



Keep in mind that corporations are owned by people; after corporate tax is collected, they pay individual tax on their dividends/capital gains.

The problem is that people actually pay into social security and medicare and normal people pay way way more for retirement and healthcare than on security. I think the problem is that we have been over paying for security for years now and that should stop. In my estimate, one shouldn't pay more than 3% of their income on security. Anything above that is paying too much.

 

[angelatc]

You can't just group those together as if they are the same. We pay into Social Security, for the most part.
[

Sigh. It's a tax. I am not ''paying into it.'' I am paying benefits to some random stranger who has already retired, and has probably already collected more than he contributed.

Giving it a special spot on my paystub doesn't mean it's any different than any other entitlement.

I understand, but 7% is still too low for corporations if we are ever going to stop the road to endless debt.
Cutting the Pentagon budget is needed. Social Security is pledged already. Time for the megacorps to pay.

Bigger sigh.

Taxation is theft.

 

[Snowball]

Sigh. It's a tax. I am not ''paying into it.'' I am paying benefits to some random stranger who has already retired, and has probably already collected more than he contributed.

Giving it a special spot on my paystub doesn't mean it's any different than any other entitlement.



Bigger sigh.

Taxation is theft.

At some point you have to realize you live in a Democratic Republic that functions as a uniparty slave state to the global financial cabal.
This being said, taxation of corporations is one way to pay down "debt". Another way is to shut down the Federal Reserve, swap all FRN's
for new United States Notes, and shut down the IRS. But sometimes, don't we have to talk in practical terms?

 

[r3volution 3.0]

You can't just group those together as if they are the same. We pay into Social Security, for the most part.
Medicare is roughly equal to DoD spending.

Social Security was by far the biggest expense at $1.102 trillion.

Medicare was next at $679 billion, followed by Medicaid at $418 billion.
The discretionary budget will be $1.426 trillion. More than half goes toward military spending
https://www.thebalance.com/u-s-federal-budget-breakdown-3305789

Welfare is welfare: Boeing or your charming neighbor Ms. Smith.

I understand, but 7% is still too low for corporations if we are ever going to stop the road to endless debt.
Cutting the Pentagon budget is needed. Social Security is pledged already. Time for the megacorps to pay.

They're already paying, twice: once for corporate tax, then again for whatever the shareholders actually receive.

 

[r3volution 3.0]

The problem is that people actually pay into social security and medicare and normal people pay way way more for retirement and healthcare than on security. I think the problem is that we have been over paying for security for years now and that should stop. In my estimate, one shouldn't pay more than 3% of their income on security. Anything above that is paying too much.

Everybody pays something; illiterate welfare scum pay federal excise tax on smokes between robbing honest folk.

I guess that'll be an argument going forward (give me the loot, not him), but it doesn't change the math.

 

[kpitcher]

If I was writing a spy novel it would go something like ...

Start in the 80s... take a world super power and increase military spending so much that it forces the country to crash and fall apart. Then people in the right position could steal the assets of the failed country and become the newest members of super rich. Then they could use this newfound money to become the political power in the former super power, using their new economic might to also bring their country back. Using the new political and monetary power, buy political pawns all over the world, do psyops to change opinions and elections via social media, and persuade their pawns to keep growing their military, waiting for another super power to fall so those in the ready can swoop in for more power and control.

But that'd probably be tinfoil hat sort of thinking...

 

[Snowball]

They're already paying, twice: once for corporate tax, then again for whatever the shareholders actually receive.

No, "they" are not paying twice. Their income is income tax. The corporate tax is not personal.
Moreover, passive income is not as deserved as worked income.

 

[Swordsmyth]

No, "they" are not paying twice. Their income is income tax. The corporate tax is not personal.
Moreover, passive income is not as deserved as worked income.

The corporate tax is a tax on all the people who own the corporation, it is very personal, commie.

 

[RonZeplin]

 

[Zippyjuan]

No, "they" are not paying twice. Their income is income tax. The corporate tax is not personal.
Moreover, passive income is not as deserved as worked income.

Corporate tax is paid in one of three ways. First, it may come from profits- reducing money for shareholders in the company and bonuses for the executives. Second, it could be paid by workers and/ or management for the company via lower taxes/ benefits or fewer hours. Third, it may be paid (and is most typically paid) by consumers via higher prices for goods and services.

 

[Aratus]

in the U.K we have flocks of winged pigs who are flying about. BORIS JOHNSON is the P.M now.

 

[Zippyjuan]

The only thing really "set" in the deal is getting rid of the debt limit for two years. The actual spending will still be worked out and passed as a separate spending bill or series of spending bills. But either way, spending is not going to be going down and neither is the deficit.