The Federal Budget

[Salamando]

Estimated receipts for fiscal year 2008 were $2.66 trillion.

* $1.25 trillion - Individual income tax
* $927.2 billion - Social Security and other payroll taxes
* $314.9 billion - Corporate income tax
* $68.1 billion - Excise taxes
* $29.2 billion - Customs duties
* $25.7 billion - Estate and gift taxes
* $50.7 billion - Other

If RP was able to cut the 1st and the 3rd (I assume thats what he wants to do), and I'm assuming cut much of the 2nd, that really doesn't leave us with as much money as he says. Can someone clarify this for me?

 

[angrydragon]

Needs to cut spending.

 

[Malakai0]

Look at the list of what that money was spent on & realize how little you would actually lose to get back all of your tax money.


The medicaid prescription program, entirely wanted and lobbied for by the drug companies and not elderly people, cost over 600 billion this year...

The wars in the mid east were about a trillion.
The DHS was what, 200 billion plus?

Just getting rid of the new stuff we've had since after 9/11 could cut out the income tax completely and allow you to scale back people taxed for SS while continuing to pay those who need it.


The corporate income tax would stay. It has payed for (the entirety of until the last half decade) national defense for 100 years.

 

[Chickensoup]

Dr. Paul has said in a few debates that in order to cut out the income tax you have to curtail spending. There are so many bad federal expenditures that getting rid of them is easy. You can get rid of 3 or 4 entire federal departments in their entirety and just simply abolish the income tax easily. DoA, DoE, DHS, HUD, HHS could all go away easily in a more free market economy. A good portion of the others could as well and those are just the major departments with cabinet members (outside HUD and DHS).

You have to look at it from the other perspective. What can we get rid of, not where are we going to get the money from.

 

[Matt Collins]