Implications of Federal Budget Deficits and the National Debt on the Future (Updated)

A few facts need to be presented at the onset of this paper: In 1980 the national debt was less than 1 trillion dollars. By the year 2000, twenty years later, the national debt was around 5.5 trillion dollars. The national debt doubled under the Bush administration from $5.5 trillion to $11 trillion dollars. During … Continue reading “Implications of Federal Budget Deficits and the National Debt on the Future (Updated)”

Saving Medicare (Update)

A few facts need to be acknowledged at the onset of this paper: The Medicare payroll tax of 1.45% paid by workers and matched by employers currently brings in about $200 billion per year to the federal government. The current yearly cost of Medicare to the federal government is approximately $600 billion per year1. The … Continue reading “Saving Medicare (Update)”

Corporate Taxation: A Better Way

U. S. corporations have been presenting the argument for some time that the income tax rates in the United States are the highest in the world. Income tax rates in the mid to high thirty percent range would indeed be too high if corporations actually paid such rates. The fact is that many corporations pay … Continue reading “Corporate Taxation: A Better Way”

Saving Medicare

The Budget Control Act passed in August of 2011 stipulates that failure of the “supercommittee” and Congress to act on further future deficit reduction will trigger across-the-board cuts of $1.2 trillion dollars starting in 2013. Most Medicare spending would be reduced by 2 percent a year1. Regardless of how the 2 percent a year reduction … Continue reading “Saving Medicare”

The Graduated Flat Tax — A Good Approach (Nov 2011 Update)

The method for calculating the amount of tax that any citizen would owe using my proposed graduated flat tax approach is as follows: The first $20,000 of income for all individuals would be tax free. The next $80,000 of income (amounts between $20,000 and $100,000) would be taxed at the rate of 10%. The next … Continue reading “The Graduated Flat Tax — A Good Approach (Nov 2011 Update)”