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Financial Planning / Tax Strategies
|Subject: Re: Investment Income Surtax||Date: 12/4/2012 2:52 PM|
|Author: MadCapitalist||Number: 117069 of 124771|
I was trying to come up with a good name for the new department to distribute the goodies. The one that I came up with was:
Department of Government Goodies that I Didn't Earn but Still Feel that I'm Entitled to Just for Being Alive
I think a more correct name would be:
Department of Goodies Congressmen Want to Distribute to their Friends and Campaign Contributors, but Have To Include Others as well to Maintain a False Facade of Fairness
I don't know about that. The vast majority of government spending consists of payments to individuals (although I admit that AARP is a huge campaign contributor behind this).
America’s real long-term fiscal problem: The federal government has become a gigantic wealth-transfer machine
"In 1952, less than one out of every six dollars spent by the federal government represented payments to individuals. By 2010 payments to individuals had increased so dramatically over time that roughly two out of every three dollars (66.1 percent) spent by the federal government in that year were payments to individuals for programs like Social Security, Medicare and Medicaid, public assistance, food and housing assistance, and unemployment assistance.
2. At the same time that payments to individual Americans consume an increasing share of federal spending, the burden of taxes to finance federal spending is falling on a shrinking group of American taxpayers. According to a recent study by The Tax Foundation, 41 percent of federal income tax filers in 2010 had a zero or negative federal income tax liability after taking deductions and credits..."
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