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Comment: Re:I'm all for abolishing the IRS (Score 1) 314

by LynnwoodRooster (#49377217) Attached to: Sign Up At irs.gov Before Crooks Do It For You

Yes, it includes intragovernmental debt. Are you implying that we don't have to pay back the debt we borrowed from the Social Security program, that which is promised to others? The Federal Government owes that money to the people it's promised, right?

Claiming it's not "real" debt means that when I take out a loan and guarantee it with money in my savings account, then the loan doesn't count as an outstanding debt. It's a debt and counts. Add up your debts, add up your assets, and you'll find your net worth.

Go to a bank, show them the above, and ask them if they will "ignore" your outstanding debt you backed with existing assets (bank account). They'll laugh you out of the bank. GAAP pretty much requires you to count that debt (of course, the Federal Government chooses to ignore GAAP because it's politically embarrassing - never mind that if you didn't use GAAP for your own tax reporting or public financial disclosure the same Federal Government will prosecute you and toss you into Federal PMITA Prison).0

In the case of the US Federal Government revenues, our debts piled up a little over $1 trillion more than our assets last year - and always piled up more than revenues, during the Clinton years.

Comment: Re:I'm all for abolishing the IRS (Score 1) 314

by LynnwoodRooster (#49376365) Attached to: Sign Up At irs.gov Before Crooks Do It For You

Citation needed. I hear this a lot but never seem to hear any evidence of it.

The US used to have a maximum tax rate of over 90%, but fewer millionaires left the country than now when the tax rates are historically very low.

Deductions from income allowed the average person to pay, in inflation adjusted dollars, less than HALF of what they pay today in taxes. Sure, it was nominally a higher rate - but the Federal Government received a little less than half the dollars, per capita, than it did back in those days. Elimination of deductions, constant lowering of income brackets, addition of additional taxes all add up to more than doubling the Federal Government's revenue. Even with a nominally lower tax rate.

Comment: Nah, go TRULY flat (Score 1) 314

by LynnwoodRooster (#49376349) Attached to: Sign Up At irs.gov Before Crooks Do It For You
The Federal Government is planning to spend about $3.9 trillion dollars. There are about 320 million in the US. So hand every man, woman, and child a bill for $12,187 and be done with it. That's what the Federal Government is spending on your behalf, you should plan to provide it with that revenue.

Comment: Re:I'm all for abolishing the IRS (Score 1) 314

by LynnwoodRooster (#49376305) Attached to: Sign Up At irs.gov Before Crooks Do It For You
What Clinton surplus? If we had an actual surplus, would our national debt have increased every year (meaning we spent more than we brought in)? The fact is the "Clinton surplus" NEVER existed. It was a nicely crafted lie. The annual debt has increased EVERY YEAR since Ike was a President. Clinton's "surplus" was from the same set of lies that allowed President Obama to claim a $486 billion deficit in 2014 even though we added nearly $1.1 trillion in new debt. How the debt goes up when you supposedly have a surplus, or how a $486 billion deficit creates $1.1 trillion in debt is a mystery that can only be solved in Washington DC.

Comment: Re:The Clintons (Score 1) 315

by LynnwoodRooster (#49229685) Attached to: Clinton's Private Email System Gets a Security "F" Rating
Please see Debt to the Penny - a Government (Treasury Department) site. Please find the last year that we had a year-over-year reduction in debt (meaning - a real, not paper, surplus). HINT: you'll have to go back about 60 years... After that, we added debt - meaning ran an actual deficit - every single year.

... though his invention worked superbly -- his theory was a crock of sewage from beginning to end. -- Vernor Vinge, "The Peace War"

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