I think if the federal goverment increase taxes on imports and exported goods, the USA will be able to build up its revenue.The article written by Michael Stumo posted on July 7,2011, titled: HOW WE PAY CHINESE, TAXES 20% OF THEIR GOVERNMENT REVENUE FROM IMPORT TAXES. If they can do it and prosper…why can’t we?
Location: Brooklyn, New York
Human nature causes us to line up in pursuit of the unlikeliest possibility of winning millions by entering a lottery. Why can’t the IRS duplicate such a lure to entice us to file our taxes….even early (and often?)?
All we would have to do is check off on our return, the number of $1 tickets we want to purchase; the dollar value would be subtracted from refunds or added to taxes due.
The IRS could offer a separate lottery for February, March and April, with each lottery split 50/50 among the entries just as is now done with other lotteries.
In the IRS lottery (to be known as the Levy Lotto), to induce early filing, the February lottery, with likely the fewest entries to compete with, would carry a major bonus added, the March one, a lesser bonus and April even less of a bonus.
Talk about “doing the math”, this could be a big winner and not even attract the usual gamblers who are among the poor……unless they voluntarily pay taxes!
Location: Clifton, VA
President Obama:
Please let the current (automatic) tax rates alone. The super committee could not reach agreement on a different approach and now I see Gingrich will try to roll back the taxes. This is an important issue to me. Please do not give in.
Also, what ever happened to your promise to have credit card rates more reasonable??????? That is an important issue too. People would buy more if they could pay off their card.
Thanks for your consideration.
Judy Rogers
Location: Hot Springs, AR
Please start referring to the recently proposed four trillion dollar spending cut as a four trillion dollar job cut. Every dollar of federal spending pays someone’s wage, either directly or indirectly.
Location: Richardson, TX
i gave an sugestion a few years ago about a flat tax rate for everyone . now i see where the rebublicans have sugessted this same thing however it not to late for you. a flat tax is a good idea .however for all those who make less then 20,000 should be exempt. the first 20,000 should not be taxed that would inculde everyone. i dont know about social security but that rate should be droped to equal that flat tax
Location: washington pa.
Anyone serious about restoring solvency to social security funding should focus on the simple fact that after earning $106,800 in salary, employees do not pay any further social security taxes for that year. Obviously this benefits only upper income workers, who like most recipients will in all probability (depending on lifespan) receive far more in benefits than they contributed to the system. AARP magazine had a recent article stating that eliminating this cap on income subject to social security taxes would address 99% of the projected shortfall in the system!
Location: Scottsdale Arizona
A less painful way for the government to save money would be to revise the refundable child tax credit guidelines. The qualification for the “refundable” portion of the credit should be 15% of income over $15,000 instead of the current $3,000.
This credit should pick up where the earned income credit leaves off.This would not be a “tax increase” because the people who qualify for the “refundable” child tax credit owe zero taxes any way. Between this credit and the Earned Income Credit, the government is currently giving away up to $8,500 to a family with 3 kids that pays zero income tax. I’m all for helping the less fortunate, but $8,500 is more than the government can afford right now. Reducing theses credits to a combined total of $5,500 will save the government a lot of money and still help a lot of people.
Location: California
I am one of many retired folks that are under 59 1/2 years old and due to the very difficult financial times must use our retirement pension to make ends meet….the result….increase/penalty tax although we are helping the economy along by spending this money….
Seems unfair to me that we are penalized.
There will be great support to lift this penalty….It’s already waive for retired railroad workers and retired police officers….I guess they are special!!
Location: Teaxs
I am watching 60 minutes. Part of the program is about companies that move a portion of their companies in order to pay less or no tax in the United States.
If every entity, no matter the income, paid 10%, would that bring the companies back to the U.S.? Rich, middle class, poor, small business, large business all paying the same tax. Would that shut all of the mouths? Would that make a positive difference in the taxes collected now? Would the action create jobs in the U.S.?
Just asking. Thank You
Location: Astoria, N.Y.
Virtually the entire practical namespace for Internet domain names is locked up because the cost of owning such names is so low. If these names were subject to significant taxation ($100/year?) then these names would begin to free up for reuse (and their return to the free name pool should also be guaranteed by legislation).
This measure would also have the effect of greatly increasing the quality of information on the Internet, because only those with a somewhat serious commitment to their site would pay the tax to maintain the domain name.
I personally own several domain names, and this tax would be one that I would willingly pay simply because it helps to weed out those who are serious about their venture from those who are not.
And, for those who cannot pay this tax, they can still place their content with the larger aggregators – then just wouldn’t have a dedicated Internet domain name.
Location: Tampa, FL
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