How much will taxes have to be raised to cover the 1.4 billion per day increase in the National Debt?

Question

The National Debt is 9.118 trillion dollars.

The National Debt has continued to increase an average of
$1.49 billion per day since September 29, 2006!

http://brillig.com/debt_clock/faq.html

Answer 1

I agree with Benni. We need to take it out of the scumbags pockets who brought us this debt. Starting with Cheney and Haliburton. Maybe we can sue Bush when the ICC gets his butt convicted for war crimes. Let the lawsuits begin.

Answer 2

greater beneficial than 3/4 persons companies pay no tax in besides. hence, to conceal this rate, take this selection, a million.40 9 billion money, multiply it by using 365, after which divide it by using 3 hundred million (US pop) to discover the common in line with capita fee to the US. besides the undeniable fact that, this technique (and doubtless the question) is improper b/c this debt will go through no longer nominal, yet actual losses through inflation. it somewhat is, while the debt is payed off, it will be truly worth below while it replaced into taken out. additionally, this debt will maximum probably be exceeded directly to destiny generations, so taxes do no longer necesarily would desire to be raised. an thrilling parent is that the present tax fee is approximately 30%. If spending maintains alongside the comparable trend, that fee will would desire to extend to 60% as quickly as the toddler boomers retire and start up drawing SS and Medicare.

Answer 3

Raising taxes will not work. You are making the erroneous assumption that raising tax rates will increase total tax dollars taken in by the IRS. The opposite happens. Raise rates, and the total tax dollars paid in goes down. With higher rates, there is less incentive to produce and buy, so everyone at all levels cut back on spending.

The answer to the problem of national debt is spending. Congress spends more than the government brings in, in taxes. No matter how much is brought in, Congress overspends. Just try to get people in Congress to cut back. It won't happen.

Answer 4

As long as the Federal Reserve controls our money system the national debt will never be paid and know this--

"If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them (around the banks), will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered." Thomas Jefferson --

http://www.usa-the-republic.com/banks/federal%20reserve.html

Knowledge is power and Truth will set you free.

Answer 5

No new taxes until it's to late. We pay already $34,000 a second on interest. Why do you think the Dollar is in the down? The rest of the world has realized, what we haven't, that we live on pure inertia.

Answer 6

anyone that does not think this mislead invasion of foreign countries need s to be paid for is a fool..... AND then we have to REBUILD the countries .........

then get prepared to receive about 2 million refugees from Iraq and Afghanistan

the Bush is trying very hard to defray taxes until he leaves office he has run the country into the ground

Answer 7

On the contrary.
To cover that amount revenue will have to be raised not taxes.
Historically, cutting taxes raises revenue. So I'm thinking a 50% cut is in order.

In any event there is another strategy that no one ever considers. Just don't pay the debt.

The debt must be paid off, we're told, in order to increase savings and promote economic growth. To the extent the government buys and retires federal bonds, the former bondholders would then have extra money to invest in private capital markets. Besides, paying off the debt would end federal spending on debt interest, now running at about $220 billion per year.

But the problem is that running a large budget surplus until the national debt is retired means keeping taxes much higher than they need to be. And excessively high taxes would crimp economic growth, probably much more than paying down the debt would help.

Powerfully convincing evidence from the 1920s, '60s and '80s shows how strongly tax cuts can enhance economic growth. This is supported by foreign experience as well, and a by-now vast literature of economic studies. There's no equivalent literature or experience supporting a payoff of the national debt.

Indeed, under Keynesian economics - the reigning orthodoxy in liberal-dominated academia - running a budget surplus to pay down the debt would slow the economy. And under the supply-side formula preferred by conservatives, higher-than-necessary taxes would have a sharply negative effect on economic growth.

Debt repayment also complicates our nation's monetary policy, which hinges on the buying and selling of federal bonds by the Federal Reserve. The Fed buys such bonds with newly printed money to increase the money supply, and sells the bonds to the public for cash to reduce the money supply. But with no national debt, there would be no federal bonds to buy and sell, and the Fed would be more restricted in its ability to control inflation and other facets of U.S. monetary policy.

The size of the current national debt is just not an economic problem. By the end of the next fiscal year, the debt will have declined to about 31 percent of our nation's gross domestic product (GDP). Federal debt equaled 80 percent of GDP in 1950 and 46 percent in 1960.

Finally, as a matter of politics, prudent-sounding calls to pay off the national debt may prove little more than a snare and a delusion. With large amounts of surplus money piling up in Washington, voracious special interests will have no trouble coming up with one "spending emergency" after another, year after year. In the face of these teary-eyed demands, those trying to preserve the surpluses to pay off the debt will be depicted as cold-hearted accountants. They will cave, and the surplus will be spent, with little remaining to reduce the debt.

Indeed, it's becoming increasing apparent that the left is embracing debt repayment as a way to hoard that extra tax money in Washington until spending is politically safe again. Clinton and Gore have adopted paying off the debt as their economic mantra precisely to short-circuit the political appeal of a major tax cut. But their rapidly escalating spending demands show that debt retirement is not really on their agenda.

When liberals held sway in Congress, lawmakers routinely promised to cut spending (usually to win passage of tax increases). But the spending continued unchecked. The promise to pay down the debt could just be Lucy holding the football for Charlie Brown again.

One thing's for sure: The federal debt is not an economic problem. How ironic, then, that trying to pay it off may help create one.

Answer 8

Taxes do not have to raised if we just reduce spending by 2-3%.

Answer 9

As you may know, the Chinese are loaning the US money. Now how is that for a conspiracy. And the Chinese can't lose in the deal, because they are also allies with Iran ( tons of oil to keep their own industry going ). Go figure, and thanks George for making us indebted to the Chinese. That is some great foreign policy for you there.

Answer 10

Our kids and grand kids will be paying for generations to come. If you're interested in seeing how much the war is costing us, go to costofwar.com. It's a real eye-opener.