Yes, I think that taxes should be used to pay off the United States' debt. It would certainly still take a lot of time to pay it all off, but at least it would be a step toward that. It needs to be paid off in some way, and taxes seem as good a way as anything else.
Yes, the wealthy, estates and trusts, and corporations need to pay a lot more, trillions more over the next decade. The Mega corporations that pay zero income taxes because of tax breaks needs to pay hundreds of billions more annually; especially the mega oil companies; and the Federal Government next to start price controls over gas – Max $2.50 per gallon. And, if the oil companies don’t like it, the Federal Government needs to take them over under eminent domain.
Since Cowboy President Ronnie Reagan in 1982 lowered the highest marginal tax rate to 50%, then in 1987 to 38.5% (Tax Reform Act of 1986), the wealthy have not paid trillions in income taxes that they should have paid. The marginal income tax rate (income over $1,000,000 or greater) from 1944 through 1981 was from a high of 94% to a low of 69.125%. Then there is the fact that the wealthy created tax loopholes in the tax code for the wealthy on dividends and capital gains, which make the maximum rate 15% on dividends and capital gains. All the CEOs and those above the glass ceiling received trillions, mainly in stock options, which were taxed at 15% or less; it is a big joke for the wealthy – screw the workers – the 99%.
“Great News, Rich Americans! Congress Just Raised Taxes On Workers While Saving Investors Billions” January 1, 2013.
Read more: http://www.businessinsider.com/dividend-taxes-2013-1#ixzz2O7Jdz1L5
“Importantly, the dividend tax deal will disproportionately help the richest Americans:
47% of all dividend income is earned by the 3.8% of American households that make more than $200,000 per year (2009 tax data). Households that make more than $200,000 collect a total of $70 billion of qualified dividends per year (2009). This tax change will save these households about $14 billion a year vs. the pre-deal tax rates. The top 400 highest earning taxpayers collect about $10 billion a year in dividends, or $25 million apiece. This tax change will save these folks a BOAT LOAD of money: About $2 billion in total, or an average of about $5 million apiece (2009 data). In other words, the tax deal that Congress just agreed to will raise $125 billion from increased payroll taxes from all working Americans (poor and middle class alike), while saving the richest Americans at least $20 billion in dividend taxes.”
And, trickle-down economics never did happen – one BIG LIE. It is all BS feed to you by the Republicans, Tea Partiers, and Libertarians.
Power to the people, the 99% - We must joint together and get higher wages and share in the profits. We must fight the Plutocracy and make sure they pay tens of trillions more over the next two decades.
The U.S. has a deficit of 16 trillion dollars. It should be ok if some of the taxes people pay goes to paying off the deficit. Taxes are used for transportation (not all but part of them) but the roads do not always have to be fixed so money can be used for the deficit.
The people of the United States pay taxes to take care of civil needs, like roads, schools, etc. We don't pay taxes to take care of the irresponsible borrowing decisions of the political leaders. They borrow to increase foreign relations, not to use responsibly, and the citizens shouldn't suffer for those actions.