This thread is for only solutions to draw down the national debt:
I just thought of this 5 minutes ago, so bear with me, as it is not going to be well thought out, but please give input, or alternative ideas.
1) National debt currently sits in excess of 10 trillion dollars.
2) This means that your "share" sits at something like $30,000 a person. (give or take) I would argue however that based on income distribution throughout the country, the actual "per share" is somewhat different per person.
3) Given this, if a taxpayer was given an incentive to "pay their share", would they do it?
4) If offered the option to "pay off their share" of the debt in exchange for further tax breaks and other incentives, like double or triple the amount paid qualifies for a tax write-off that can be carried over year to year and spread out, would anyone take it?
For example if I paid $50,000 to pay off my share, I could then write $150,000 dollars off my tax returns whenever I wanted. In small increments, or one lump sum, and it never expired.
5) While obviously we need tax revenue to still run the country, we would need to stagger the years that people could qualify to do this.
For example:
Year 1: Tax bracket X
Year 2: Tax bracket Y
Year 3: Tax bracket Z
and so on, until everyone has been encompassed into the system.
6) I think that the lower tax rates as an incentive and the big tax write-offs are a good incentive to get people on board perhaps with this idea. Lower tax rates, over time do generate more revenue in a good economy, so if given time to implement the entire plan, I think the revenue boost would offset the small timeframe that might have a shortfall.
7) Of course this would require spending to be somewhat more controlled as well, but I feel that even if this plan only successfully dropped the debt 30-50% it would have been a huge success. Also, we could set a goal of simply shaving off a few trillion, as opposed to paying it all off, and I think we would have success.
Also, we should take into account the debt of other countries that we own, which could lower this figure a bit, and then attempt to tackle that figure.
Thoughts, comments, other ideas? I am anxious to hear the response.
I just thought of this 5 minutes ago, so bear with me, as it is not going to be well thought out, but please give input, or alternative ideas.
1) National debt currently sits in excess of 10 trillion dollars.
2) This means that your "share" sits at something like $30,000 a person. (give or take) I would argue however that based on income distribution throughout the country, the actual "per share" is somewhat different per person.
3) Given this, if a taxpayer was given an incentive to "pay their share", would they do it?
4) If offered the option to "pay off their share" of the debt in exchange for further tax breaks and other incentives, like double or triple the amount paid qualifies for a tax write-off that can be carried over year to year and spread out, would anyone take it?
For example if I paid $50,000 to pay off my share, I could then write $150,000 dollars off my tax returns whenever I wanted. In small increments, or one lump sum, and it never expired.
5) While obviously we need tax revenue to still run the country, we would need to stagger the years that people could qualify to do this.
For example:
Year 1: Tax bracket X
Year 2: Tax bracket Y
Year 3: Tax bracket Z
and so on, until everyone has been encompassed into the system.
6) I think that the lower tax rates as an incentive and the big tax write-offs are a good incentive to get people on board perhaps with this idea. Lower tax rates, over time do generate more revenue in a good economy, so if given time to implement the entire plan, I think the revenue boost would offset the small timeframe that might have a shortfall.
7) Of course this would require spending to be somewhat more controlled as well, but I feel that even if this plan only successfully dropped the debt 30-50% it would have been a huge success. Also, we could set a goal of simply shaving off a few trillion, as opposed to paying it all off, and I think we would have success.
Also, we should take into account the debt of other countries that we own, which could lower this figure a bit, and then attempt to tackle that figure.
Thoughts, comments, other ideas? I am anxious to hear the response.