Main cause of the national debt is an aging population.

We collected $4.9 trillion in revenue (i.e. taxes) but spent $6.8 trillion in 2024. The deficit of nearly $2 trillion is adding to the national debt

60% of of that expenditure went to Medicare, Medicaid and Social Security. The bulk of our wealth went to the old and the sick.

Interest payments alone on the $38.5 trillion debt pile are about $1 trillion a year, exceeding the U.S. military budget.

We are 1,000% going to go bankrupt as a country, and fail as a country if we don't deal with the old and the sick.

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Docdon23 · M

plus the wealthiest and large corporations do not pay their fair share of taxes--that is the primary goal on the present administration, and most of the rest of the nonsense is just a distraction

sree251 · 41-45, M

@Docdon23

plus the wealthiest and large corporations do not pay their fair share of taxes--that is the primary goal on the present administration, and most of the rest of the nonsense is just a distraction

Why hasn't the IRS gone after those corporations?

Docdon23 · M

@sree251 Mostly because the leaders of our country, rich white men mostly with corporate ties, receiving large campaign donations from those other wealthy people and their corporations, pass tax laws that make this legal--and then pretend they are cutting wasteful spending so the average person get a tax cut--a true con job, because we are not getting tax breaks!! Sadly, this is legal--this is who Americans voted into office. But, let us get distracted with Super Bowl halftime, immigrants, being rude to reporters...and more.

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SunshineGirl · 36-40, F

@sree251 I think they were until they got DOGE'd.

Prison1203 · 61-69, M

@Docdon23 that is false the rich pay 90% of taxes collected
take a look at how much musk and Bezos paid.
Elon Musk paid over $11 billion in taxes for the 2021 tax year, which he stated was the largest single-year tax bill in U.S. history. This substantial amount was largely due to him exercising millions of stock options, but prior to this, he paid $0 in federal income taxes in 2018, and only $455 million between 2014-2018.
2021 Tax Bill: Musk reported he would pay over $11 billion in 2021, driven by selling Tesla shares and exercising stock options, which were taxed at high rates.
Prior Years: A ProPublica investigation revealed that despite massive wealth growth, Musk paid no federal income tax in 2018, and paid only $455 million in taxes between 2014 and 2018, a true tax rate of 3.27%.
Jeff Bezos paid approximately $1.4 billion in federal income taxes on $6.5 billion in reported income between 2006 and 2018, according to ProPublica. Despite a $127 billion increase in wealth during that period, his "true" tax rate was only about 1.1%. He paid $0 in federal income taxes in 2007 and 2011, reported ProPublica.
Key details regarding Jeff Bezos's tax payments include:
Total Taxes Paid (2014-2018): Approximately $973 million in federal income taxes on $4.22 billion in reported income, representing a 0.98% true tax rate.

The top 50% of earners paid roughly 97% of all federal individual income taxes.

SunshineGirl · 36-40, F

@Prison1203 If wealth is concentrated into the hands of the few, it is logical and right that they should pay most tax. But look at those "true tax rates" . . which ordinary citizen struggling with cost of living and inflation ever gets such preferential treatment?

The rich pay a lot of tax, but not everything thay they should.

dancingtongue · 80-89, M

@Prison1203

The top 50% of earners paid roughly 97% of all federal individual income taxes.

But their payroll taxes -- what funds SSA and Medicare -- are capped in the first 6 figures of income; doesn't even reach the first million for these billionaires.

Prison1203 · 61-69, M

@dancingtongue then I guess you should pay more or decline taking it

dancingtongue · 80-89, M

@Prison1203 If the 1% are getting off with a pittance in payroll taxes due to the cap, why should I pay more or decline taking --- what? Social Security, Medicare? Why shouldn't everyone pay equally on payroll taxes?

Prison1203 · 61-69, M

@dancingtongue that’s not how the tax code works, if it was all equal than peons like you wouldn’t have money

dancingtongue · 80-89, M

@Prison1203

if it was all equal than peons like you wouldn’t have money

Yet our Social Security benefits are based on our best earning years. Is there a cap on what the billionaires can take out on benefits they don't need, or just a cap where they can stop contributing?