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The Recusant
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The One Thing About Tax Reform That NO ONE is Talking About - Graham Summer - Gains Pains & Capital

You stated, "The US currently spends 65% of its budget on entitlement spending." Who cares if it is 100% of the budget as long as it is paid for? The problem is that the revenue for the budget has not kept pace with its spending. With FICA payments for Social Security, based on the average lifetime salary, a worker will never receive back in SS funds all that they paid into it. They will, however, likely receive more in Medicare than what they paid. But at least in those programs there is FICA revenue going into the government. Whereas the military, corporate welfare, and subsidy programs requiring over 50 to 75% of the discretionary budget, contribute NOTHING in revenues. And worse, they spend unwarranted amounts to enrich the coffers in foreign countries around the globe. Instead of cutting corporate taxes, we should eliminate many if not most of the subsidies and other corporate and military welfare. For a nice read on corporate welfare see the following Forbes article: https://www.forbes.com/sites/dougbandow/2012/08/20/where-to-cut-the-federal-budget-start-by-killing-corporate-welfare/#16ae2f276d7f

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Beginning of the headline :The One Thing About Tax Reform That NO ONE is Talking About The markets have been gunning higher on the notion that the Trump Administration is about to unveil a huge tax reform plan. However, the devil is in the details. And thus far the plan is focusing on corporate tax reform, with the notion that an employer will somehow “pass on” their savings to employees via raises. First off, while the phrase “corporate taxes” is a great political prop, the reality is that nearly 50% of large corporation... Read More

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