I think David is right, we are in a historically low tax environment. However, the other option for reducing the US debt, besides reducing expenses or increasing taxes, is expanding the tax base. If we increase the US GDP, we can increase the tax base, which results in us not needing to increase taxes at all. I'm not saying it's going to happen, but it's the third leg of the stool that's worth mentioning. Innovation has always been at the core of the United States economy, and I think it will be the true x-factor when structuring a plan to pay back the debt.
But, I will be making much less per year when I retire so I would rather pay taxes in a lower bracket even if they do creep up for lower income folks. It will still me less than I pay now with my income as I'm getting close....
I think David is right, we are in a historically low tax environment. However, the other option for reducing the US debt, besides reducing expenses or increasing taxes, is expanding the tax base. If we increase the US GDP, we can increase the tax base, which results in us not needing to increase taxes at all.
I'm not saying it's going to happen, but it's the third leg of the stool that's worth mentioning. Innovation has always been at the core of the United States economy, and I think it will be the true x-factor when structuring a plan to pay back the debt.
Excellent comment Patrick. I was wondering similar thoughts.
But, I will be making much less per year when I retire so I would rather pay taxes in a lower bracket even if they do creep up for lower income folks. It will still me less than I pay now with my income as I'm getting close....
I talk to many retirees who are getting a raise in retirement and this a higher tax bracket. You’re buying in to talking points.
@@jenniferderrickadams341 How many of those were making 6 figures before retiring?