In terms of revenues to the federal government, corporate tax revenue is much less than I thought it may be, when I looked into this a few months ago. The largest source of revenue is individual income taxes. Again, I cannot recall, but I seem to recall the corporate tax revenues may be 1/5 or 1/6 the amount of individual income tax revenues. I was in a college graduate school course a few years ago and I recall it being specifically stated the United States has the highest corporate tax rates on the planet. It was also noted in that course, the intent to "repatriate" a few trillion dollars of corporate revenues from companies who are global, with respect to the economy. These revenues have been held overseas for some time, with these global companies waiting for lower taxes, or even some sort of "tax holiday." Domestic firms have moved their headquarters to other nations with lower corporate tax rates because of the high tax rates in this country. Lowering the corporate tax rate could very well bring those revenues back home and subject them to federal taxation. I do not recall what the end result was thought to be, but I think there was a strong belief this could produce a significant income boost to the federal government, particularly when we face $20 trillion in debt, and still increasing. I also recall reading about the 2016 budget, along with the 2016 revenues ($3.3 trillion) and the debt added ($600 billion) in 2016. A critical problem is the program areas funded by the government ($3.9 trillion), particularly the mandatory programs such as Social Security (23%), Medicare (15%), Medicaid (9.4%), other mandatory programs which include food assistance, unemployment, retirement, and others (14.4%). Interest payment (6.4%), defense ((15.9%), and other discretionary spending ((16%) which include education, highway, veterans benefits, housing, etc. So, where do we start cutting? The revenues ($3.3 trillion) are: Social Security (33%), individual income taxes (45.4%), corporate taxes (7.7%), and other (7.7%). I don't have a great suggestion or idea on how to solve the problems we face as a nation. We cannot tax our way to prosperity, nor can be "cut" our way to prosperity. It frightens me to think about all that debt if/when interest rates are increased! Our government's fiscal house has been in disarray for numerous years. Our debt to GDP (gross domestic product) is at a level not seen since after the end of World War II. I do not think I am wrong here, but the only way I see to even start solving the problem is to increase revenues (increase taxes) and place some cuts to spending (reduce expenditures), so that we as a nation can start operating "in the black" once again? I think we all know our households and family finances cannot operate under these circumstances for long, nor can any business.
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Today's Featured Article - 12-Volt Conversions for 4-Cylinder Ford 2000 & 4000 Tractors - by Tommy Duvall. After two summers of having to park my old 1964 model 4000 gas 4 cyl. on a hill just in case the 6 volt system, for whatever reason, would not crank her, I decided to try the 12 volt conversion. After some research of convert or not, I decided to go ahead, the main reason being that this tractor was a working tractor, not a show tractor (yet). I did keep everything I replaced for the day I do want to restore her to showroom condition.
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