Saturday, August 25, 2007

Income Tax and Spending for 2007

These are numbers reported from Wikipedia and they look to be close to what I can find.
It is virtually impossible to get any sensible numbers from any government documents.

US Federal Budget 2007 from Wikipedia

Total Receipts

Estimated receipts for fiscal year 2007 are $2.4 trillion. Percentages in parentheses indicate percentage change compared to 2006. This expected income is broken down by the following sources:

1.1 Trillion from Income Tax!!! From us; individual income tax!!!

OK, now the spending side of it:
  • $699 billion (+4.0%) - Defense

  • $586.1 billion (+7.0%) - Social Security

  • $394.5 billion (+12.4%) - Medicare

  • $367.0 billion (+2.0%) - Unemployment and welfare

  • $276.4 billion (+2.9%) - Medicaid and other health related

  • $243.7 billion (+13.4%) - Interest on debt

  • $89.9 billion (+1.3%) - Education and training

  • $76.9 billion (+8.1%) - Transportation

  • $72.6 billion (+5.8%) - Veterans' benefits

  • $43.5 billion (+9.2%) - Administration of justice

  • $33.1 billion (+5.7%) - Natural resources and environment

  • $32.5 billion (+15.4%) - Foreign affairs

  • $27.0 billion (+3.7%) - Agriculture

  • $26.8 billion (+28.7%) - Community and regional development

  • $25.0 billion (+4.0%) - Science and technology

  • $20.1 billion (+11.4%) - General government

  • $1.1 billion (+47.6%) - Energy

So, what does DR. Paul say about the need for the IRS? Eliminate the income tax altogether..
Replace it with nothing!! Nothing!! We don't need it...

Remove spending for:
  • Iraq $481 billion (estimated) (per note in Wikipedia; portion of defense spending)
  • Ending the Federal Reserve allows for eventual removal of a large portion of our debt. Say $150 billion this year.
So there is a break on income tax of $631 billion dollars!! More than half!!

Reduction in the size of the Federal government can cut waste, eliminate entitlement programs and reduce administration costs. Look at the list; what is general government and why are spending $20 billion dollars on it? Is that what America is about?

So Dr. Paul is right! We don't need to replace the Income Tax. Adhering to a sensible spending policy, minding our own business and reducing the Federal government to its proper role (defense, security and infrastructure) allows the STATES to provide for themselves. That is what the Founding Fathers intended; that is freedom......

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