Understanding The United States Tax System in 7 Minutes

UNDERSTANDING THE US TAX SYSTEM 7 MINUTES

I’m going to do what many consider impossible going to explain to you

What are the sources of US taxes

Excise taxes

Who pays the individual income taxes

What are taxes in united states used for in the US

In a nutshell, government spends 50% of our money and time on managing health insurance plans and retirement plans

What is the budget deficit and  what is the total debt the United States owes

How does the United States make budgets

Method 1: the country debates spending based on the ideological difference between conservative and liberals.

Pull yourself up by your bootstraps mentalit, conservatives want smaller government less taxes more freedom and liberty

Nanny state mentality liberals want bigger government  and more taxes, less freedom and liberty

Method 2; Modern Monetary Theory, MMT;

Let Congress  spend as much money as they want

Congress has the wisdom to choose policies and projects that are efficiently run and produce more benefits than they cost

Congress is wise enough to realize when spending is about to cause inflation and therefore will be able to reduce spending prior to inflation becoming an issue