The United States National Debt is more than 20 trillion dollars and continues to grow each day. It is by far the greatest in the world and has increased by almost $1 trillion dollars each year since 2007. Despite the past presidents who attempted to help lower the debt, it has continued to abruptly grow. This continuous growth is what shut down the government in its tracks in 2013, and surpassed our countries new debt ceiling. The government shutdown and fear of being thrown back into a recession feasts throughout the entire nation every day. I strongly feel that if the U.S. were to raise taxes, cut unnecessary spending, and fully legalize marijuana the debt would slowly diminish. Reducing wasteful spending is not easy, and can end up causing
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Exasperated taxpayers see the cost of government rise with no end in sight, which reduces consumer spending.
A starting solution could be to slightly raise our current income taxes. Approximately 80 percent of federal funds come from the individual income tax and the payroll taxes that fund social insurance programs. Another 11 percent derives from the corporate income tax, and the rest comes from a broad mix of other sources. If the top 115 thousand households in the top 0.1 percent, with an average income of $9.4 million dollars, a 1 percent increase would produce $55 billion dollars in extra revenue just in one year. Another way to attack this debt is to raise all statutory tax rates by 1 percent. The seven statutory tax rates range from 10 to 40 percent and if raised by 1 percent, it would accumulate to roughly $690 billion dollars. These funds could go directly to help stabilize our current debt. This 1 percent would increase by .5 percent each year until our debt would level out, which means that in 10 years the debt would practically be gone. This is just an idea, because many people fear that this increase in tax will also have the …show more content…
Marijuana is a psychoactive drug or medicine that is commonly smoked throughout the world. It is mainly used for its mental effects, such as being high. Since the 20th-century Marijuana has had many legal distribution restrictions. The use of Marijuana continues to increase in the United States, and like our debt, it continues to grow every day. A study shows that in 2016, 51% of Americans between the ages of 15-65 had used Marijuana at least once. There are over 300 million citizens in the United States, imagine all the tax revenue that could be collected through this medicine. The interesting thing is that the use of Marijuana has had just a fraction fatalities compared to Tobacco or Alcohol. A study from Harvard University showed that the legalization alone would save the Government $7.7 billion dollars each year in enforcement alone. The report also stated that the legalization would also save an additional $6 billion dollars per year if taxed like tobacco and alcohol from just 9 states. If the currently-illegal drugs were taxed at those rates, the annual total would be around $40 billion. The current tax for Marijuana is 2.9% for medical use, and 10% for retail use. If the government were to raise its taxes on Marijuana, it would tremendously lower our battle with debt. There are many economic benefits that advocate legalization like lowered crime rate, and more tax revenue.
Exasperated taxpayers see the cost of government rise with no end in sight, which reduces consumer spending.
A starting solution could be to slightly raise our current income taxes. Approximately 80 percent of federal funds come from the individual income tax and the payroll taxes that fund social insurance programs. Another 11 percent derives from the corporate income tax, and the rest comes from a broad mix of other sources. If the top 115 thousand households in the top 0.1 percent, with an average income of $9.4 million dollars, a 1 percent increase would produce $55 billion dollars in extra revenue just in one year. Another way to attack this debt is to raise all statutory tax rates by 1 percent. The seven statutory tax rates range from 10 to 40 percent and if raised by 1 percent, it would accumulate to roughly $690 billion dollars. These funds could go directly to help stabilize our current debt. This 1 percent would increase by .5 percent each year until our debt would level out, which means that in 10 years the debt would practically be gone. This is just an idea, because many people fear that this increase in tax will also have the …show more content…
Marijuana is a psychoactive drug or medicine that is commonly smoked throughout the world. It is mainly used for its mental effects, such as being high. Since the 20th-century Marijuana has had many legal distribution restrictions. The use of Marijuana continues to increase in the United States, and like our debt, it continues to grow every day. A study shows that in 2016, 51% of Americans between the ages of 15-65 had used Marijuana at least once. There are over 300 million citizens in the United States, imagine all the tax revenue that could be collected through this medicine. The interesting thing is that the use of Marijuana has had just a fraction fatalities compared to Tobacco or Alcohol. A study from Harvard University showed that the legalization alone would save the Government $7.7 billion dollars each year in enforcement alone. The report also stated that the legalization would also save an additional $6 billion dollars per year if taxed like tobacco and alcohol from just 9 states. If the currently-illegal drugs were taxed at those rates, the annual total would be around $40 billion. The current tax for Marijuana is 2.9% for medical use, and 10% for retail use. If the government were to raise its taxes on Marijuana, it would tremendously lower our battle with debt. There are many economic benefits that advocate legalization like lowered crime rate, and more tax revenue.