1. Unpaid Taxes Bankrupt National Budgets.
2. 1942 was Lost until USA started Withholding.
3. Advance Payments Won World War II.
Listen to a short but true History Lesson from one who lived it: I was born in 1938 about one year before Germany invaded Poland in September of 1939.
1940 saw many big Victories for Hitler, who was only slowed down by the British victory in the Battle of Britain. The free world was threatened but America was “Neutral”.
The USA was divided until Japan struck at Pearl Harbor on December 7, 1941, “A day that will live in Infamy” per President Roosevelt.
World War II started before America was ready to fight. We needed to rearm to win. 1942 followed Pearl Harbor 24 days later.
1942 brought Navy and Flying Tigers Victories, but the biggest victory was the Income Tax Withholding done by a BIPARTISAN CONGRESS.
Once America got rolling with the production of War Materials, Tanks, Guns, Ships, Airplanes, Trucks, Spam & everything else we would win.
America became the “Arsenal of Democracy”.
It was all funded by the Withholding Tax (WHT) & other BIPARTISAN methods.
After WWII the Withholding Tax was expanded.
And we still have it. It still works even with the huge IRS mistakes on the 2018 withholding.
We do need to fix the WHT tables and Form W-4 as soon as possible.
The IRS could fix the WHT with the stroke of a pen. However, IRS performance in 2019 so far has been dismal. It is not all their fault but we do need timely work from them.
The Income Tax with its WHT has financed USA since 1942. WHT is good but it needs help & not so many mistakes by the IRS AND Congress.
We need to APPLY WHT TO MORE SOURCES OF INCOME.
Plus we need to expand the sources of taxes like the 2 Professors’ “Fair Tax” and my proposal for Taxes on Internet Transactions.
Most folks will debate any suggestions of more taxes including any expansion of WHT.
The alternative to collecting more taxes is Chapter 7 BANKRUPTCY. It will occur by year 2033 WITHOUT BIPARTISAN COOPERATION.
The IRS WHT errors of 2018 will increase the TAX GAP by Billions and the DEBT by hundreds of Billions. Soon we’ll have a 26 Trillion DEBT.
The DEBT SERVICE will be a Trillion a year and we’ll have to print money to pay it. At some future time we’ll not be able to pay any principal on the DEBT.
We have not reduced the DEBT in more than 26 years. Even a “Rich” America must be Fiscally Responsible. The Earth depends on us.
The USA can fix “Everything” once we get started. Let’s Go!