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skeptic2
#5
Aug15-11, 07:08 PM
P: 1,814
Quote Quote by moejoe15 View Post
I would like to know how much of my tax dollar goes towards paying interest on the national debt.

Specifically, I suspect that my taxes would go down significantly if we had no debt or interest to pay on it and I would like to know how much.

Everyone talks about lowering taxes yet not one person has mentioned this. If what I suspect is true why isn't every American screaming at our politicians to not just balance the budget but pay off the debt and remove that tax burden from us instead of making it worse every day? Balancing the budget is the tip of the iceberg and the Titanic is still heading towards it.
I suspect the answer isn't nearly as simple as you make it sound. Just as a small business owner may borrow money to double the size of his plant, the U.S. may borrow money that ultimately increases production and puts more people to work, increasing revenue. Though it may be relatively easy to calculate how much we've paid in interest on the money we've borrowed, whether we'd be paying lower taxes now if we'd never borrowed the money is a much more difficult question.