How Tax Money Is Wasted In The U.S.
ฝัง
- เผยแพร่เมื่อ 12 มิ.ย. 2024
- The U.S. government wasted almost $2.4 trillion on just payment errors over the last two decades, according to the Government Accountability Office. Oversight reports from nonprofits and senators like Rand Paul claim that billions more are being wasted every year on needless programs. So how much taxpayer dollars are being wasted every year and what can the U.S. do about it?
Chapters:
0:00 - Introduction
01:26 - Waste
04:31 - Why So High?
07:56 - Accountability
Produced by: Juhohn Lee
Edited by: Nora Rappaport
Animation: Jason Reginato
Supervising Producer: Lindsey Jacobson
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How The U.S. Wastes Tax Money
It's far past time that a credit score be attributed to politicians on how well they manage and spend tax payer money
Good Idea. This is extremely disgusting.
Yeah that's an incredible idea. But who's going to manage it?
They should wear all the names of their corporate sponsors on their coats so we know who they're all really working for.
Woah woah woah. We do not need a social credit score. Because if we make it for politicians they will some how make it be used for everyone
also considering the business models of Wall st darlings if qualcomm, raytheon, northrup grumman, lockheed martin and such. model A is to promise the taxpayers' government that product A costs X, then after the taxpayer pays $X realize that you can actually produce A at 10% the cost of $X and pocket the difference. otherwise, do what lockeheed does and promise the taxoayer that product B costs X and then screw them over when it turns out that B actually costs 10 times $X. what are they gonna do, not pay for the security of the troops these corporations lobbied to enact foreign policies which will send them into harms way, as was done in 2 of the longest most wasteful wars in history (Iraq and Afghanistan) since Vietnam? well, we just cant let them.do that. we have lazy wall street punks pretending to care about society, democracy, and civilization with mouths to feed.
You can’t call a country the best democracy if it intentionally underfunds the government accountability agency.
No educated person calls the US the best democracy. Global rankings put it closer to #30.
As Robert Reich has pointed out, . . .
since Reagan, Republican Trickle Down
trickery has shifted an extra $50 Trillion
from the bottom 90'%, Hardest Workers,
to the top 1%, 'Country Club' Slackers.
The Working Poor pay the highest tax
in Society!! it's called Exploitation Tax -
it's a negative tax taken out "before wages. ..
Exploitation Tax = Living Wage - Slave Wage
= Societally Sanctioned Wealth Transfer from
the Very Poor to the currently Concentrated
Capital Holders (e.g not so different than
maintaining a Plantation Type ⚡🤕🤜 😢
Ownership Society)
About 5% of any
Corporate Budget
is wasted or stolen.
More so for Private
Corps because they
are autocraticly run -
keeping stuff better
hidden.
It’s not a democracy.! But a democratic republic and that’s probiden in a republic because nobody would allow that waste but a democracy demands it as a result, my opinion but then the government can’t spend $1 without spending $100 times anymore to fix a pipe
But in the US, we get very little for the taxes we pay. No healthcare, awful roads, a disappearing social safety net, no elderly care, terrible mass transit, a faltering educational system, no broadband, no free college, and on & on.
So the question remains, where does all that tax money they collect every year go??
@@mikezerker6925 To subsidize privately owned businesses like oil companies, to rescue banks for playing with people's money and losing, to give uncapped mortgage tax benefits to large properties... So much stuff in the states that makes the country bleed money without the average american needing to take part in.
@@mksmike welcome to Corporate Owned America
@@steveweast475 Yeah. Speaking of which, corps are getting bolder with using illegal child labor and some states already started to roll back child labor laws,
so I can only hope most people will actually start doing something to regulate capitalism before *almost* everyone's quality of life improvements are lobbied back to square one...
wake up david, its all been an elaborate scam
The military can't even pass an audit
This exactly
America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun..
Collapse is generous 1st time in our history with a full generation that wasn't taught financial literacy, civics, Google fixes their problems if their parents don't do it for them. Reckoning for participation trophies is incoming.
@Zahair O'Brian Hi Mate, please how can i reach this CFA of yours?
@Zahair O'Brian She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing
Just watch Dave Ramsey on YT and follow his principles turned me around from a -500k network to about +600k!
sounds right since we printed lots of money to save us from the long lock downs. its just pay back time hehe
"America is a land of taxation that was founded to avoid taxation."
--Laurence J. Peter
The original protest is Taxation _without Representation_, i.e. not having a say in Parliament. We have representatives now in Congress, but we don't watch closely enough how they spend their time on our dime.
Yup! The irony 🤣. U.S is pretty hilarious 😂
Am not an American but somehow the wastefulness infuriated me
Good on CNBC for starting to shine a light on it. Whether we return it to the taxpayers or do something productive with it it’s better than wastefulness.
Wherever you're from probably wastes money too. All governments are inherently wasteful with money they didn't have to earn.
Absolutely
My greatest concern is how to recover from all these economic and global troubles and stay afloat especially with the political power tussle going on in US.
Such market uncertainties are the reason I don’t base my market judgements and decisions on rumours and here-says, got the best of me 2020 and had me holding worthless position in the market, I had to revamp my entire portfolio through the aid of an advisor, before I started seeing any significant results happens in my portfolio, been using the same advisor and I’ve scaled up 450k within 2 years, whether a bullish or down market, both makes for good profit, it all depends on where you’re looking.
@@lowcostfresh2266 Having a counselor is essential for portfolio diversification. My advisor is Laurel Dell Sroufe who is easily searchable and has extensive knowledge of the financial markets.
@@TomD226 Having a counselor is essential for portfolio diversification. My advisor is Laurel Dell Sroufe who is easily searchable and has extensive knowledge of the financial markets.
@@TomD226 Found her, I wrote her an email and scheduled a call, hopefully she responds, I plan to start 2023 on a woodnote financially.
🚨🚨SCAM🚨🚨
I wish I had enough money to not worry about wasting some.
No you dont, bc your wealth will soon be parted.
Its the direction the dollar is headed in
I know they're quick to say how Europe taxes more.. But keep in mind they get things like healthcare and affordable education we pay those out of our pocket. Also more safety nets regarding work.
That’s what they talk about in the video, they also talk about how high college tuition is in the US.
Americans pay WAY more out of pocket and in the long run
@@crmz167 It's everything in the long run we pay gobs for as well each time you lose a job, need short term disability, long term there are a variety of things we miss out on that other countries get hell they even negotiate the prices of drugs where we don't.
We might pay for healthcare and affordable education in Canada but the healthcare system is awful here. Lots of people go to private clinics to get treatment because public clinics have no availability. Imagine needing to go to the hospital for an emergency and you end up waiting 18hrs in ER till you see a doctor. Imagine needing surgery for cancer and the wait time is years because you aren’t high risk(stage 1) so you need to go to private hospital to get that treatment. Some people can’t even get family doctors and are on waitlist for several years. If we already need to go to private clinics and pay out of pocket, I’d rather stop my taxes going to healthcare since you need to pay out of pocket for results anyways.
I'm from the Netherlands. Government waste happens in westen Europe too. Countless projects that nobody asked for or where there is no reason to assume that it will work.
And than you have waste because of little automation and digitalization (Germany is surprisingly very guilty of this).
It all boils down to getting the right people who are highly skilled and educated, and not afraid to propose to cut funding for their own department if necessary, i think.
This felt more as a “who’s to blame” rather than an exploratory analysis. Some of the guests (general partisan advocacy rather than issue-advocacy) furthered this. My suspicions started with “The Heritage Foundation” as the first guest using charged partisan language, then continued. The last half had the substance, the first half left me so distracted by rhetoric that I had a hard time picking up the point.
Yeah, I don't know why they bring they Heritage Foundation on here, they don't say anything that run-of-the-mill Republicans haven't already been spewing for decades.
It would be illogical for congress to cause more accountability for themselves. Why would they limit their own power? Until they start feeling it in the voting booth, nothing will change
You have to many people who vote for parties and not candidates. Until that changes, these politicians will never leave. You have some politicians who spend decades in their seat who do nothing to help their states they are supposed to represent yet they have so many loyal people who vote for them while the person who’s supposed to put their best interest first is the one voting against what would make their voters better.
Yet the outcome is the same ?
@@ryannestor8563 I’m america you have to change an entire culture for anything to change and I don’t know how you would even go about that. Take mass shoppings for example, both sides agree that something should be done about it but because of the political affiliations and bribes, I mean donations, they refuse to pass any legislation that would help curb violence and just ask for thoughts and prayers. We all know praying does about nothing and it’s all about pretending to care long enough for the general public to stop carrying. Americans seem to have very little attention and move onto the next thing.
Thats why in a Republic the states (thru Senators) is supposed to do that job. That was amended years ago and this is what we got.
@@bloodshed102 You would have to change the 17th amendment back to the original version, states have zero checks and balances because of the 17th amendment. Why amending one of the worlds greatest documents is not always a good idea. Globalist and bankers wanted to take the power from the states and the 17th amendment did it. I vote go back to the old way and put the old check back in place in the checks and balance positions, wont happen though, because the money guys like it just as it is.
No wonder then can't afford basic infrastructure, like a national high speed rail network.
nobody wants to use high speed trains in the us. the distances are too great.
@@ronblack7870HST/R are far way better than cars when it comes to distance; and less pollution.
@@ronblack7870 China and Russia are huge and they have HSR. The US is not exceptional
@@ronblack7870 I know people who drive from oregon to missouri for family trips, trains would be way faster than driving and cheaper long term.
We all already have cars. We're not the same as China.
Based CNBC. Thank you for bringing attention to this; people deserve to know just how much of our hard-earned money is not only stolen from us but subsequently wasted every waking day.
If you voted for Biden then you voted to be stolen from.
Lies again? American Education MMA Fighter
Lol stay mad
@@AliKocaIsHot I will, thanks! :)
I think the funniest part about hypothetically raising taxes on the top 20% of earners in the US is that they literally own 90% of the nations wealth, and it may even be more then that, and the pure fact that they only pay 42% of all taxes is pathetic, and another thing to note I'd say half or even a quarter potentially of those top earners wouldn't be able to even use most of there wealth in a single life time.
When the Government annouces tax hikes on the wealthy, it only incentivizes them to look for a way to hide from the I.R.S. The truth is Americans voted trash into the Whitehouse and they mis-manage funds for years with no consequences.
So, why should the little guy have to pay for anything besides state and local tax for infrastructure? The I.R.S was built to be used as tool of vindication, they're p.o.s. They won't even chase after people who make over a certain amount of money, because it's costly and difficult...but they'll throw a poor schmuck in jail who makes 100,000yr from a blue collar job, and owes them 10,000... It's hypocritical.
Wealth and income are not the same thing and your numbers are off.
In 2020, the top 1 percent earned 22.2 percent of the total income, but paid 42.3 percent of the total Federal taxes. The top 25 percent paid 88.5% of the total Federal taxes. Bottom 50 percent paid 2.3 percent of the total taxes. Obviously the wealthier can afford to pay more, much more, than someone barely scraping by, but where does one draw the line? Do we need to limit income, assets, or just have an extremely high tax rate on extremely high earners?
@@BadBackOz I was rough ballin some of my numbers and was using a old video as a source, but I really wouldn't doubt my numbers are actually far off from what the reality is, where to draw the line is a great point.
I think Europe has got a lot of the right ideas for taxes as in where to draw those lines but even then you would to want to avoid giving super wealthy individuals the ability to guide government policies through lobbying. VERY rarely do they lobby something out of the kindness of their hearts and certainly not polices that help everyone.
Not really an answer but just sayin we want to avoid creating a second wave of Robber Barons(despite already having them) or the US version of Russian Oligarchs. Id explain more but Id get more off-topic.
You do realize most of this “wealth” the billionaires have is paper wealth right? Elon has tens of millions of Tesla shares and that value fluctuates day to day. I mean his wealth is half what it was a year or so ago. And the man has paid tens of billions of dollars on the shares he did sell.
When you look at the actual income the rich make their actual share of national income is lower percentage wise than the percent they pay of the income tax revenue. So it’s not pathetic at all.
@@BadBackOz I think a good way to look at it is:
If we add any money spend in the month that would be considered recreational (any money that doesn't serve to a need or to the continuation of meeting those needs (like work and society requirements)) to the end of month bank account of someone.
What would be the difference of balance in spending money (money that is either in cash or in easy to sell assets (accounting for depreciation of those assets by the selling)).
In a perfect world, all of these should be at least neutral. And also account for expected and unexpected expanse variation (like health, education, or dark financial times).
And the taxes should be taken from a percentage of said difference in balance (only if positive).
(if you are able to calculate this balance with precision, you could even make said percentage flat and nondeductible)
perso I couldn't care less about percentage, in my opinion the most important is how much money there is left at the end of the month in each group of population and how it varies compared to the months that preceded it.
I believe we should have better systems to pay taxes and see/evaluate exactly how taxes are being spent
You mean like making millionaires and billionaires tax information public to see how much they're actually paying and if they're evading taxes?
Oh right, they rolled that law back like so many others that put the rich under scrutiny.
The greatest challenge of this world is knowing enough about a subject to think you are right, but not knowing enough about the subject to know you are wrong…
dunning-kruger!! it's flipping everywhere!
U say 2 much & yet nothing AT ALL.
@@mushroomtits8387 -tnx
I don't buy the whole "private sector would do better" argument. While the government does overspend in many areas (and does need to be held more accountable), there are just some programs that corporations should never touch. Just look at student loans for example. To save money, the government contracted out that entire program and it led to massive amounts of debt and heavily increased costs to go to college.
Preach Brother!
Given the choice of a government that I can vote on and protest against, versus a private business that's greedy by design yet has a 90% chance of bankruptcy by its 10th birthday, I'd prefer the former.
But i believe privatisation provides for clear reporting of funds and how they are used
You have that completely backwards. Prior to the Obama administration student loans came from private banks and were only guaranteed by the federal government. Now the federal government manages the entire thing and private banks have nothing to do with it (go look up the video where Maxine Waters is grilling the CEOs on student loans and every single one of them says “we have nothing to do with student loans anymore”). There are zero private checks on the program anymore, which is why prices areballooning ever higher and politicians now buy votes by promising to forgive your student loan debt.
If private companies had skin in the game on the loans, the system would work a lot better because there would be accountability. Presently there is none.
@@doujinflipyou know there are multiple private businesses that provide the same service or product in almost all cases. You don’t like one of the companies? Go to another.
You’ve only got one government, unless you want to emigrate to another country.
Giving or selling to the private sector is probably the worst idea. Shrinking an already small government is the problem. Are tax structure is skewed towards benefiting the rich so until money is pulled out of politician's pockets this will continue to happen doesn't matter what side is in control. Government is the people!
Small government?? Federal spending per capita has increased three or four times what it was a few decades ago, adjusted for inflation. There is zero end in sight or even slowing day.
It's a much bigger issue than "the rich don't way their fair share".
@@ericbell217 Federal spending isn't a good measure of how large or small a government is. I'm looking at the population ratio compared to government employees. Since covid happened a large proportion of the public workforce either retired, died, or just left the public sector. Even before this situation our government was not keeping up with population growth. The government workforce has remained more or less the same since about the 60's-70's. This is why most agencies have issues reaching their goals, and providing proper service. I'm not only referring to federal government, this applies to state and local as well. The rich are able to not pay their share because of the lack of government resources to audit them. Don't fall for the lies the rich want us to believe, small government benefits them not us.
@@LuisKnight that's a weird measure, seeing that the private sector has been able to greatly increase worker productivity over the years, leading to more output per worker. Yet you're saying the proportion of government workers out of the total population needs to increase? The percentage has held pretty steady over the years, though spending has not.
The federal deficit this year is close to 2 trillion dollars. The estimated net worth of all American billionaires is 4.6 trillion. You could confiscate all of their wealth and be about to balance the budget for less than 3 years. Billionaires are one issue, but federal spending is the main issue we need to address.
@@ericbell217 so I'm talking about how small government doesn't help the people only the rich. A measure to see how small government is, is to compare it's workforce to population density. Correct me if I'm wrong but it seems like you're equating government spending to the size of the government. If this is correct that's not a good measure of the size of government that's a better measure of economic power. But yes you're correct I do think that the size of the public workforce should increase. Yes the private sector does help with increasing gdp per capita but most of the time these businesses have government assistance to get them started. In the end the public sector is the reason why most private sector entities grow and gdp per capita increases. I think government is for the people not just the rich. Currently it seems to be under a strangle hold by the wealthy.
@@LuisKnightfederal spending is the best measure of how big and out of control the government is. And comparing employee counts from the 60s to today is ridiculous because even the federal government has benefitted in productivity from automation and the computer era (though of course nowhere near as much as the private sector has).
This is why I am not for raising taxes on anyone, not even the rich, since it just gets wasted half of the time anyway.
The rich waste their money all the time. ex builds a huge mansion, never lives in it.
@@ZePopTart but it provides jobs to the builders, decorators, landscapers, etc.
@@zuzanazuscinova5209 does government… Not provide jobs?
@@ZePopTart on similarly wasteful projects, many times
I haven’t paid taxes in years only because I haven’t filed my income taxes in years, and I refuse to pay any taxes because of how much they waste even if they put me in jail they’ll still be wasting tax dollars keeping me alive. 😂
Oh the irony. If you don't pay your taxes on all the stuff you "own" then you're gonna get thrown in jail where you'll get 3 meals a day, shelter, and clothing all payed for by tax payers.
Wow, this video really opened my eyes to how much our tax money is being wasted in the U.S. It's shocking to see how much of it is being spent on unnecessary and frivolous things. I think it's important for all of us to be aware of this and to demand better accountability from our government. This video is a must-watch for anyone who cares about their hard-earned money.
One mans pork is another man job, that's why we don't quit doing it at the federal level.
agreed
It actually isn't this video forgot to mention to overall size of the budget and the amount spent in comparison. .3 percent of the overall budget btw. Corporations and business are way more wasteful on spending then the federal spending.
Taxes are so much lower than so very many other Countries because those interests, both corporate and private, with the resources are granted access to the halls of power based on their ability to pay. And their returns are typically commensurate with what they pay. Consequently, the average American sees NO real return on the investment, which is really what taxes should be regarded as. And the frequency with which we are bombarded with admonishments to cut taxes, simply for the sake of cutting taxes is endemic and corrosive to the very idea of a middle class.
@courtney
On the other end of spectrum.
USA spends 550 billions each year feeding, clothing, housing, educating, and giving free money to defrauding illegal immigrants who sends money overseas and to the southern borders.
Thats about 25% of USA annual deficit of $1.7Trillion a year.
@@zlonewolf you know that most illegal immigrants pay income tax too, right?
@@zlonewolf
Please read your comment; did you make a mistake; conflate two different things; or maybe you don't know the difference?
👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏👏
@@zlonewolf Do you have a source for such a ludicrous claim? I have dealt with the US immigration system first hand. In many states you can't even get a driver's license if you are undocumented and the US makes damn sure you have a means of supported yourself if you are immigrated there "legally." Benefits simply are not paid out to noncitizens. We regularly fail at clothing, housing, healing, and educating our own citizens. We don't go out of our way to provide benefits to undocumented people.
Hey CNBC! What about covering the amount of money the Federal Government generates in taxes?! Don’t we think that’s an important number? Off the top of my head that figure is about, $5 trillion or so? How close am I? So, $242 Billion in waist? What’s that, about 4%? Is funny how we focus on waist and spending, but we neglect to mention lack of tax dollars we fail to collect, mainly through tax code changes and political engineering achieved by some of the same institutions interviewed for this video. The Heritage Foundation? A tax exempt organization funded by private individuals, corporations, and other foundations? I can write a book on this stuff.
I don’t think viewers are aware how sophisticated these campaigns about how bad our government is, or how much money is waisted, etc. etc; and how the private sector has always the solution. Please people be aware. 95% of news sources are for profit institutions in the US. Including these people. And the ones advocating for the above, are in fact these obscured Foundations, Associations, Lobbying Firms, with often attractive or official names, that by design, have intentions of continuing to defund, and dismantle government institutions, so they can continue to do what they want. At the end, Government Institutions and Corporations have one thing in common. They consist of people. But the fundamental difference with a Corporation, in addition to Foundations, and Associations, etc, is that they consist of a collective minority financial interest, willing to rig the system to benefit their collective minority, and screw over the majority. Just look at our economy nowadays. Everything’s pretty much a monopoly, oligopoly, or a duopoly. Please look for information sources that provide a complete picture. I don’t think this segment does.
6.27 trillion or .3 percent of the budget. But this video forgot to mention that. And also forgot to mention corporate wastage in comparison. This video has so much fud in it. And then you have people complaining about taxes not understanding the context of what is actually being said and more importantly left out.
During the 90ies it was about 10k cheaper for a European expat to live in the USA. Today that has flipped. If you add both federal and state taxes we pay about the same amount of taxes as they do in Europe. However we get much less for it.
If Congress is not kept liable nothing will change. We can't continue to raise the debt ceiling and print money into oblivion.
This is a national security threat!
Yes, our taxes are low but we get less, no health care, higher education, daycare or guarantee paid vacation.🇺🇸🇺🇸🇺🇸
Low taxes mean low political engagement, since the people are even less inclined to watch and protest where their taxes are going. I've been to even lower taxed regimes and it is _rough_, yet you still pay up a similar amount due to all the "fees" the authorities ask for.
You get clean restrooms everywhere and that is all you get for your taxes.
No protection, no free education, no healthcare, no good transportation , you name it. We the slaves….
YES!!! More of this please. More information on fiscal responsibility. Cheers.
here's a good one on taxation gone wrong: th-cam.com/video/1WRDwCep25k/w-d-xo.html
I just paid $12k in fed income tax last year 😭
My taxes for last year were worse than they've ever been. Add Bidenflation on top of that and I'm wondering why I spent so much time working for nothing.
Did anyone else notice the blantant bias in this piece?
9:55 Ah yes, let's privatise healthcare, schools, public transportation and infrastructure. That worked really well in the past.
Private industry is what built this country. Everything should be privatized except the protection of the borders and the central bank to have a currency. Let people choose their own services.
@@benjaminanderson5176 That's why you now live in a Third world country.
@@benjaminanderson5176 Yeah privatized everything does so well for Sub-Saharan Africa, where private conglomerations, low tax payments, and transactional "fees" on routine services are the norm.
Private schools work pretty well. We have private healthcare and that works well. And we have public infrastructure and that always seems to be under-maintained and expensive to build (remember the Big Dig in Boston? That went years and billions of dollars over estimates).
@@benjaminanderson5176 So you want instead of .3 percent of tax dollars wasted to go up to 5 to 10 percent of tax dollars wasted by corporations? Sounds like a bad deal to me.
One guy on CNBC was saying that Americans making between $75,000-$100,000 only pay 5% income taxes. I must be doing my taxes wrong because I'm paying 24%, and that's just federal alone. Then he said the top 0.1% pay 40% of the taxes, that might be their rate but they don't pay that. I guess he was pulling this out of his ass.
Every state have different tax bracket. Read again the tax info you state in Google. So far California and new york is the highest income taxes
@@aps-c1766Not possible for people earning $100,000 to only pay 5% I only earned $50,000 and I pay 16% not including state or local tax at all. Even with deductions for taking care of elderly parent.
It's called corruption.
I think the video has the wrong approach to the topic because its uses with Covid Situation an exeception where there had to be very quick actions and the safety aspect had to be lower to get it through quick.
In general the US has an lower overall tax level while having and way higher military spending. So they have just less tax money left on stuff like infrastructure, health care, retirement, education which are topics people just come across in their daily life.
Republican states didn't shut down and have faired much better.
@@brentkinsworthy4999 Off course they fared better.
They got they benefit with more Jobs/economic activities with the cost of health care being paid by the people themselve.
You always gonna look good if you don't have to pay for the Bad part of the decision but benefit from the good part.
Lol they didn't lose it. I promise.
It gets lost in politician’s pockets.
It gets lost in feeding illegal immigrants from Southern border. About 550 billion annually.
25% of annual US deficit goes to illegal immigrants.
It wasn't wasted, that's what we the public get told. So we stop asking questions & looking. All that money went for what it's intended purpose was, it wasn't us.
When you give tax breaks to all the rich people its no surprise that America pays the least amount of taxes.
That has nothing to do with how much we pay. America has the least amount of taxes because we don't pay for healthcare or anything EU exclusively offers
@@mathmanchris666 That's just wrong. Healthcare is NOT free in the US. Even old people on Social Security pay for Medicare part B.
Overall good information. Putting in the "The rich don't pay their fair share" and the "The US pays less in taxes" seemed out of place in this topic and more of a shameless editorial plug for these talking points. That is all nice but taking more from anyone and wasting it on waste, fraud, and abuse can not be justified by "Well, you don't pay enough"
This is why smaller government is easier to manage. A municipality of 700 residents can probably manage a budget much better then a giant country of 350 million people can
Yeah, privatize. Hmm. Is that why Amazon exploited USPS for so long. Don't think so. Privatizing reduces transparency and accountability even more and becomes a single source provider that can't be unbundled by design.
Single source provider? Name me any product or any service in the private sector that has one single provider? You can’t. It would even be illegal under monopoly law.
You want to see a single source provider? Look at the NHS in the UK. Or the old British Rail. No choice and not great service in both cases.
@@franciscodanconia4324 It isn't illegal. That is one of the great misunderstandings about monopolies in the US. You can actually have a monopoly. But you can't use your monopoly to manipulate the market in such a way that is stifles competition.
So the possible solutions are, but not limited to:
Consolidating programs to remove duplicates
Specialization of said programs making them for efficient
Spending oversight by the Inspector General gives a $1 spent to $7 saved
Reducing the US's reliance on contractors and making in house departments instead of paying for a contractor that a contractor contracted that your contractor contracted (yeah, it's like that)
Just making a communications network between all departments so they all talk with each other on what they're doing and spending Money on
-Department A :"we're buying a bunch of HP printers because they're cheap and only cost $60 per printer"
- department B: "don't buy those printers, HP sucks and they charge more for ink than their printers, just buy these BrotherTM printers. We have surplus of printers, take these on loan, and save the budget for a rainy day"
Using Open Source software instead of commercial software and pay the open source software organization for maintaining and upgrading it rather than paying companies who will just have an unpaid intern write the backbone of the entire DMV website and pocket the money
Using AI automation for bulk operations, basically each department has their own AI LLM to act as an assistant and go through department records to notice discrepancies in payments. How much it historical costs, how much does the market average cost, are we over spending, are we under spending, is our budget balanced for the amount of returns we get. Etc
When you have a tax system that takes 20 years of university to fully understand, it’s no wonder Americans feel the way they do. Make it so complex that you can rip them off and they wouldn’t even know it.
Right, wealthy folks get to retain so much of their wealth exactly because of how many arcane deductions they can afford dedicated accountants to administer. A simplified tax code with auto-expiring exceptions would go marathons in getting the rich to pay their fair share.
Can't believe they said the US actually has low tax among developed countries... Compare what the government offers... The tax rate is different too high...
Warren Buffet said he payed less in taxes than his maid did. We need to tax corporations, not workers. Thanks.
As Americans, we should be allowed to vote for where we want the Tax Dollars to go… not just for those running for Office
that is totally impractical, i mean so impractical it must havre come from an idiot like andrew yang
Me first to waste my time
Oh and theyre quick to talk about the fraud committed by the little guy, but no word about how corporations and banks commit fraud on the little guy and the govt everyday.
The reason taxes seem to be higher than in Western Europe is taxes are more visible. In our paychecks there are multiple deductions from salary: Federal, Medicare, Social Security, State and Local. Then we may be hit with extra Medicare tax. at tax time. Then we have withdrawals that are not called taxes- Medical, Dental, Vision, Retirement ans Health Savings.
Then we pay visible sales taxes and corporate add- backs which in Europe are included in advertised price of goods. Then we pay property taxes, vehicle taxes, tolls for roads and copays for healthcare.
When we account all these extra fees, taxation in US is as high as in Western Europe with less benefit to taxpayer.
The US should raise taxes on the rich and give everyone free healthcare similar to Canada. I believe free healthcare for all in the US would also require capping how much pharmaceutical companies can charge for medications.
It hurts when I see Amazon electric vehicles with no license plate driving around but Iet that be me
The military. That’s the biggest waste.
It’s past time to slash military spending by more than half.
We don't need to tax the rich more. But appropriately. Most wealthy individuals pay less than 10 percent of their income annually
10% of 100 million a year is only 10 million in tax. 90 million take home money. Also tax loopholes and hiding money in offshore accounts and businesses for rainy days.
Not exactly. If you include recovering tax money through services like Medicaid or food stamps etc. most low income households RECEIVE money every year. Even some middle class. But including that on average everyone pays about 17%
I’d rather donate my money to pay someone’s college or feed the needy than to waste it on taxes. I’m thankful to my tax man getting me down to less than 5%. 😂
@@handleyobusiness large corporations and especially charities are no better. Most large g e charities spend a majority of their income on getting more income. It's a vicious cycle.
@@zlonewolf It's no longer offshore. South Dakota has become the largest tax haven in the world
Let’s give them more!
So, when will our country be foreclosed on?
Lol, the heritage foundation talking point are so goofy. The government isn't a business. It can run a deficit. They literally print the money and borrow for next to nothing, or as it is now it's being paid to borrow. The wealthy pay less now than in the past. Sure government is wasteful, but any big organization has waste.
The presentation of this whole piece doesn't really have countervailing voices advocating why waste isn't that big of an issue or for really the public sector in general.
The riches of the rich boast of not paying any taxes. But why boast of something that your inherently supposed to do, so much more so when you've already reaped, gained & earned so much from others blood sweat & tears. That's not fair to the ordinary salaried man & woman.
Give money to the private sector to do the governments job? Don't we have examples of that not working already? Privatizing the government is part of the issue not the solution.
This story is decidedly misleading.
1) overpayments can and are charged to those that received them. Underpayment is not wasted, it is simply that the expected calculation was incorrect.
The overlapping and duplicative section misconstrued what agencies actually do.
There may be over 100 different agencies that work in or with broadband, but they don't all do the same thing. Consolidation of these programs would likely not reduce cost, as you would still need people to do the work that the agencies did. That or force understaffed agencies to do more work. That will lead to fewer people taking those jobs.
The part about taxation pulled the long debunked "the wealthy pay the most taxes."
Such a good video. Fantastic work on this. The fed just needs to stop doing things. Healthcare, pensions, military, necessary regulation, and then leave the rest to the states.
1:14 This guy just defined every soldier's career. "We have this much excess and need to burn this much of X to keep our funding, lets go design a 'training exercise' to use up X."
"privatized them", well you see here in corporate America. When something gets privatized, it gets treated as a business, and the business put profit over people. Prime example is the healthcare system. They just see you as a walking bag of money rather than human being. Look at the Insurance company, they always talk about being there for you during the tough time but you know damn well when something goes wrong, they probably be ghosting you.
Additionally, many services the government offer/utilize are privatized. That’s also part of the problem. There is so much waste and fraud in government contracting. (FYI many politicians are connected to many companies with government contracts).
@@rocsib9551
The defence sector in particular. Toilets that cost thousands
The answer is not to pour more money into the grasping hands of private corporations. It is to improve and vastly expand the role of the state in providing services.
The other countries who are taxed more get free health care. We pay an additional $3 - 500/ month for healthcare. We also pay Medicare, Long term disability, short term disabilities, property tax, sales tax, DMV tax, cell phone tax, gas tax, etc. So when you add all that up, we pay a lot of taxes.
Such a good video. Does a good job of showing why many hate the idea of raising taxes (even if it’s only on the rich). Congress should be doing more with the money it gets…
yes im surprised such a great video came from cnbc. government needs to be minimized. i worked at a federally funded nonprofit and got a front row seat to money being thrown down the toilet.
This should be on fox , one sided. Ignores republicans efforts at every level to prevent proactive solutions and reduce oversight of eg rich and banking
3:20 are you saying that when private companies give an estimate they always know exactly how they’re going to do it and there is never unforeseen circumstances and experimentation on the job? Frequently causing the project to be delayed and go over the overly optimistic budget they proposed in order to get the job? Because boy do I have some news for you.
There are penalties for failure in private businesses and incentives for success. There are none of those in government. Fail to deliver a building on time or on budget? You may end up eating the cost or losing reputation. Fail to deliver the public road on time or on budget? Nobody gets penalized in government.
Any corporation that had 163 redundant divisions that did the same thing would be out of business very quickly. Yet government can chug along like this with no results and no repercussions. And probably just keep adding more redundancy.
Shh goes against the narrative that government is bad mmmkay. Never mentioning the percent .3 percent of the budget btw and not comparing to to actual corporate wastage. Remember CNBC is NOT and I repeat NOT impartial here they are pushing a narrative to support business interests. NOT what is in the publics best interest.
to much taxes, employes , why when company pays taxes, when we need to pay .and when no job, no food on table or medical coverage. out of 5000- we pay 1400 taxes, what to eat
Wasteful
I have been buying some stocks since the beginning of the year, but nothing substantial. Why am I treating this poorly? However, people in the same profession are earning six figures on articles, which inspires me to aim toward becoming the first person in my polygamous family to hit the million dollar mark. I am perfectly aware that working harder to gain more money is expensive.
Nothing you're doing is wrong; you simply lack the knowledge to profit in a bear market. The only people who may earn greatly during dangerous times like these are professionals with vast knowledge who must have observed the 2008 crisis.
@@justinajoshua9369 I have no Advisør at all and this recent dip which i feel was triggered by war resulting to inflation and so many other factors hit my portfolio so hard. who would you recommend i seek out for in times like this?
My consultant is *"JAMES GIFF GIFFORD"* .I found him on a CNBC interview where he was featured and reached out to him afterwards. he has since provided entry and exit points on the securities I focus on. You can look him up online if you care supervision. I basically follow his trade pattern and haven’t regretted doing so.
It's really bad, and likely won't change, but I watched this to understand it better. Man things are so expensive now sometimes it feels like I can't breath. I've gotta pull myself together to go to work and make money + study how to protect my finances. Not looking forward to 60 more years of this.. I desperately want to improve the quality of my life because it doesn't even feel worth living when all I can do is work
I drive some schoolbus. Schools feel obligated to send kids home with food. Half of it ends up thrown on the floor as it ain’t junk food
never a dime for social security
So all these elected official are failing us.
What about the subsidies/deduction to income ratio comparisons between the rich and the poor?
That must be a interesting number.
they wouldnt be reporting on this if the gov't was bailing out their buddies. we would hear about how bailouts are necessary.
Something that most people in cities don't realize - there is a VERY LARGE portion of suburban and rural areas that WANT broadband internet but can't get it because there isn't a company willing to bring it to them. There are plenty of places in the US (surprisingly) that has no broadband and not even cell signal. Those federal programs to get broadband to those rural communities are essential. Do we need that many? Probably not. But one program can only serve or focus on so many areas. Don't assume that anyone who wants internet can get it. It just makes you look out of touch with everyday Americans in rural communities.
The problem is that the money dosen't go to anything that benefits us despite them being low in comparison to other nations. Our roads are a mess, we have no health care, no proper public transportation system. It's a mess
I don’t believe other countries pay more taxes than Americans. I’d like to see that claim broken down.
Great platform 😊
I need to find that quarter.
One day, I would hope to see you guys cover Quiet Firing ...
So when they getting audited?
There is corruption at every level of government, at state, and at city you have all these bureau cats making decisions on how spent. Meanwhile, I’m on Social Security and I have to go back to work, and they still tax my Social Security, and I have to include my Social Security as income, and they tax that , they do all the spaces exploration spending billions I’m not gonna be around to see what those billions are gonna yield. It’s a tragedy.
Our history of privatizing prisons and health insurance does NOT suggest many citizens would benefit if more government functions were driven by profit
The tax maybe lower than than other OECD, but cost of living is higher
Would be interesting to see the overlap with Federal law enforcement that have similar mandates:
-ATF
-DEA
-ICE
-Federal Marshals
Among many others.
Many countries have a single agency handling these areas.
The fact that this video features a person from the heritage foundation talking about this issue is one of the worst things I have ever seen in my life
Yes get this information out.
Then they have THEEE nerve to raise taxes. Where’s that lunch money we gave you earlier uncle Sam? Stop playin’!!!
It doesn't get wasted, it just gets redistributed to all their friends, i.e. the contractors.
The LCS ships from the start have drive shafts that tear up bearings and weren't ever correct. They didn't stop production to fix the issue but instead just kept making them wrong!!! Will be 1 1/2million to cut entire bottom off to replace shaft and then, what, weld the entire bottom of the ship back on??? Decommissioned the entire line and they've got at least 10 more to build wrong yet!?!?! Seems maybe they should put the fix in when kerl is laid instead of let it become millions of dollars on top of the wrong start!!! I can't fathom the waste. Stop when it's only the base cost, get it right and start production right, before it's millions, an embarrassment, decommissioned, and with a bunch more to be built yet??? WTF
I'm surprised this is only 10 minutes long. 😂
This is more about Politics than wasted money. Very few specific examples given. There would be more tax accountability if the IRS were properly funded. Also for the IRS to stop sending refunds to gift cards with phony returns. In addition there has to be an end to overfunding the military industrial complex. etc.
5:18 she is wrong. Most billonares increase their wealth in STOCK VALUE, THAT IS NOT INCOME, they do not use that to buy things, but when they decide to do so, they sell the stock and then they pay the taxes which are extreme (53%). So a billonare can se their stock revalue 2x in a year, but if they do not sell they do not pay and that is not only the RIGHT thing, is what you want to maintain the company value and capable to raise money so they can grow and produce jobs and economic activity.
This is such BS, it's only focussing on bureaucratic miss use of funds like a couple of tweaks will get things right, and leading the viewers to think that the private sector is the way to go. The free market only works for things that have heavy competition, if you don't you get monopolies dividing territories and bulking everything they can, not to mention that utterly fails for health insurances, you can't shop around when your dying, not that they would tell you the price, and there is no way for them to cash out on a policy holder, so they just deny everything at the expense of people lives. And this isn't even talking about corruption, underfunding and stripping of accounting and accountability services. Given the fact on what senators they choose to focus on I'm not surprised though.
That poor quarter, we will never get you back
I work in accounting and I will be honest. Ever since the pandemic, the irs has been making a lot of clerical mistakes, such as misapplying deposits, senting out credit which should have been carryforward, and senting out a lot of erroneous notice. Recently I talked with the tax law department and felt like they have no knowledge of the tax law and couldn't even help me with my tax questions. Not to mention, what they say on the call sometimes contradicts what's clearly stated on their own irs website. An example would be, you can apply for a name change on your 1120 tax return by checking box G and this is backed up by ways written on irs website, but irs representative will just tell you to write in a letter. It just feels like irs representative are poorly trained just to fill in holes in seats just for them to keep making the same mistake. One of my clients have received over 20 notices for misapplied deposit for their 941 and this is over course of 2 years and they still haven't resolve the issue.
Which is why they are hiring 75k more reps to help with this. They are overstretched at the moment and need to get back up to appropriate staffing levels.
The tax code is so bloated to the point that no one understands it.
"It's just like they say, you have to throw money in the hole and set it on fire to make more money."
Duncan Birch
Cut the Pentagon budget in half.
Now you have a Surplus.
We may as well throw our money in the garbage
All the Tax is on top 10% earners. There should be a Federal sales Tax like all other countries. Plus decrease the spending on Defense, at least half.
A government wide fifty year audit, with serious prison time for a lot of politicians and bureaucrats when the score is tallied.