Your tax money goes to China

That's right, with China a major purchaser of US bonds that sustain our credit card budget ( $300b + defecit in 2003 ) the interest paid on those bonds comes straight out of your tax dollars and straight to the government of China.

Elimination of the National Debt could provide a 20% across-the-board tax cut on all US income tax and would turn the US dollar into solid gold.

China has nearly 50% of foreign US bonds, every 10 cents of your tax dollars are going to the Chinese government.

Keep paying! Or push mislabeled conservatives to actually conserve something and stop blowing money!

[edit on 14-9-2004 by taibunsuu]

Can you actually back up any of that? With anything? Anything at all?

Just curious, how much are US citizens paying for tax is all of us would get a 20% tax cut...

If I got a 20% tax cut the government would be sending me money for going to work. Last year, after getting my refund, I think I only ended up paying about 1-2% income taxes.
If taxes across the board were cut 20%, we would create a new national debt just from how much would get paid out.

Our national debt is a far more complicated issue than that anyways, there are small countries that survive off of our interest, from what I have been told in the past, if we paid off all of our debts it would create HUGE global economic problems.

If China purchased US bonds, I guess that's good for them. If you want that money, start buying US bonds yourself.

From Final Monthly Treasury Statement of Receipts and Outlays of the United States Government:
fms.treas.gov
Total�Interest on the public debt (2003) . . . . . . . $318,149 million


From 2004 REPORT TO CONGRESS
uscc.gov
China�s foreign reserves, which are largely made up of shortterm
U.S. government liabilities, stood at $420.4 billion at the end
of November 2003

Japan seems to own even more of the US debt than China though:

Bloomberg
Japan held $668.1 billion of U.S. government debt at the end of May, according to the U.S. Treasury. Japan's official reserves rose to $827.95 billion in August, the Ministry of Finance said. Japan sold about 33 trillion yen ($301 billion) of its currency in the year ended March 31.

China and Japan are heavy buyers of US bonds but they aren't doing it for the interest returns.
They buy US dollars to try and boost the value of the dollar against their own currencies. When the dollar started crashing in 2002, they intervened heavily so the weak dollar wouldn't impact their exports to the US too much.


[edit on 15-9-2004 by AceOfBase]