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The US is Broke! Here is a message no one wants to hear! But we post the truth! Many of us know we are broke yet we go around our hands out for more... It seems that many groups are just selfish and either ignorant or planning a total financial meltdown of the US economy as we know it!
"Is everyone out there stupid or do you just want to go down in a total financial meltdown? "
simplytruth.comTopic started by: Weknoz on 12, Jun 2008, 07:06*: GMT
Title: Tax Facts Last week, President Obama reversed course once again and now wants to raise taxes on the "rich" making above $250,000 per year. Obama is in dire need of additional revenue after proposing a $3.8 trillion 2011 budget -- containing the largest deficit in U.S. history at an estimated $1.6 trillion. Yet his latest share-the-wealth proposals make little sense. Obama never distinguishes between the super-rich and the well-off. At one point in justification, the president scoffed, "I don't need another tax cut, Warren Buffett doesn't need another tax cut." But Warren Buffett, unlike the building contractor or family dentist, is the world's third-richest man, worth nearly $50 billion. And Obama is probably the most privileged person on the planet, with all of his expenses covered -- from a nice free mansion at 1600 Pennsylvania Avenue to a huge private jet. The rich and the poor are not separated across an impenetrable barrier. The president's $250,000 line in the sand is actually quite fluid. Most of those who make incomes above it did not do so 10 years ago -- and they won't, on average, 10 years hence. The income of well-off professionals and small-business people fluctuates widely as they ascend, peak and descend in earnings -- given factors like health, age, and uncertainty in employment and business. It would be more accurate to say that raising taxes on the better-off is a sort of punishment for those who break into the top brackets for a few short years and try to be careful to save what they make and not spend what they don't. The super-rich pay in taxes a far smaller percentage of their income than do the well-off. An array of blue-chip tax lawyers and Byzantine write-offs -- and paying at the capital gains rates rather than the income tax rates -- allows the Billionaires of the world to praise higher taxes while they connive to pay at lower rates than most others. The IRS, for example, reported that the 400 richest Americans paid only 17 percent in federal income tax. A corporation like General Electric -- run by Obama pal Jeffrey Immelt -- paid no taxes at all on its $14.2 billion in worldwide profits. Nearly half of American households pay absolutely nothing in federal income tax. For them, the once-dreaded April 15 tax day is more a welcome time of tax credits, rebates and refunds. In February 2011, American households received more than $2.3 trillion in direct government support, more than was collected during those 28 days by the Treasury in personal taxes. In contrast, the now-demonized top 5 percent account for almost 60 percent of all federal income tax revenue -- a higher percentage than anywhere else in the Western world. Until recently, falling revenue has not been the prime cause of these serial national deficits. In fact, the Treasury took in an all-time high of nearly $2.6 trillion in 2007. Unfortunately, wild spending has skyrocketed well above the pace of both inflation and annual revenue increases. Such profligacy ensures that even with a growing economy, increased tax revenues never match out-of-control spending. If the president wishes to raise revenue, he might first close loopholes. That would ensure that those who owe taxes actually pay them. He could start with his own Cabinet. Treasury Secretary Timothy Geithner, who oversees the IRS, at one point did not pay his Social Security and Medicare taxes and took improper writes-offs. Attorney General Eric Holder, the nation's top law-enforcement official, did not pay long-overdue property taxes on a house he co-owned until recently chided to do so by the media. The husband of Labor Secretary Hilda Solis had overdue tax liens on property that went back 16 years. Cabinet nominee Tom Daschle withdrew from consideration due to past unpaid taxes. So before raising taxes, the president might first urge the super-rich to pay their taxes at the income tax, rather than capital gains, rate. Next, he could remind his own Cabinet officers to pay all the taxes they owe. Then, he should offer to pay more of the first family's costs when they jet to luxury spots like Martha's Vineyard, Costa del Sol or Vail. And finally, he might ask the nearly 50 percent of Americans who now pay no income tax to pay at least 5 percent of their income in federal taxes -- to ensure that they see their government as a taker as well as a giver. Do all that and we would have more money -- and the president would be less likely to declare, "I don't need another tax cut."
Fact: Per the 2008 IRS report (latest available ) In the USA; the top 2 % of wage earners those making over $250,000 pay about 40% of the tax; While the Bottom 40 % pay less than 2 % of the tax! {Now that is what I call fair... Huh!}
Even if Congress moved the tax rate up to 100% (all they make) on the top 1% {All Billionaires} that would only produce appox 410 Billion in taxes, which would not even dent the 1.66 Trillion US Nat'l Budget Deficit! The Nat'l Debt is closer to $14.0 Trillion now! So The answer is not getting the filthy rich to pay it all, because there is not enough money in the country now! The US is in deep debt and is only getting by due to our printing more money (which has no real backing) as the Dollar is the reserve currency of the world right now! But that is changing, as China and many of the Islamic countries are getting off the Dollar, then where are we going to be? If the US Dollar was not the reserve Currency of the world, we would not be able to just print more money! That is coming to an end as more countries stop wanting to take the US Dollar! HUH!
Big Houses. Expensive Cars, Fancy Vacations, Jewelry, Over priced cloths, ridiculous Entertainment, Big Sports and even much of the so called "we deserve it" welfare will stop!
Yet the answer coming from mainly one political party; the "They know better crowd" is to raise taxes on almost everyone makes over about $200K... This will not fix the problem folks... The majority of the income tax is paid by the $25,00 to $100,000 group of workers, which now pay 48% of the Federal Income tax! Which group are you in? Refer to the table below for a list of who pay what! Then there are those who claim that the present tax system is unfair to the lower class... HUH!! Most of the lower class, not only do not pay any Income Tax, but they are actually getting paid from the tax money taken from those who do, which is a redistribution of wealth! {And I thought it was an income tax; not a let 's take your money and give to someone else!} The last available IRS report showed that only 47% of the people who actually filed a Tax Return paid any tax! So Less that half pay even any thing at all.... " This Republic will only last until they the non producers {non wage earners} come to acquire by the vote what they the producers have! " Memories of Thomas Jefferson; 1808 This means that if this keeps up there will not be enough taxpaying citizens to support the lower half of non producing tax payers... BTW: Corporations do not really pay Taxes, they only collect it for the IRS, from their customers or users... DUH! Do you think we have about arrived at the end of the tax road for this country!? The answer is Yes, we are Broke!
Then a summery from NTU.org
Title: Tax the rich or the Fair Tax?
For more details go to http://www.babylontoday.com/national_debt_clock.htm What part of we are broke don't you understand? Johann W. Goethe: "None are so hopelessly enslaved as those who falsely believe that they are free." Add This Entry To Your CureZone Favorites! Print this pageEmail this page  Alert Webmaster
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