9.09....Death By Taxes
September 19, 2009
– Comments (12)
Soon many Fools will learn...in order for America to function close to where we are now...we will very soon have to be taxed 100% of our income and assets...it is not the end of the world....simply the math.
As pensions evaporate....the more and more will be fired as there is less and less to pay.
SAN DIEGO — The city of San Diego will have to make a full pension payment next year — estimated at $225 million — after pension officials voted against a plan that could have eased the city's financial burden.
The pension board voted 10-2 Friday to not make any changes to its retirement calculations.
The move was applauded by those in city government who did not want to repeat past mistakes in failing to save for promised pension payments.
The changes being considered would have lowered next year's payment by $31.6 million and saved the city nearly $100 million over five years. Those short-term savings would have been offset by much higher payments in later years.
A spokesman for Mayor Jerry Sanders said the $31.6 million represents about 300 to 400 city jobs that may have to be cut to balance the budget.
http://www3.signonsandiego.com/stories/2009/sep/18/city-san-diego-will-have/
As more and more get fired.....unemployment insurance will simply get too high for many employers to sustain many employees.
Dramatically higher unemployment insurance taxes set to go into effect in April could mean employers will have less money to hire new workers or give out raises, according to several business leaders.
The state said this week it will raise the tax employers pay from an average of $90 per employee per year to $1,040. The increase was triggered by a severe decline in the state's unemployment insurance trust fund, which pays out benefits to workers who have lost their jobs.
http://www.honoluluadvertiser.com/article/20090919/NEWS01/909190336/Hawaii+businesses+rocked+by+skyrocketing+unemployment+tax
1100% tax increase with only a 7.2% umemployment rate....total confiscation is not too far away?
As costs get too high to hire employees, cities run out of money.....soon most will get fired....even those who have been around for a long long long long long time.
NEW YORK, Sept 18 (Reuters) - Thelen LLP, a U.S. law firm that once had more than 600 lawyers, said it filed for Chapter 7 bankruptcy liquidation after Citigroup Inc (C.N), a large creditor, cut off needed funding.
The 85-year-old firm said Citigroup "is no longer willing to advance funds for the cost of collection and (to) wind down operations," or to fund the costs of a Chapter 11 proceeding, according to a filing on Thursday with the U.S. bankruptcy court in Manhattan."
http://www.reuters.com/article/bankruptcyNews/idUSN1825582420090918
As much gets shut down....most will get poorer and poorer and poorer.
The incomes of the young and middle-aged — especially men — have fallen off a cliff since 2000, leaving many age groups poorer than they were even in the 1970s, a USA TODAY analysis of new Census data found. People 54 or younger are losing ground financially at an unprecedented rate in this recession, widening a gap between young and old that had been expanding for years.
http://www.usatoday.com/news/nation/census/2009-09-17-young-people_N.htm
Soon you will understand, no one escapes Zombulation.......NO ONE!!!! When the Zombulator cuts off credit.....few will generate revenues enough to survive......as more and more shut down.....government will have fewer and fewer to tax....until they have to tax everything left.
We are now two years into the process of systematic Zombulation....where worse is better that expected. Soon you will learn after a long enough time frame, it can't get any worse as it keeps getting worse......no matter what was expected.....unless we restructure.
Remember, when you have cancer and you are reading the ticker of the EKG...by the time it hits the ticker....its too late....unless we restructure.
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