Use access key #2 to skip to page content.

alstry (36.24)

Should we DOUBLE or TRIPLE Income Taxes?

Recs

10

May 09, 2011 – Comments (3)

Right now our deficit is about $1.6 Trillion. 

Income tax receipts are about $900 Billion.

If we were to simply kee government spending the same, we would need to TRIPLE income taxes to balance the budget.

OR

If we cut $1.6 trillion in spending, tax receipts to government would be cut by about $500 Billion and the nation would be in a Depression as at least 25 million people would lose their jobs.  In order to make up for the loss of tax receipts, we would need to DOUBLE everyone's taxes.

So what do you think we should do, put the nation into a DEPRESSION and only DOUBLE everyone's taxes....or should we keep government spending the same, the economy limping along and TRIPLE everyone's taxes.

OR

Start a major war, invoke the Force Majeure clauses and void most contracts, and require everyone to work for free or near free as the world kills each other trying to figure out who is entitled to control the other's production?

The choice is yours at this point....or your government(s) will make it for you one way or the other.

Greenspan 'betrayed' Ayn Rand and ruined economy: Rand Institute President

3 Comments – Post Your Own

#1) On May 09, 2011 at 12:54 PM, chk999 (99.97) wrote:

I went to the Home Depot Sunday to buy some moldings and mulch. The parking lot was so full I had to park across the street in the parking lot of a business that isn't open on Sunday. There were long lines at the checkout counter and the merchendise was flying out the door.

The market for junk bonds is doing well. http://www.msnbc.msn.com/id/42949267/ns/business-personal_finance/

There is more http://finance.yahoo.com/news/Consumer-borrowing-turns-cnnm-3425582053.html consumer credit than there was. 

Report this comment
#2) On May 09, 2011 at 1:46 PM, alstry (36.24) wrote:

Everything was going great in the housing bubble as well....until the pretending lending came to an abupt ending.

It will be no different this time around.....just like homeowners couldn't borrow 10X their incomes....how long do you think government can borrow 3x income tax receipts.....

Think of Greece as the second subprime collapse after Iceland.....

But this time there is no nation big enough to bail out the global collapse...

Report this comment
#3) On May 13, 2011 at 3:38 AM, guiron (23.12) wrote:

Screw Ayn Rand and the horse you rode in on.

Report this comment

Featured Broker Partners


Advertisement