The MOTHER of All Problems!!!! ZOMBULATION
June 07, 2009
– Comments (6)
As we know, the top 20% of income earners pay OVER 80% of the taxes........the bottom 50% pay basically no taxes.
And many of those higher income earners paid taxes as a direct result of the credit bubble and now most have seen their incomes decline materially or evaporate and are left with HUGE DEBT including mortages and high property taxes.
We are certain this problem is very serious and dramatic because tax receipts to the Federal Government are DOWN 44% through April. If we imposed the deficit on the highest income earners in America who pay most of the taxes anyway....the top 20%......it would be about $200K per family simply to cover the deficit....for what its worth...the top 20% don't make $200K....so if we applied it to the top 10% of income earners........it would be $400K per family......and most of the top 10% don't make $400K........and if we applied it to the top 5%.........it would be $800K per family...which again is too much.....so the solution is simple.....let's tax the top 1% of income earners $1.6 Million per family and all should be fine.......for this year only.
The evidence bears out the middle class and higher income wage losses.....we have seen millions of higher paying construction jobs simply vanish, hundreds of thousands of Auto jobs....especially the Auto Dealers who paid a boat load of taxes, we have seen Airline workers wages cut 30-50% if you factor benefits, Real Estate and Finance Sales people who routinely made six figures are out of work or earning much less, Shopping Center and Commercial Real Estate Owners are facing tough times, Developers too......Tens of thousands of Wall Street Toxic Debt workers....Millions of Small Business Owners.......Eight million unemployed and 10 million part time workers who want to work full time....
Much of this process has been masked by a stable stock market and a media that pushes the same BS green shoots everyday.
Ultimately, the truth is the truth and it will eventually be known.......
It is not the poor being Zombulated in America.....they are doing just fine as long as the checks keep coming in.......it is the middle class and higher income earners......the people that pay taxes.......and now millions of ADDITIONAL unemployed are collecting checks while not paying taxes....the stress on the system is enormous.
So think about this....if the 20% responsible for 80% of the tax receipts are not paying taxes...or nearly as much taxes....and the remaining 30% responsible for the final 20% of receipts can't pay as much either......we have a serious problem....
There is simply NOT enough revenues coming in anymore to cover the MASSIVE and GROWING deficit....unless you start taxing the ASSETS of the American Citizens and not just the income....or you stop making payments to the poor who have no income alternatives.
As we are ZOMBULATING THE MIDDLE CLASS AND RICH IN AMERICA through business closures, job losses, wage cuts, and higher taxes...............in the not too distant future.....there will not be many qualified to pay taxes and we will be forced to tax everything they have because no forigner will want to finance a declining Welfare State when they have their own problems at home.
Now we havn't even addressed the impact of rising costs as we continue to devalue the dollar. Think about an environment where costs are rising and incomes crashing......
Welecome to Zombie Nation.....we must find a positive solution soon or there will be no solutions left....just do the math....it is very simple.
We are simply out of money.......We need change!!!!!
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