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"The bill is far too big for only the rich to pick up. There aren't enough of them. America will have to lean on citizens far below the $250,000 income threshold: nurses, electricians, secretaries, and factory workers. Within a decade the average household that pays income tax will owe the equivalent of $155,000 in federal debt, about $90,000 more than last year. What the Obama administration isn't telling Americans is that the only practical solution is a giant tax increase aimed squarely at the middle class. The alternative, big cuts in spending, aren't part of the President's agenda. To keep the debt from wrecking the economy, the U.S. would need to raise annual federal income taxes an average of $11,000 in 2019 for all families that pay them, an increase of about 55%. "The revenues needed are far too big to raise from high earners," says Alan Auerbach, an economist at the University of California at Berkeley. "The government will have to go where the money is, to the middle class." The most likely levy: a European-style value-added tax (VAT) that would substantially raise the price of everything from autos to restaurant meals."
"America will have to lean on citizens far below the $250,000 income threshold: nurses, electricians, secretaries, and factory workers."....A broken promise. It doesn't get much worse than this.
Last edited by PatriotsReign; 06-09-2009 at 09:37 AM..
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"The bill is far too big for only the rich to pick up. There aren't enough of them. America will have to lean on citizens far below the $250,000 income threshold: nurses, electricians, secretaries, and factory workers. Within a decade the average household that pays income tax will owe the equivalent of $155,000 in federal debt, about $90,000 more than last year. What the Obama administration isn't telling Americans is that the only practical solution is a giant tax increase aimed squarely at the middle class. The alternative, big cuts in spending, aren't part of the President's agenda. To keep the debt from wrecking the economy, the U.S. would need to raise annual federal income taxes an average of $11,000 in 2019 for all families that pay them, an increase of about 55%. "The revenues needed are far too big to raise from high earners," says Alan Auerbach, an economist at the University of California at Berkeley. "The government will have to go where the money is, to the middle class." The most likely levy: a European-style value-added tax (VAT) that would substantially raise the price of everything from autos to restaurant meals."
"America will have to lean on citizens far below the $250,000 income threshold: nurses, electricians, secretaries, and factory workers."....A broken promise. It doesn't get much worse than this.
You seem like a pretty bright guy. What about Barry made you believe what he said?
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it is simple...............the current administration will spend the country into a hole so deep that jacking the taxes FOR EVERYONE will be the only answer........and then once that is done, the taxes are here to stay, pretty much like every other tax that has ever been introduced
I'm interested in the sale of $65 Billion of US Treasuries that is going on today. Will it push up interest rates?
And now the price of oil is rising - quickly.
With unemployment rising, look for state and federal income to be notably lower than budgeted for - this year's federal deficit will be well over $2 trillion.
What number will the teleprompter declare when Obama announces the number of jobs "saved"?
Then add of the push for socialized medicine and cap and trade. Lovely
And the commercial real estate market will soon implode. There hasn't been much news on this yet, but the default rate is already rising and has reached its highest level in 15 year - it will get much worse.
Good news though - I just saved a lot of money on my car insurance.
We're obviously at the point now where there's no going back. It's like me owing $1M on my credit card and getting a second job to try to pay it off. I could work 24/7/52 and still not touch it. Same with the feds now. Starve the Beast (dramatic cutting of real dollars spent) is the only way out and that's not going to happen.
As ljuneau said, income tax receipts will be going down. As will property tax. As will gas tax receipts as that's a tax per gallon, not per mile, and we're being encouraged to get more fuel efficient cars.
I think cap and trade will go down in flames because the Dems will start to get nervous about 2010 - and rightly so. I think healthcare reform won't happen but a much smaller amount will be spent to fill the holes. I think the Dems are going to get very nervous about more spending because they'll look ahead to 2010 and not be able to answer the questions of the deficit and debt expanding by almost an order of magnitude.
The crap that this "Lousy President" and the dirty "Democrat Congress" are going to get us into is a good thing because by the time 2012 rolls around every democrat in the country will be voted "OUT" and the dirty socialist left wing bastards won't be in control of anything for the next 100 years, Europe just started kicking their "Lefty's" out last week, good for them.
NO MORE POLITICALLY CORRECT POSTER BOY PRESIDENTS
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Harry Boy (Genius)
In The Absence Of Law And Order Society Will Surely Destroy Itself
"The bill is far too big for only the rich to pick up. There aren't enough of them. America will have to lean on citizens far below the $250,000 income threshold: nurses, electricians, secretaries, and factory workers. Within a decade the average household that pays income tax will owe the equivalent of $155,000 in federal debt, about $90,000 more than last year. What the Obama administration isn't telling Americans is that the only practical solution is a giant tax increase aimed squarely at the middle class. The alternative, big cuts in spending, aren't part of the President's agenda. To keep the debt from wrecking the economy, the U.S. would need to raise annual federal income taxes an average of $11,000 in 2019 for all families that pay them, an increase of about 55%. "The revenues needed are far too big to raise from high earners," says Alan Auerbach, an economist at the University of California at Berkeley. "The government will have to go where the money is, to the middle class." The most likely levy: a European-style value-added tax (VAT) that would substantially raise the price of everything from autos to restaurant meals."
"America will have to lean on citizens far below the $250,000 income threshold: nurses, electricians, secretaries, and factory workers."....A broken promise. It doesn't get much worse than this.
Really
Do you mean all that money they spent was real
We really have to pay it back
I just thought we were gonna just get a bunch of free *****.
Last edited by Patriot_in_NY; 06-09-2009 at 10:53 AM..
"The bill is far too big for only the rich to pick up. There aren't enough of them. America will have to lean on citizens far below the $250,000 income threshold: nurses, electricians, secretaries, and factory workers. Within a decade the average household that pays income tax will owe the equivalent of $155,000 in federal debt, about $90,000 more than last year. What the Obama administration isn't telling Americans is that the only practical solution is a giant tax increase aimed squarely at the middle class. The alternative, big cuts in spending, aren't part of the President's agenda. To keep the debt from wrecking the economy, the U.S. would need to raise annual federal income taxes an average of $11,000 in 2019 for all families that pay them, an increase of about 55%. "The revenues needed are far too big to raise from high earners," says Alan Auerbach, an economist at the University of California at Berkeley. "The government will have to go where the money is, to the middle class." The most likely levy: a European-style value-added tax (VAT) that would substantially raise the price of everything from autos to restaurant meals."
"America will have to lean on citizens far below the $250,000 income threshold: nurses, electricians, secretaries, and factory workers."....A broken promise. It doesn't get much worse than this.
Cheer up guys, could always be worse! We will make it though theses times, just going to take alot of hard work and sprinkle a little faith and love on top we should be gtg.
Cheer up guys, could always be worse! We will make it though theses times, just going to take alot of hard work and sprinkle a little faith and love on top we should be gtg.
Really. If your wife spent $1M would you feel the same way ? Sorry but the numbers are getting too big, they just don't add up to "getting through it".
We have been betrayed by our gov't
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