On January 1st Congress supposedly “avoided” going of the Fiscal Cliff. So much talk of this “dumb” cliff….can we instead just call it “Americans have repeatedly elected the same congressmen over and over who really have no clue about economics but are instead career politicians that have little experience or knowledge of the private sector and because of this we are in an incredible unavoidable crisis, because yes…we have placed morons in charge of our finances.”
That’s going to be my new definition of the Fiscal Cliff.
Just so everyone is aware…The tax hikes that have been combined with the spending cuts, could trigger another and possibly even greater recession! The fiscal cliff avoidance that took place on Tuesday only postponed catastrophe. Let’s clarify that postponing a problem is not fixing the problem. Two months from now lawmakers will have to face spending cuts and they will find themselves in a similar position — only this time-the debt ceiling will play a much larger role!
The ratio of tax increases in the plan approved is literally comical, when you compare the tax hikes to the spending cuts! The bill includes $620 billion in tax hikes and $15 billion in spending cuts.
So let’s just simplify this whole scenario….
1) We are in debt
2) We continue to pretend like we are not
3) Many believe that taxing the super wealthy will fix our debt problem
4) The wealthy already pay 3x’s what the average American pays in taxes.
5) Even if the wealthy paid almost 50% of their earnings in taxes it would only produce 400billion leaving us with a deficit of 1.1 trillion
6) The rich’s tax would have to be taxed 88% in order for the budget to be balanced, the average rich person makes 300,000 a year which in turn would bring the riches income down to 36,000 a year. So then the average rich household is now making less than the average household.
7) Ok so then the government decides to tax those making 100k a year in order to fix the deficit -that means if you make 50k and your spouse makes 50k you would be in this bracket and you would be taxed over half of what you make in order to fix this mess!
8) You tax the rich they no longer can afford to hire you
9) The truth…taxing the wealthy is NOT going to fix this problem!
10) The truth….we MUST cut spending
11) The truth…cutting spending is NOT fun…in fact it’s painful…but it’s what we HAVE to do!
12) The truth…if we don’t cut spending…our future and children’s future will suffer greatly.
13) The truth…look at Europe…it’s broke and in a terrible mess….they taxed instead of cut spending…it doesn’t work!
Begin to research on ways the government completely WASTES your money…and you will soon realize CUTS CAN and SHOULD BE MADE!
It’s time to wake up! Speak up and Speak out! Write your congressman/women…better yet elect a new one…one that has a clue about money and spending!
Sources used: http://www.learnliberty.org/playlists/debate-tax-the-rich-or-cut-spending