Before we start on this 3rd and final segment on taxes, let's review our tally to date:
$90B tax revenue from the 30% Illusion. (posted on 2008.10.18)
$50B tax revenue from the 6% Profusion. (posted on 2008.10.21)
$80B tax revenue from the Final Circumfusion.
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$220B total tax revenue potential.
All of this is very achievable and there is nothing you can do about it- even if you know it is going to happen.
The last $80B comes from closing the tax loophole on 401K accounts and similar personal retirements accounts. Now, I am not suggesting that our government seize the $3T in personal retirement accounts like Argentina since I believe that our personal retirement accounts are protected under the Fourth Amendment of the US Constitution. I am saying however, that the tax preferences offered these accounts are costly to our country and a significant drain on government's ability to achieve wealth fairness.
As of now, Americans can contribute to private retirement accounts on a before tax basis- meaning that the portion that is contributed effectively reduces their Adjusted Gross Income and therefore their tax liability. In addition, gains are not taxed until money is withdrawn thus delaying revenue to the government and possibly reducing that revenue as the citizen is most likely to be in a lower tax bracket when they start withdrawing. All this must stop. We just can't afford this largess anymore.
Would you like some more tea?
You are communist.
ReplyDeleteI think you completely missed the point of this satire; so let me help you.
ReplyDeleteIf you want to give American's money you either print it or you get it from someone else.
I think we've done enough printing this year and I suspect that inflation will be the result. The proposed additional $300B tax rebate stimulus package either comes from printing more money, borrowing from countries that have money, or taking from existing citizens.
These are the choices and they are valid under any economic system.
However, if you are concerned about communism, may I suggest that you write your representive about your concerns associated with the US Government taking ownership positions in private companies like banks.
Too complicated for me, sorry. I don't get it.
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