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Wednesday, December 01, 2010

Economic Education

Okay - I realize that I more than likely got the spelling of some people's names wrong in this posting ... I spelled the names 'phonetically' so I apologize for any major blunders ... hopefully I will be able to find some time to correct them later.
Just wanted to say ... no offense intended in any way with the mispellings (unlike I'm-a-dinner-jacket, which I have no interest in knowing how to spell that nut-job's name correctly)
Wondering why the US Congress can't get stuff going to shape up the economy?

Because no one wants to give you their ideals .... even though they aren't that far apart.

Right now there are three different plans on how to cut the deficit and save the country from financial ruin .... they need 14 out of 18 members on the committee to decide which plan to take up to the WH and recommend it to the President.

#1 : Liberal Plan (from the IL congresswoman) ... Tax & Spend
  • Close Tax Loop Holes
  • No relief for corporate taxes
  • Social Security taxes go up
  • Estate taxes go up
  • other taxes go up
#2 : Center Plan (Simpson & Bowles) ... 9-year plan
  • Close Tax Loop Holes
  • Lower Corporate Taxes
  • Cut Federal Spending (over next 5-7yrs)
  • Gas Tax up by another 15cents
#3 : Center Right (Rifkin/Domaniche) ... National Sales Tax plan
  • Close Tax Loop Holes
  • Cut Federal Spending
  • Lower Corporate Taxes
  • V.A.T of 6.5% (the people pushing this admit that after the deficit is reduced or gone, they have NO plans to repeal this tax ... it will be FOREVER)
So what became of the meeting between the incoming-GOP senate powers & the President?

They've decided to form a committee and have another meeting ...

chances are ....

taxes will be going up for EVERYONE to the level (perhaps higher) than they were when Bush first got into office ... and if you forgot what that was like ....

we were in a recession after Clinton ... Enron zapped people pensions in a blink  ... but it was brought under control within 6 months of Bush taking office - and then about a year later we were hit by 911, and we've had a shaky economy since. 

of course ... don't expect the media to ever remind you of that ... Obama has been in power now for two years, the dems had been in charge of both House & Senate for at least 4 yrs ... and we're screwed.

Now I'm in favor of a National Sales Tax .... but ONLY if it ELIMINATES the Federal Income Tax ... gone completely forever.

Otherwise - its double taxing income, if you ask me ... and that is unconstitutional!

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