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Politics : Welcome to Slider's Dugout -- Ignore unavailable to you. Want to Upgrade?

To: Eva who wrote (18337)	7/31/2009 3:27:31 PM
From: SliderOnTheBlack	7 Recommendations Respond to of 50210

re: ["Just for information purpose, Canada's highest tax rate is 50%, been that as long as I remember, and the country is doing OK, ( as much as I can see)"] Canada didn't just have their Central Bank steal $23.4 trillion dollars, and they don't have $90 trillion dollars of debt, deficits, and unfunded liabilities. With the US economy already in crisis, an increase of 20% in income taxes would crater an already deeply troubled economy in which 70% of GDP comes from consumer spending. A US consumer who came into this crisis with record debt levels, and a negative savings rate, can't pay his current taxes, let alone additional taxes. And a hike in the federal tax rate is just the beginning... Cities, Counties, and States are hiking taxes because their tax revenues are collapsing and they're going the way of California. Property taxes will go up. Excise taxes will go up. They're already raising taxes on cigarettes and alcohol. New York City just raised something like 50 different taxes and fees. And then there's Cap & Trade... Not just utility bills... but mandatory inspections and compliance for remodeling, and before buying/selling any home. And this hike proposed by Obama to 45% is only the start. The CBO said top rates would need to go to 88%. And more importantly, it said corporate taxes would need to go to that level as well. And it said - that would be infeasible, because the economy would collapse. $90 trillion that grows with the power of compound interest, is an inescapable death sentence for America. The CBO said as much. There are only a limited number of solutions. -- A Soviet style authoritarian state with predatory taxation, and "wealth confiscation", seizing private assets. -- World War III -- Hyper Inflation -- Default on US Treasuries -- Default and/or massively reduced payments on Social Security/Medicare -- Massive Depopulation which eliminates unfunded liabilities of SS/Medicare They've not solved the derivatives problem. 12-14 of the largest 20 US Banks are broke & only legalized Enron accounting is keeping them on life support. Health care will hurt small business and cost jobs. Cap & Trade will literally become the knife in the heart of what's left of the US's industrial base. And Obama isn't done spending... His Education plan (largest in history) is coming, and his Domestic Security Force to be "as large and as well funded as the Military" is also coming. How do we "equally" fund another military when we can't fund, or afford the one we already have? Denial is not an option. Postponing the inevitable with more debt is not a solution, it's a nightmare. SOTB