So, if someone makes $1,000,000 a year they pay 35% in taxes, or $350,000. They want to raise the tax rate to 55% so those people would pay $550,000 a year. That’s $200,000 more per year that would go to the government. Wouldn’t it be better for that 200k to be spent locally to help the economy? They could spend it going out to eat - keeping the restaurant open and it’s employees working. They could spend it at the health club - keeping it open and it’s employees working. They could spend it at the dress shop - keeping it open and it’s employees working. Then all those hard working employees spend their money on goods and services that they need (instead of collecting unemployment). Maybe thy would use the 200k to start a little business of their own - giving people jobs. Let’s not forget about the taxes those business pay and continue to pay if they stay open, as well as the taxes the employees pay. See how this works people? Maybe they could figure out a way to keep that 200k in your neighborhood instead of going straight to the government where you have no idea where it’s going. Think about it…
Things I saw in the side of the road today:
Police caution tape
An ear of corn
A big yellow bucket
In case you thought this was all goin to be about financial stuffy stuff…it’s not. Today is a post about an observation. I am currently in a little coffeehouse enjoying a java and a burrito and I’m noticing the family at the next table - mom, dad and two tween girls. Mom completely deconstructed her sandwich while complaining about the contents as did one of the girls. Dad, with the exception of removing the onions, ate his sandwich with no complaints, as did the other girl. It makes you think about what habits children learn from their parents. Did the deconstructing sandwich girl really dislike her food the way it was served, or was it a habit that she picked up from her mother?
This is a continuation of the previous post….
During the Clinton presidency, debt growth was almost zero. Johnson averaged 3 percent growth of debt for the 6 years he served.
During the 8 years Reagan was in office, the US went from being the world’s largest international creditor to the largest debtor nation.
The US national debt has more than doubled since the year 2000.
During the Bush presidency, at the end of 2000, the debt was $5.629 trillion…8 years later it was $9.986 trillion.
Under our current president, the debt has escalated to $15.3 trillion, a 53% increase over 3 years.
Thanks to Yahoo! Finance, here are a few facts for you to think about….
2012 US deficit = $1.33 trillion
2013 Proposed budget deficit = $901 billion
National Debt (amount borrow to fund the annual deficit) = $15.3 trillion
$1 trillion = $1,000 billion or $1,000,000,000,000
If you spend $1 every second, you would have spend a million dollars in 12 days. At the same rate, it would take you 32 years to spend a billion dollars…and more than 31,000 years to spend a trillion dollars.
Now, think of it like this:
The US national debt on Jan. 1, 1791, was just $75 million dollars. Today, the US national debt rises by that amount about once an hour.
Our nation borrowed money to finance the Revolutionary War. President Andrew Jackson tried to eliminate all federal debt. By Jan. 1, 1835, under Jackson, the debt was just $33,733.
and one more today….
Since 1938 the national debt has increased at an average annual rate of 8.5%. The only exceptions to the constant annual increase over the last 62 years were during the Clinton and Johnson administrations.
I’ll hit you with a few more in the next few days…..
See the full article on Yahoo! Finance - By Jill Schlesinger CBS MoneyWatch - Thu, Feb 16, 2012 4:44 PM EST
tumblrbot said: ROBOTS OR DINOSAURS?