BRACE YOURSELF... because the mother of all tax increases is on the way. I say this because the mother of all government bail outs has just happened, and somebody will have to pay for it. Get ready people it’s going to get ugly, eerily similar to the crash of 1929. We have the dark clouds of international tumult with Russia invading democratic Georgia, China gaining strength, Iran and North Korea becoming nuclear, Venezuela using it’s oil money to buy Russian arms and hostin
g Russian forces, tens of millions of radical Islamic fascist bent on our destruction, not to mention that most of our petroleum (the life blood or our economy) is coming from our enemies.
Back to taxes. Our country had no personal income tax until 1913, when the 16th Amendment was added to the constitution. At that time the lowest bracket paid 1% and the top bracket paid 7%. Under current tax codes the lowest bracket pays 10% and the top bracket pays 35%. Today those who make above $153,542 (top 5% Annual Gross Income) pay over 60% of the total taxes paid. By contrast those who have an Annual Gross Income of less than $31,987 pay less than 3% of total taxes paid. So in essence those who pay 3% of the bills (the majority) can vote into office politicians who will force those who pay 60% of the bills (the minority) to pay even more.
g Russian forces, tens of millions of radical Islamic fascist bent on our destruction, not to mention that most of our petroleum (the life blood or our economy) is coming from our enemies.Back to taxes. Our country had no personal income tax until 1913, when the 16th Amendment was added to the constitution. At that time the lowest bracket paid 1% and the top bracket paid 7%. Under current tax codes the lowest bracket pays 10% and the top bracket pays 35%. Today those who make above $153,542 (top 5% Annual Gross Income) pay over 60% of the total taxes paid. By contrast those who have an Annual Gross Income of less than $31,987 pay less than 3% of total taxes paid. So in essence those who pay 3% of the bills (the majority) can vote into office politicians who will force those who pay 60% of the bills (the minority) to pay even more.
and the bottom 3% get to shake down the rich.
You may not care that the rich get fleeced, and are considered evil and vile, until they lower the tax brackets, and come for you. During World War II (1944-45) the bottom bracket was at 23% and the top bracket was at 94%. Let me ask you, if the government started taxing 94% of your income what would you do? What do you think would happen to businesses? If you don’t think that could happen, think again. Look at what happened this week with the 600 billion dollar (will probably end up as 2 trillion dollars) bail out. Overnight without a vote, one man controlled the financial destiny of 300 million people.
You may not care that the rich get fleeced, and are considered evil and vile, until they lower the tax brackets, and come for you. During World War II (1944-45) the bottom bracket was at 23% and the top bracket was at 94%. Let me ask you, if the government started taxing 94% of your income what would you do? What do you think would happen to businesses? If you don’t think that could happen, think again. Look at what happened this week with the 600 billion dollar (will probably end up as 2 trillion dollars) bail out. Overnight without a vote, one man controlled the financial destiny of 300 million people.
"Government is not reason; it is not eloquence. It is force. And force, like fire, is a dangerous servant and a fearful master."
George Washington
"I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a moneyed aristocracy that has set the government at defiance. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."
Thomas Jefferson
"If the American people ever allow private banks to control the issue of currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered."
"I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a moneyed aristocracy that has set the government at defiance. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."
Thomas Jefferson
"If the American people ever allow private banks to control the issue of currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered."
Thomas Jefferson
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