Listen Carefully, Choose Wisely
The cost of energy and groceries is hitting every American family right between the eyes. Once Sniper-Gate and Reverend-Gate fade, the economy will emerge as the primary issue in the general election.
The outcome of the fall election will determine the direction of the government’s intervention and cure. The timeframe for withdrawal from the Iraqi battlefield is barely divisive compared to the substantial differences in the fiscal remedies offered by the Democratic and Republican candidates.
Choose wisely! The platitudes and political pandering we hear prior to the fall election will be cemented to your family budget in 2009.
Don’t let the candidates insult your intelligence. Every prescription touted for your economic salvation, if enacted, will be paid with your tax dollars—or be added to the national debt.
On average, state, county and town governments siphon off about 24% of a family’s earnings. Families with incomes under $90,000 send 7.65% to of their gross income to the federal government for Social Security and Medicare.
Thus, about 32% of a family’s income evaporates before one penny is claimed for federal excise and income taxes. Now take a careful look at your last pay stub. How much more do you want withheld for the care and feeding of government entitlements?
The federal tax burden has increased 60% since 1965. Last year
The politicians pretend it’s a big deal when federal spending patterns predict a balanced budget in three to five years. That means in three to five years they can pay the bills they have incurred, plus the $400 billion required to pay the interest on the national debt.
In the meantime, the national debt keeps growing, which depreciates every dollar you earn.
Now, let’s pretend that the candidate of your choice is sincere when he/she promises the trillions of dollars required for the new programs he/she is advocating will be paid by the other guy.
Then listen carefully! There is a mighty good chance that this is the same candidate that is recommending higher taxes on your 401K, higher taxes for natural resource consumption (electricity, heating oil, water), and tax penalties on homes over 2400 square feet.
This could be the same candidate that wants higher capital gains taxes on stocks, mutual funds and IRAs, higher corporate taxes which increase the cost of the goods and services you buy, and higher taxes on gasoline.
It’s possible that this candidate wants the Bush tax cuts to expire, and is willing to kick a solution for fixing the Alternative Minimum Tax into a dark corner.
Now look in the mirror. If you can tell yourself that your taxes won’t increase if Senator Clinton or Senator Obama is elected, it means one thing. You don’t live in the United States.
Labels: 2008 election, national debt, taxes, US economy
