General Tax Topic – Taxes and the Dwindling Middle Class
There have been quite a few promises made by politicians recently about how the government is going to pay for all the money they have been spending. A lot of the talk has centered around the income earnings levels of $ 250,000 or more; in that president Barack Obama and many of the members Congress have said that those that make below $ 250,000 annual per household will not be taxed to pay for everything that the government is planning and has promised.
However, as good as this sounds that promise cannot hold forever, and they are already planning to tax alcohol, cigarettes, soda pop, and many other things at exorbitant rates. It’s not just about income tax, there will be taxes and increased fees on just about everything.
There is no other way to pay for it. The more you increase the taxes on the wealthy class the fewer wealthy people there will be, and therefore, you have to start taxing the middle class. As you tax the middle class, you will find that there will not be anybody left in the middle class.
Did you know that tax receipts decreased in percentages equal to 1932 in the US, so things are pretty serious indeed from a collection standpoint, and yet, the government continues to spend as if they are at the all-time-high of revenue income from taxes.
Something has to give, unfortunately, it’s probably going to be the middle class, and with the coming inflation, hold on to your hats, as quality of life is diminished and your current standard of living is difficult to keep up.
Now, I am not trying to scare anybody, and this is not a political hit piece on any particular politician or political party, and yes, you’ve probably figured out that I’m a fiscal conservative, and yet, it’s time to tell the American people the truth about taxes and the dwindling middle class in America. Please consider all this.
