I'm Back...
Ok, I’ve been offline a bit, but now I’m back. It’s the day after “tax day” and I’m still scrambling to get money in my account to cover the shortfall from last year, plus my estimated taxes for the first quarter. My marginal tax rate for state and federal income taxes currently sits at 45%. Factor in all the other taxes each of us pay, whether it be for gas, cigarettes, social security, etc, and you come up with an even higher number. I can’t imagine what it’s going to be like if some of what’s being proposed gets inacted for future tax years.
The progressive nature of our tax system penalizes you for being successful and growing your income. If you aspire to never earn more than $50,000 per year, our current tax system works great for you. Indeed, most people in this range pay little to no federal income taxes. Under the proposed tax cuts from the current administration, almost half of all Americans will pay NO federal income tax. As government spending, which has been out of control for years, grows even more outrageous, the number who support this spending will pay even more. Those who don’t have to support this spending grow indifferent to massive increases as they mistakenly believe it won’t affect them.
Let me tell you why they are wrong. Instead of focusing on growing my business by adding more employees and making more investment, I have to focus on how I’m going to cover my future tax bills which will certainly grow in the years to come. That means fewer jobs in my company and fewer tax receipts for teh government.
As spending goes unchecked by these individuals our government wracks up incredible debt which has to be paid back…by their kids and grand kids. An estimate puts the annual interest expense on the balooning deficit in excess of $100,000 per year, per person, in this country…and that’s just for the intereest.
We are on the verge of heading down a path of national bankruptcy based on current plans outlined by Obama. People need to rally to stop this madness.
