Economic Collapse – Is there a magic bullet?
It’s not INCOME tax we need to look at raising so much, as the top 5% only EARN 19% as income. We need to raise the Capital Gains tax rate! By means of “trickle down” economics this rate went from 70% to only 15% almost overnight! I believe that the ultimate system of Government would have NO taxation, but since we’re stuck with one that does for now… WHY IN THE WORLD DID THE GOVERNMENT SHOOT ITS OWN FOOT BY GIVING AWAY ITS PRIMARY SOURCE OF REVENUE TO PAY ITS OBLIGATIONS? Duh, the laws were purcha$ed! Consider this analogy:
Let’s say I have some property that has oil, and the revenue from that oil is exactly enough to pay all my bills and has done so for many years. Now the oil is distributed unequally on the property and 95% of the land requires a lot of work to extract it. The other 5% of the land just bursts with oil that is easy to extract and it produces as much oil as the 95%. One day the president of Big Oil Company drops by and asks me to sign over the rights (in written contract) to 60% of the oil I’m extracting from the most productive land. In exchange, Big Oil Company promised (with no written contract) to increase the productivity of the 95% to make up the difference. Guess what… we took that deal! Of course Big Oil Company had not only broken their promise to increase the productivity of the 95% but they actually reduced it by re-investing their newly found profits into extracting more oil, but in other countries where it was much cheaper. Our debts were piling up because we never changed our budget to accommodate the loss in revenue, so we decided to get a Big Oil Company Credit card to pay the bills. We’ve been using that credit card for 30 years now. Essentially the Republicans are to blame for giving away the revenue and the Democrats are to blame for using the credit card. Neither is necessarily worse, but both are extremely flawed.
Here’s a few disturbing facts:
In 1980 5% of the population owned 8 trillion dollars
Today that same group owns 40 trillion dollars
That’s more wealth than the entire human race had created prior to 1980
The top 1/2 of 1% own more wealth than the bottom 50% combined
The interest alone on the national debt was $110.50 per month for every person in your house
At this point there is NOTHING we can do to avoid the explosion of the dollar except take back the “oil from Big Oil Company” (IE remove the Trickle Down tax breaks). When the debt is paid and the slate is clean we can look at things like getting rid of the Fed or the IRS, but until then we’ll continue to dig this bottomless pit, better known as our own grave.
=Dave
- If you want change vote for anyone you want to, just not a Democrat or a Republican
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