By Romain Hatchuel Dec. 3, 2013
Between ObamaCare,
Iran and last quarter's uptick in U.S. economic growth, taxpayers these days
may be distracted from several dangers to come. But households from the United
States to Europe and Japan may soon face fiscal shocks worse than any market
crash. The White House and New York Mayor-elect Bill de Blasio
aren't the only ones calling for higher taxes (especially on the wealthy), as
voices from the International Monetary Fund to billionaire investor Bill Gross increasingly
make the case too……. For the U.S., it is 56% to 71%—far more than the current
45% paid in federal, state and local taxes by those in the top tax bracket. The
IMF singles out the U.S. as the country where raising top rates toward 70%
(where they were before the Reagan tax cuts) would yield the most
revenue—around 1.25% of GDP. And with a chilling candor, the IMF admits that
its revenue-maximizing approach takes no account of the well-being of top
earners (or their businesses)…..To Read More…..
My Take - And
what happened to all the money the IMF has thrown away up until this 'crisis'?
In large parts of the world it all went to corrupt leaders and their minions.
In these western countries who have taxed themselves into an economic malaise
they now insist they need even more money to 'balance' their debt. If these
people get the money they are demanding they will do the same thing with this
new revenue as they did with the old. Waste it an overspend! The one thing they don’t address in this
article is the assumption they will actually get the amounts they are
claiming. They won’t! Then what?
You will notice that spending cuts aren’t part of the equation. And that is where the real solution starts,
and since they refuse to do that….there is no solution….and the problem will
become so great global bankruptcy is clearly in the offing.
No comments:
Post a Comment