Do you see that target forming? Oh wait, you probably can’t… it’s on your back.
An overwhelming majority of the general US populace polled by insists the government “keep its hands off Medicare.”
A smaller majority want to keep military spending intact. The only thing that gets majority support is raising taxes on incomes over $250,000 a year.
We’re all for it. But only if we enact legislation that completely dissuades people from innovating and starting new businesses while we’re at it. Let’s nationalize a few more industries too. We’ve already locked up mortgages and the auto industry… let’s shoot for oil and gas next.
If the US is going to go the way of Venezuela, we might as well get it over and done with.
One question: Can we shut down the borders to immigrants and trade any faster? We’re really getting impatient.
Assuming incomes over $250,000 were taxed at the rate they were a decade ago in 1999 – before those onerous Bush era tax cuts – the government could bring in another $70 billion in revenue per year, say number crunchers from the Congressional Budget Office (CBO). Such a measure would accomplish the following:
Overall revenue would grow a whopping 2.7% over the current $2.6 trillion
The deficit would be cut from a staggering $1.65 trillion to a far more manageable… $1.58 trillion
The tax increase would cover a huge chunk of the interest owed on the national debt – 17 cents out of every dollar!
Woohoo! Let’s get real about deficit reduction! Yeah! Like the mortgage-burning parties of old… let’s burn Treasuries… cuz we no longer need ’em! YEAH!!!!
(Oy. Remind us not to stay out too late on Tuesday evenings any more.)
Addison Wigginfor The Daily Reckoning
Addison Wiggin is the executive publisher of Agora Financial, LLC, a fiercely independent economic forecasting and financial research firm. He's the creator and editorial director of Agora Financial's daily 5 Min. Forecast and editorial director of The Daily Reckoning. Wiggin is the founder of Agora Entertainment, executive producer and co-writer of I.O.U.S.A., which was nominated for the Grand Jury Prize at the 2008 Sundance Film Festival, the 2009 Critics Choice Award for Best Documentary Feature, and was also shortlisted for a 2009 Academy Award. He is the author of the companion book of the film I.O.U.S.A.and his second edition of The Demise of the Dollar, and Why it's Even Better for Your Investments was just fully revised and updated. Wiggin is a three-time New York Times best-selling author whose work has been recognized by The New York Times Magazine, The Economist, Worth, The New York Times, The Washington Post as well as major network news programs. He also co-authored international bestsellers Financial Reckoning Day and Empire of Debt with Bill Bonner.
Do I smell a coup on the horizon?
Agreed. Let’s raise taxes on those making over $250,000. Most of the people making that much money got it because we bailed them out in the first place, now let them pay us back.
It isn’t Venezuela. It’s corporate Amerika.
You’re kidding right?
Democracy in action – the masses may not get what they want but most assuredly they will get what they deserve.
The USA is going to become communist after all. You just gotta love capitalism. Bring on the contradictions!
Most Americans still think we can go about business as usual. High income earners will hunker down, reducing their tax bills, invest abroad and hope for better days. Stagflation will injure the majority of Americans.
I own two small businesses that employ 15 total people. I will lay off 3 people to pay my tax increases.
Democrats play the Lose-Lose game so businesses have no choice.
Stop spending, you f***ing idiots.
100% tax is best. its the same as zero.
keep in mind income is a benefit derived from the public state. try redeeming private property instead.
whats the difference the rate when any “income” can easily balance w/ a deduction? taxation is voluntary. get a better accountant.
I’m not sure why we need to raise taxes. The Fed prints money right? Just have them print some they don’t give to Goldman. Maybe we could work out a percentage? 70% to Goldman, 30% to Medicare.
I say go further, no person on this planet should have a billion dollars. When you reach one hundred million you have to quit your business and retire. You cannot be in politics and you cannot run a business until your wealth is down to 50 million. Then you will see innovation and creation from people, since mostly evil ultra wealthy will not be able to suppress them. Stop taxing all together, capitalism cannot function without a strong socialist base, unless you enjoy slavery capitalism and fraud
increasing until anarchy reigns. The ultra wealthy are the parasites and after they destroy the middle class you idiot millionairs wil be next.
Hilarious… Good post!
The author is living in LaLa Land. All of the proposed deficit cutting measures will one day have to happen. Does he believe that it’s politically possible without cut increases to the wealthy?
Most likely sceanario of course is inflation until anarchy takes over.
Obama will never institgate a coup, unless of course, the Amerikan Oligarchy tells him to do so.
I do like Fred’s idea. Give 30% of all the money being printed to the old folks, and the Oligarchs can have the other 70 percent.
The average person of ambition must see that it’s next to pointless to work hard to get ahead – since they’ll tax you to make sure you stay powerless and dependent anyway.
So hey, let’s all let the other guy do the work… What’s that? There is nobody left?
Wonderful world to live in. We’ll be human cattle. maybe the elites who never PAY the taxes they inflict on us can just “soilant green us” while they’re at it.
What ever happened to the Free Born American?
Who’s business is it what I make anyway? What I earn belongs to me and to no one else.
Next month, for major countries will become full members of the Shanghai Cooperation Organisation (SCO). That will increase the population of SCO member states to 3.05 billion. But why should you care? As Alasdair Macleod explains, this move could have a very important impact on the US dollar. Read on...
Precious metals get a bad rap from most investors. But in the midst of so much central bank money creation, they still provide an excellent hedge against inflation. Dan Amoss relays one great investment idea in this sector with plenty of upside potential as precious metals look poised for a significant comeback. Read on...
Over the last two years, few innovations have had as big of an impact as 3D printing. But as important as this technology has become, one new tech story is about to leapfrog over it. And as Wayne Mulligan explains, early investors in this new innovative technology could make a fortune by getting in early...
Traveling the world can be expensive. Between airfare, dining costs and hotel accommodations, travel expenses can add up quickly. And the last thing you want on your vacation is to be stretched too thin. Chris Campbell explains how you can eliminate one of the biggest travel expenses entirely, with one simple trick. Read on...
The S&P finally closed above 2,000 yesterday - a new all-time high. And that has some investors comparing it to the heady days of the late 1990s, when the S&P soared through 1,000 and didn't bother to look back. But as Greg Guenthner explains, that run up wasn't without its pitfalls, and this one won't be either. Read on...
The fall of the US dollar-based monetary system will happen much like Hemingway's description of how one goes bankrupt: "gradually, then suddenly." And, as Dave Gonigam explains, when the inevitable finally happens, there's one group of investors who will be happy they listened to folks like Jim Rickards. Read on...