We need to raise taxes on the top 1.4% of tax payers by almost 50% to pay for all of the new debt we are taking on. That raise would allow us to tread water, but not pay down additional debt. So how does this work?
I'll tell you how it works, we redefine the word wealthy. Here are a few attempts:
- If you have a job, you're wealthy
- If you every had a job, you're wealthy
- If you have children, you're wealthy
- If you can see out of at least one eye, you're wealthy
You're taxes are about to go up, and not just a little. States are raising every fee they can (vehicle registration, inspections fees, camping fees, etc.) due to budget shortfalls. The federal government is about to raise income tax, medicare, and social security rates. But don't worry, you can afford it, you're wealthy.
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