I have to tell you this. After seeing Romney's 13% tax rate, I got a little angry. I pay more than that on a fixed income that isn't enough to pay the homeowners insurance on 2 or 3 of his 5 mansions. So Obama has opened with 1.6 trillion in new taxes spread over a decade. An absolute waste of time. Kabuki theater.
Let me break this down. That's 160 billion a year in new taxes per year. Whoopee. You are going to scratch your head when I tell you this....but get ready....
That entire amount, 1.6 trillion, will only pay 1.5 years worth of deficit spending in Obama's decade. So how are you going to fund the budget shortfall (or deficit) of 1.2 trillion per year if you only collect 160 billion extra per year? Where are you going to get the additional 1,040 billion a year you need to break even?
Or worse yet, how are you going to pay the 16.3 trillion you have already rung up that just sits there accumulating interest?
Answer, you can't. In fact, this new tax is like putting a band-aid on a dismembered body. Our country is completely and utterly bankrupt with no chance of digging out. We cannot repay what we owe. This whole thing is so laughable that it borders on complete insanity.
The greatest secret in the United States is that apparently the vast majority of citizens in this country cannot do basic math. This is coupled with terminal apathy. People are simply unconscious. When you lead a completely unconscious and apathetic life- you must pay the penalty. The penalty for being unconscious and apathetic is that you are going to find yourself with a third world standard of living and maybe sooner than you think.
You will know the end is near when the rich start buying gold in earnest. In the meantime, just sit back and enjoy this latest rendition of the leaderless group exercise.