The Springfield Paper | “Defining Moments, the Thought Process”

Friday, 18 May 2012

“Defining Moments, the Thought Process”

WRITTEN_BY Steve Temple
Wednesday, 18 August 2010 09:30
font size decrease font size increase font size
Print
Email
Be the first to comment!

Rate this item

1
2
3
4
5

(0 votes)

Taxes The Largest Transfer Of Your Wealth. . . Are You Financing Your Future, Or The Government’s? A common definition of the word “tax” might be: “A contribution for the support of a government, required of persons, groups, or businesses within the domain of that government.” “A burdensome or excessive demand, a strain.” The only power an elected official has is his ability to spend money, our money.

The one thing the government does well is collect taxes. The problem is they spend more than they collect.

The government now spends a majority of its time trying to raise revenue through taxes in order to continue their increased spending.

Forty percent of your income now goes to some form of tax, which is more than the average family spends on food, clothing and housing.

According to a study conducted in 1996 by the Family Research Council, since 1948 for a family of four with an average income, Federal tax rates are up 1,250%.1

Over the past 10 years, state and local government taxes have increased faster than national incomes. Overall, we are now being taxed at a higher rate than when we threw tea into the harbor, with no end of increases in sight.

Now include the understanding of the demographics of our nation, and that light at the end of the tunnel is not a ray of sunshine, but a train coming our way and we’re on the tracks.

Next week I will continue this discussion on wealth transfers.
_________________

1Michael Hodges, Tax Report - A chapter of the Grandfather Economic Reports, April, 2002, at <http://mwhodges.home.att.net/tax.html>

Read 183 times

Published in Today's Lifestyle

Social sharing