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Since the entitlements will cost 3 trillion a year shortly...and we only take in 2.4 trillion a year in taxes...

You know something is going to have to give.

It won't be cutting benefits.....that is political suicide...

So it will be at least a 50% increase in federal taxes.

Figure out your IRA/401K deduction will vanish.

Figure out your mortgage deduction will be 'phased out'....

Figure that a new 10% VAT/National Sales Tax will HAVE to be put in place to 'save the country'.....

Then figure a 'one time' (joke joke) 1.5% tax on investment accounts/IRA/401K accounts.....on the current value when the tax is taken.

The year after they'll tax your employer paid health benefits out of 'fairness'....

And it will get worse from then on....

You've got about 8 years before taxamageddeon.


t.
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They really need to separate people over 65 getting Social Security and Medicare - because we have no choice. A lot of people in that 49% would have liked to have had other choices of what to do with their money.

arrete
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Since the entitlements will cost 3 trillion a year shortly...and we only take in 2.4 trillion a year in taxes...

You know something is going to have to give.

It won't be cutting benefits.....that is political suicide...
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Yes, i've already been seeing those sponsored ads on Facebook from AARP about how republicans want to cut back entitlements. The demonizing has begun. It's not going to be pretty in the coming years.
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Figure that a new 10% VAT/National Sales Tax will HAVE to be put in place to 'save the country'.....

When we were in Canada recently, I bought two sweaters that I liked. Paid the HST which made my hair stand on end. No more major purchases after that. Holy cow. A 10% VAT would almost equal the taxes on purchased goods in Canada.

In other news, Nova Scotia booted out the NDP (I think that's what it's called), while the liberal party gained the majority. That's like jumping from the fire into the frying pan. The major complaint was the hike in provincial taxes brought on by the NDP. And they think liberals will be more benevolent? The progressive conservatives managed to maintain a small minority. But that's an oxymoron is it not? Progressive conservatives?

We, in the USA, are in a heap of trouble presently and in the future as I feel we're headed in the same direction with no turning back.
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It's not going to be pretty in the coming years.

Music is your only friend
Un.....
til the end
Until the end
Until the...... ennnnnnnnnnd
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When it [bankruptcy] happens, it'll happen fast.
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Yes, i've already been seeing those sponsored ads on Facebook from AARP about how republicans want to cut back entitlements. The demonizing has begun. It's not going to be pretty in the coming years.


The Baron keeps getting Facebook sponsored ads from Social Security Disability Income Help... something about "If you're age 50 to 54 and unemployed, you can qualify for up to $2,533 a month in disability benefits even if you are still able to perform some slight sedentary work." Or something like that. Wonder if they're trying to tell me something...?

Just saw this sponsored ad... you'll like this one much better... it's from "Bacon Party" and reads, "It's National Dessert Day. In honor of this holiday, we give you the most delicious dessert in the land--Maple Bacon Doughnut Bars. "
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