Monday, April 20, 2009

Future Tax Liabilities

I find the current stance of the President and his Administration very disingenuous surrounding tax implications.

First, a few key excerpts from the article Obama aide takes dim view of anti-tax tea parties:

A top adviser to President Barack Obama takes a dim view of last week's anti-tax "tea parties," promoted by organizers in the spirit of the Boston Tea Party.

"The thing that bewilders me is this president just cut taxes for 95 percent of the American people. So I think the tea bags should be directed elsewhere because he certainly understands the burden that people face," David Axelrod said Sunday.

Axelrod was asked on CBS' "Face the Nation" for his opinion on what the show's host described as "this spreading and very public disaffection with not only the government, but especially the Obama administration."
Here's the obvious problem with the Presidential sleight of hand: It is a myopic, here-and-now examination of tax burdens and does not evaluate out into the future the detrimental impact of current actions.

Our government is essentially calling the American taxpayer stupid, saying, "Here's an extra banana Monkey," and assuming that our intellect is limited to gleefully understanding only the banana in hand.

That's the dissent. We will pay dearly down the road for the seeds of destruction sown today. Whether or not we pay for it today.

Let's do some quick math to make this fun.

An estimated 130 million Americans file a tax return each year. The CBO projects that the current Federal budget proposals will ADD $9.3 trillion to the national debt in the next 10 years.

What happens?

Every American that files a tax return will owe an additional $71,500. And that's not even factoring in the exponential impact that compounding interest on that debt has on the total to actually be paid back through taxes.

Oh yeah, I don't see what the big fuss is about.

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