Don't believe everything Joe Biden tells you!
Fox New Contributor and Cypress Times columnist Kevin Price looks at the harsh realities of our current economy -
- "According to the Tax Foundation's Microsimulation Model, to erase
the 2010 U.S. budget deficit, the U.S. Congress would have to multiply
each tax rate by 2.4. Thus, the 10 percent rate would be 24 percent,
the 15 percent rate would be 36 percent, and the 35 percent rate would
have to be 85 percent." Obviously, in the real world, we would
hopefully have people who are not participating in the tax system at
all (roughly half of the population) to get into the action. Still,
even the most casual observer can see how such tax rates would wipe out
the economy as capital would take flight to safer parts of the world
(as it is already doing).
- "In 2010 the U.S. government is
projected to issue almost as much new debt as the rest of the
governments of the world combined." This one actually made me
literally gulp. I would love the source, but the numbers make sense
because of the exponential rate of the growth of our deficits. We now
do annually what originally took 186 ears to accomplish - trillion
-- "Total U.S. government debt is now up to 90
percent of gross domestic product." Move over Greece, here comes the
good old US of A!
- "Total credit market debt in the United
States, including government, corporate and personal debt, has reached
360 percent of GDP." People continually talk about "robbing from the
next generation to pay for this." Reality? We are taking from our
great, great, great grandchildren.
-- "U.S. corporate income tax
receipts were down 55% (to $138 billion) for the year ending September
30th, 2009." Capital is taking flight to other countries as the US now
has the second highest tax rates of any industrialized country in the
world. Furthermore, our prohibitive tax and regulatory policies are
causing business to reduce tax revenue generating activities.MORE