Taxes – What You Need To Know

| April 6, 2011 | 0 Comments

Right now the news is filled with stories about a government shutdown.  Everyone’s talking like it’s a bad thing.  Personally, I’d welcome a shutdown.  Anything to save the American taxpayer from having more of their money wasted is a fantastic thing.

I’m on my soap box right now…

Only one thing could get me so riled up, and it’s TAXES!  Like millions of Americans, I sat down this weekend and worked on my taxes.  There’s only 12 days left… so if you haven’t started yet, you’d better get on your horse and ride!

April 18th is the fateful day this year, and I know many will wait till the bitter end.

After filling out form after form and writing the government a big check, I got really pissed-off… and frankly, so should you.  This is the one time in America where citizens get a first hand taste of exactly how much their government costs them.

Now I’m a firm believer in paying my fair share.

I’m not a crazy nut-job who thinks taxes are illegal… or unjustified.  I’m not searching for exclusive loopholes to pad my pocket…

As a citizen, I realize we have to pay for the government somehow… after all, money doesn’t just fall from the sky.

What makes me so mad is the out of control government spending.

No one in government is held accountable for the frivolous spending of our tax dollars.  Think about it… if you go crazy and spend more than you make, you go into debt.  Eventually people stop lending you money… your credit score is wrecked… you get harassed by debt collectors… and you may even go bankrupt.  You suffer the consequences of overspending.

So what do you do?

You try to make more money and you cut back on spending.  That’s what honest Americans do.

But not our government.

The US government is taking money right from the pockets of hard working Americas and sending it overseas.  They’re spending it on non-essentials.  They’re wasting money.

I don’t care what political party you affiliate yourself with… there is one fundamental truth… our government wastes money.  Congress is full of drunken sailors on shore leave.  They’re mortgaging our future for spending today… wasteful spending.  It makes me SO MAD!

Want proof?

Just look at this year’s budget.

President Obama submitted a budget to Congress.  It’s a whopper… $3.6 trillion is scheduled to be spent.

Now here’s the problem…

The government doesn’t take in that much money.  According to the Congressional Budget Office, the US government is scheduled to take in $2.2 trillion.  That’s the revenue generated from individual income taxes, payroll taxes, corporate taxes, and duties & excise taxes.

That’s a $1.4 trillion shortfall… IN ONE YEAR!

The shortfall needs to be financed somehow.  The US government will need to borrow all that extra money.

According to the 2010 census, there are 308 million Americans.  A little math will show you every man, woman, and child’s share of the budget overrun is about $4,500!  Who are we kidding?  This is no way to run a household, a business, or a government.

DOSE ANYONE SEE A PROBLEM WITH THIS?

You’d have to be blind not to see it.  The government is spending 63% more than they take in… and nobody is screaming bloody murder.  Nobody is held accountable.

When Obama leaves office, does he have to pay the big bill he racked up?  Nope.  When the idiots in Congress get thrown out of office, do they have to settle up?  Nope… they retire to a life in luxury.  Right now if the government spends more than they bring in… big deal.  Congress still gets their perks… their paychecks still cash… their way of life is unaffected.  They leave the rest of us to try and cover a bill for a party we didn’t plan.

I have an idea…

Why not suspend ALL government employee paychecks until the federal government budget is balanced… spending is aligned with income.  That’s right… everyone from the President to Congress… to court judges… to the FBI agents and Secret Service… to the military has their pay withheld.

NO ONE is exempt.

You’d see a funny thing happen… instead of fighting, Congress might actually be able to cut out the excess of government.  You’d see hundreds of pissed off employees demanding action… and suddenly the pet projects and pork-barrel spending would come to an end.

The rubber would truly hit the road at that point.

Unfortunately, an idea as radical as this is probably not going to fly.  The outcry would be too great.

It’s time for tough love.  We can’t continue spending beyond our means… and expect our economy to save us.  We need change… and we need to start right now.

Government needs to be accountable for spending taxpayer dollars.  We need to cut back on waste and fraud.  We need to end the era of $500 hammers and cost plus contracting.  We need to stop being the world’s police force.  End the wars in Iraq and Afghanistan.  Stop the military action in Libya.  Suspend all payments of support to foreign governments.  Stop promising Social Security and Medicare benefits when it’s clear we can’t afford them.

This idea needs to extend from our President down through Congress, to all federal workers, state employees, and even local government.  The era of freely spending tax dollars must come to an end.

Let’s run our government in a thoughtful and logical manner… that’s the American way.

If you want to make a difference, call your representatives.  Don’t ask them to, DEMAND, they start cutting the budget… and cutting aggressively.  Let them know how important it is to you.  Stand up now, if we wait, it will be too late.

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The Dynamic Wealth Report works with a number of staff writers and guest experts who specialize in everything from penny stocks to ETFs to options trading. These guest analysts post under the 'staff writer' moniker for ease of use.

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