More Money For Them, Less Money for You…

“I’m mad as hell, and I’m not going to take this anymore!” Network, 1976

The economy is in a slump. The housing market is in a mess. The money markets are in confusion. The typical American family has been led into a dungeon of debt.

Not so with the members of the US Congress. They are getting richer and now they want to raise your taxes. They say it’s a tax increase for the richest Americans.

The truth is, increasing the current tax burden on Americans will not affect the richest in a significant way. If you are earning a million or two or more a year - and there are many earning more than that - your lifestyle will not be dramatically affected by a tax increase. Yeah, you’d be mad as hell but you wouldn’t end up at the soup kitchen.

But, if you are a typical American family, you could be driven to the poor house by the irresponsible tax and spend US Congress. Here’s what you can expect if the unconcerned and politically motivated Washington elite get their way:

“Why this large tax increase? The tax code changes enacted in 2001 and 2003 are scheduled to expire at the end of 2010. If they do, statutory marginal tax rates will rise across the board; ranging from a 13% increase for the highest income households to a 50% increase in tax rates faced by lower-income households. The marriage penalty will be reimposed and the child credit cut by $500 per child. The long-term capital gains tax rate will rise by one-third (to 20% from 15%) and the top tax rate on dividends will nearly triple (to 39.6% from 15%). The estate tax will roar back from extinction at the same time, with a top rate of 55% and an exempt amount of only $600,000. Finally, the Alternative Minimum Tax will reach far deeper into the middle class, ensnaring 25 million tax filers in its web.” The Coming Tax Bomb, The Wall Street Journal, 4/8/2008 (emphasis added by the blog)

We do not have much to say about the workings of the US Government other than our vote. As powerful as that is, when you have an entrenched aristocracy like the one in DC, even the right to vote does not allow for dramatic changes.

It is incumbent upon each American to develop individual financial programs and practices to protect him or her self from the wild and unpredictable misadventures of the Behemoths - the Federal Government being one of them. There is a way.

You can handle your money and your personal economy so that you can be your own banker and exercise much greater control of the money that flows through your life. This way is clearly defined in Money for Life…in good times and bad.  

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