No matter who you vote for the evidence is more than clear that taxes are coming for some demographic it’s just a matter of which group will be signaled out. Will it be the rich or will it be the middle class or perhaps the money making corporations that produce all the jobs. All very good possibilities with the odds being that we will all feel some sort of tax pinch thanks to the failing economy and the fall of the housing market and the weakness of the US dollar around the world.
A rise in taxes is at this point the only way to make up for the more than 10 trillion dollar deficit that we have to pay down. But what of some of the talk regarding all the loopholes in the tax code that help people siphon billions of dollars every year into their pockets. How about we shut down or better yet just close up permanently these tax loopholes.
One of the best examples of these loopholes would be the one that enables corporate CEO’s and corporations pay their bosses millions of dollars and have it “not cost” the corporation anything! What is that rule and how do we get on that payment plan. Here’s what it’s called a deferred compensation this little diddy allows “executives” to defer an unlimited amount of pay, unlimited?? There are news reports that put the cost of money that is being loop holed out is costing the government an estimate somewhere in the range of 20 billion dollars a year.
Hellooooo what’s wrong with this picture? Billions of dollars changing hands every year and there is no tax on it because of some loophole law? I get upset when I find out that a window has been open in my house and the air-condition has been running all day. Talk about money flying out the window! Where as a blue collar worker can we deffer our salary so we can get that kind of a tax break, oh wait that’s right we need our paychecks to pay for our taxes and other bills.
Call me crazy but if you work in a country where the majority of people pay taxes on those wages that they earned from year to year that perhaps just maybe ALL salaries for ALL people should be paying those same taxes. That would seem fair wouldn’t it? That is why they call it INCOME TAX is it not?
A quick clip on the buyout industry’s tax loopholes:
