Tax credits, I have been hearing so much news lately about tax credits for this that and everything else under the sun I though I would do a little research and find out what all the hub bub is all about. The president of the US along with every senator and congressman are talking all this stuff about tax credits to help the financial crisis right now. As well as tax credits for energy bills. I was wondering with all these tax credits being handed out it seems like eventually the government will find a way to give everyone enough ways to claim enough tax credits that none of us will be paying any taxes. Wouldn’t that be nice but would that be such a good idea in reality?
I know that in the US depending on what statistical site you look at the amount of people in the US that are not paying any taxes each year thanks to tax credits is around 30% right now. In the coming years that number will continue to rise as both McCain and Obama are promising more tax credits that by some estimate will bring that percentage somewhere between 40% to 45%.
Now correct me if I am wrong on this assumption I was always under the impression that the US government was running on the financial backing of the taxes that were collected by the IRS everyear. Also if I am not mistaken the US is in debt beyond their eyeballs for something over $10 trillion dollars!!!! Now I am fully aware of the fact that governments around the world not just the US are spending wildly year after year and there is big time waste going on all the time. I also am no fool either! I certainly do not want to pay taxes anymore than anyone else out there. I love getting that tax refund every year and I certainly look forward to having that extra money come in once a year also.
I was just wondering you see, that when the new tax credits are handed out and they most certainly will be coming no matter who ends up becoming the new president. How do you go about balancing a budget when you excuse like 40% of the people that work in this country from having to pay any taxes at all. Is it simply a case of excessive waste and bad leadership that has brought us to this clustered mess of finance? I am certainly not asking for my tax credits to go away but shouldn’t there be some sort of revenue coming in to replace those 40% of the population that are not paying any taxes and in a lot of cases are getting nice checks from the government in the form of yearly tax refunds. How about a national lottery? That would certainly raise a lot of money and it would be money that would be coming in voluntarily! I know that might be a cheesy idea but at this point with the national debt rising everyday and more and more people falling under the umbrella of the ever expanding tax credit laws. They need to start thinking outside the box don’t you think? Please share your opinions about tax credits the growing national debt and thanks for reading.
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