Saturday, May 29, 2010
Obama to snatch up to 75% of your income
May 24, 2010
Editor's Note: The following report is excerpted from Jerome Corsi's Red Alert, the premium online newsletter
If President Obama repeals the Bush tax cuts and imposes a 20 percent value added tax, or VAT, on the U.S., Americans may be facing tax rates where more than half of everything earned is confiscated by the federal government in the form of income taxes, Jerome Corsi's Red Alert reports.
Add Social Security taxes and the tax burden quickly advances to more than 60 percent.
"Adding state property and income taxes to the burden, the amount government confiscates could be in the 75 percent range before Americans have a chance to vote Obama out of office in 2012," Corsi wrote. "Are Americans willing to be taxed 75 percent of every dollar earned?"
"In a five-day work week, will Americans be willing to work four days for the government?" Corsi asked.
He said as Obama moves the U.S. in the direction of becoming a European-style social welfare state, it is important to consider taxation levels typical in Europe.
Corsi noted that even high levels of taxation are not sufficient in Europe to prevent debt levels from rising to crisis proportions, as has been seen in Greece and is looming on the horizon in Portugal, Spain and Italy.
"These are the real costs of income redistribution, as taxpayers are made to bear the taxation costs of generous pension plans for government employees at all levels of government – federal, state and local – as well as funding Social Security, paying for Medicare, Medicaid and Obamacare and funding welfare, including educating the children of illegal immigrants in Spanish in public schools," he wrote. "There is no limit to generosity when it comes to socialist states providing social welfare benefits to increasingly government dependent populations."
To learn more about the true costs of income redistribution, read Jerome Corsi's Red Alert, the premium, online intelligence news source by the WND staff writer, columnist and author of the New York Times No. 1 best-seller, "The Obama Nation."
Posted by Lady Patriot at 12:41 AM