Apparently the change folks were hoping for before the inauguration is not the change they are seeing. The average worker (that still has a job) is seeing an eight dollar per week increase in pay from the economic stimulus tax cuts--not an amount likely to 'turn the economy around or inspire much in the way of consumer spending.
Even though they are not filtering down to the 'little guy' the various stimulus packages are getting quite expensive---Bloomberg is keeping a running tally of all the various bailout programs enacted by all the government agencies over the last 18 months. The total as of last week was a staggering $11.623 TRILLION dollars. President Obama said on Wednesday he was going to amass an extra $1 trillion by raising taxes on the top 2.6 million highest paid earners--a practice guaranteed to quash any new job creation and still leave a gapping 10 billion hole in the budget. If Obama and the 'New Guard' are successful they should be able to guarantee no one will be 'audacious enough to hope' of attaining any real wealth. And the levels they are talking about 'redistributing' are not necessarily all that wealthy--the government will be targeting any entire family making over 250,000 per year. We now live in a country where you need to tell your children to 'do well',---just don't do 'too well'--as the government will absolutely hammer you if you are so 'audacious
As it stands according to the latest government figures the top 1% of earners pay 40% of all income taxes and the top 5% pay over 60%--and Obama wants to actually pile on an even greater burden in the interests of "fairness". The bottom 50% of earners pay just 2% of the tax revenues so they are already contributing virtually nothing. Once again if the government tries hard enough they can destroy or drive out any incentive to create wealth right OUT of this country---permanently sending it to other jurisdictions where it might be better appreciated (like communist China or Asia in general for example).
"Taxation is the greatest enemy of Capitalism" - R May 2009
Here are a few of my favorite past articles from my Lethbridge real estate and mortgage blog you might have missed or wish to recommend them to a friend.
Common Financial Problems - Avoid these financial mistakes
Get Your Credit Score UP - Invaluable insight into your credit score
Mortgage Guidelines Get Tighter - Harder and harder to borrow money
Is Your Mortgage Company Out of Business in 2009? - What to do when your bank goes broke
What is wrong with MLS - Is your info being abused?
Survivor - Real Estate Edition - Let's vote a few more off the island
Robert May is a Realtor, as well as the broker and owner of Rainbow Realty of Lethbridge Alberta. He is also a licensed mortgage associate and financing expert with Canada First Mortgage of Calgary Alberta. He has been in the real estate industry since 1993 and offers full MLS real estate services to Lethbridge and surrounding area, as well as mortgage financing, refinancing/renewals, preapprovals, and home equity financing to Lethbridge and Southern Alberta. He can be found online at www.LethbridgeLoans.com
Let me share my 15 years experience in the local Lethbridge real estate and financing market with you! It is the first step towards making a profitable real estate decision.
Enjoyed this article? Please leave a comment, subscribe, add me, OR click the little red flag and feature it!
Lethbridge mortgage Lethbridge Blogger twitter AR Blog Outside Blog Lethbridge Squidoo financing real estate financing alberta mortgages blog
Robert W May is a Real Estate Broker in Lethbridge Alberta, having now been in the industry for over 23 years. . He was also a licensed Lethbridge mortgage broker and financing expert with Canada First Mortgage of Calgary Alberta for the past 10 years. He is an industry leader always willing to help train and educate others in how to improve their business models for financial and personal benefit.