|
The
Wall Street Journal (WSJ) editorial section recently
stated that individual income taxes account for more
than half of all federal revenues. This means that only
half of the current and projected surpluses are derived
and will be derived from the individual income tax.
One
half of the current and projected surpluses are based on
all other taxes and revenues the Federal government
receives, such as gasoline and fuel taxes, telephone
assessments/fees, and many more too numerous to mention.
Yet
all of the surplus revenues will be returned to the
people based on the individual income tax. This means
that middle and lower income individuals and families
who pay little in income tax but contribute to one half
the surpluses are again getting the short end of the
stick.
This
is a brilliant method of transferring the wealth of the
country from the 90% to the wealthy 10%.
As
the qualifications on my site show I worked in cost
allocation for approximately 15 years. Based on my
experience the proper method of returning the surpluses
to the people should be:
1.
Take one half of the surpluses (amount applicable to the
income tax portion) and use that amount for individual
income tax reductions.
2.
Take the remain half of the surpluses (amount applicable
to all other taxes and revenues) and allocate these
surpluses as a reduction to each of the all other taxes
and revenues as a percentage of the total "all
other taxes and revenues" category (Federal
gasoline/fuel taxes, telephone fees, and all others too
numerous to mention).
Now,
the surpluses would be properly allocated based on how
the surpluses were derived and accumulated. It also
means that the middle and lower income
individuals/families would get considerably more than
the $300 and $600 this year that Congress is
considering.
They
say old soldiers don't die they just fade away. Well, I
decided to put my boots back on and that is why I keep
trying to convince Americans that State and local
governments have huge surpluses of your money. Based on
my reviews and projections the State-level governments
have 12 times
(approximately $720 billion) the amount that Congress is
talking about returning in the form of tax reductions
($60 billion). Here
is the proof. That does not include the school
districts, cities or counties.
Another
inequity that is being proposed is that the payroll
taxes would be reduced retroactively to January 1 for the
working people in order to stimulate the economy.
The member of Congress that proposed this obviously
doesn't know that there are retired people in this
country who also contributed to the surpluses and are
part of the economy. This individual almost became Vice
President.
It
is too bad the American people can no longer tell or
rely on the politicians to do the right thing for the
people. It was reported that Congress received over 80
million emails last year. Do you really believe they
will read your email or other correspondence? If you do,
please tell me how you live in a dream world and how I
can live in such a world, because it is difficult to
live in today's real world.
You
have a good day.
Respectfully,
-CAFRman
http://www.cafrman.com
|
