Any Money Left In Your Pocket? The “Value-Added” Tax
What makes someone “rich” in today’s economy? If you spend twenty years working up to the level of, say, an Assistant Principal in the public schools, you could actually make slightly over $100,00 a year in Los Angeles. A SIX FIGURE INCOME. Easy Come Easy Go Is that ” rich?” To some it certainly sounds like it is. And what if your wife works as the leader of a well-attended pre-school in your community, making possibly $42,000 or more. Filing your taxes jointly, you are almost up to $150,000 a year. If your mom and dad left you a small dividend-bearing stock upon their deaths, between that and your own tiny stock portfolio, you might make a little more. Your reward for earning a master’s degree and twenty years of service, and your wife’s congratulations for being selected to be a director instead of a teacher, is that your combined earnings puts you into a near 30% federal income tax bracket. In other words, you both now make $100,000, not $150,000. State taxes, payroll taxes, medicare, health insurance deductions if you’re so lucky, all will be deducted in addition to the first 30%. That means both educators work one third of the year: for the federal and state government. If you are an assistant principal and your wife both happened to have sacrificed to get graduate degrees, and your wife is an accountant in a small CPA firm, your two salaries together now force you into the even less desirable income bracket reserved for the very rich, the $250,000 a year earnings bracket. Now it’s time to really be punished! According to President Obama your self-starting nature now makes you responsible for underwriting the mistakes of government and the special needs of everyone in the United States who hasn’t eaten bologna sandwiches for 4 years or more to complete their education. Your reward? Federal taxes of 33% of all you make plus state, social security, medicare and everything else. By the time you pay the hidden taxes on your water bill, your cell phone, your property, and the replacement light bulbs you just bought, it’s 40% of all you make. Hardly A Game That’s why one can only be dumbfounded when our Washington leaders dare suggest another tax! But it is true. Nancy Pelosi, and even former Fed Chairman Alan Greenspan, are beginning to make rumblings about introducing a NEW, even fatter tax for all Americans. You have heard the term no doubt. It’s called a “Value Added Tax.” Essentially whenever you buy a new color T.V., Nancy Pelosi wants you to pay a special 17% value-added tax ALONG with the traditional 8-10% STATE tax, consumers already pay. Can you even imagine it? Washington spenders can. A value-added tax could generate almost two trillion dollars in tax revenue very quickly. President Obama and his team are going to be looking for a snappy way to erase the trillions in deficit spending that have so quickly been hung around the necks of taxpayers and their unborn children. The Wall Street Journal fills us in on the next step in taxation about which all Americans should beware. Read about it here. I wonder if it is possible to erect a fence between US..and the government? No Comments | Post or read comments FEATURES |
May 6, 2026
May 6, 2026
