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The list above doesn't include hundreds of taxes you pay to your local, state and federal governments in the form of fees. Examples: |
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Taxes and Economic Growth Want economic growth? Cut taxes. Unfortunately, many people seem to lose sight of this basic, unassailable truth. If you aren't sure as to why lower taxes equates to more economic opportunity for all classes of citizens please consider these examples: Take Home Pay Assume for a moment you make $30,000 per year and you pay 15% state and federal income tax, or $4,500, leaving you with $25,500 take home pay. The following year your tax burden increases to 20% ,or $6,000, leaving you with $24,000 take home pay. Do you have more or less of your income at the higher tax rate? Less, of course. Higher taxes ALWAYS leave people of all income brakets less money to spend and invest, which, if you took economics 101, leads to higher unemployment and decreased economic activity. Greater Capital Gains Through an inheritance you've got an extra $50,000 you'd like to invest, but just as you are about to make your investment congress approves a 50% increase in capital gains taxes. Are you more or less likely to invest if your tax burden faces such an increase? Of course, you'd be less likely. This impact keeps huge amounts of risk capital out of the markets leaving companies less money to work with, suppressing job growth and personal wealth. Higher Excise Taxes The State knows that excise taxes (also known as indirect taxes) attract less scrutiny compared to direct income taxes. For example, with each gallon of gasoline you can pay up to 64.5 cents/gallon. If a gallon of gas costs $2.50 this means that the cost of a gallon of gas is actually $1.88. Does the sign at the gas station say $1.88 + tax? Of course not. If it did more people would become aggravated and place voting pressure on politicians to lower excise taxes. The more expensive everthing becomes the shorter your dollars go which translates to fewer disposable dollars - and a corresponding decrease in jobs, investments and economic growth. Limiting Deductions Restricting what employers and citizens can deduct from their income is one of the biggest forms of indirect tax increases. If you own a home or want to own one consider one of the major benefits - deductibility of interest. If the government moves to cap what you can deduct (itemize) from your income taxes you've been issued a defacto tax increase giving you less money (a lot less) to work with at the end of the year. This restricts your buying power translating to lower economic activity, reduced jobs and investments. |
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"A Formidable Opponent Followed By Legions Of Devotees Has Hastened The Battle For Our Nation's Heart & Soul. Your Desire and Commitment To Her Past, Present, and Future Must Outweigh a Desire To Make Excuses For Inactivity. Pull Yourself Out of Your Comfortable Life, Shed Your Frustrations and Take Responsibility For A Nation Whose Existance Rests In The Balance."
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