They’ll be rioting in the streets, looting stores and killing gas station attendants for giggles if they can’t continue to support their “playing the edge” lifestyle.

Washington has nurtured an indigent “beast” with its “Great Society” scam of the past 40 years and in the end these freeloaders are going to become our worst nightmare when they can no longer get handouts due to the terminal insolvency of this nation.

Carl Nemo **==

For instance, it doesn’t take into account the fact that we run huge budget deficits, meaning all these government programs are not paid for by taxes but by printing money, which in itself leads to price inflation – basically a tax on money. So one can argue that, based on tax income alone, we get a lot of government for our taxes, but again fails to account for the fact that the income tax receipts doesn’t even come close to paying for this “effective and efficient” government, which is a laughable suggestion in itself.

Again, the income tax does not fund our government – it doesn’t even cover the interest on our national debt, which now stands at 12.8 trillion dollars.

So who gets all this government largesse? Who are the beneficiaries of this redistribution?

My sister-in-law’s family owns and operates a cash-and-carry wholesale market in Syracuse, NY. She related to me a story of one customer she deals with weekly. Gold teeth, the latest electronic gadgets and phones, drives a tricked-out gas-guzzling Escalade, adorned with all manner of bling – and pays for her groceries with her welfare card, that at the time had a three thousand dollar account balance. One example among dozens she sees every week.

I guess it’s too much to ask that they use their drug profits to pay for their food.

My wife manages a bank and could tell you similar stories. As it turns out, these kinds of scammers are usually the most abrasive and demanding customers, never happy and always expecting some thing for no thing. It really warms one’s heart to know that she works ten hours a day and every other Saturday and gets verbally accosted and threatened in several different languages all day long to make all this possible.

http://www.fivethirtyeight.com/2010/04/jonah-goldberg-anti-maldistributionist.html

Enjoy!

And as usual, the government considers taking on more debt a “jump-start” to the economy. For the banksters and China, perhaps.

Meanwhile, property taxes are rising even as property values plummet, taxes and fees on every thing else are increasing, salaries are stagnant or falling (except for CEO’s), prices are rising due to monetary inflation (they have to print money because our taxes don’t even cover the interest on our debt) , and people like myself are footing the bill for all these government handouts.

And let’s not forget the billions upon billions in corporate and personal tax revenue that goes uncollected due to loopholes and shelters. I wonder what that would do for the economy?

I would like my seventeen thousand dollars back. I am not being represented in Washington. If Washington really wants to jump-start the economy, they should suspend the income tax entirely.

Tax credits are powerful because they come off the top of your gross income from all sources which lowers your tax liability relative to the tables or calculations based on one’s tax bracket. Credits, unlike deductions are not linked to one’s tax bracket, which only allow a percentage to be deducted less than the 100% allowed for a credit from the gross unadjusted income.

***

What Does Tax Liability Mean?
The total amount of tax that an entity is legally obligated to pay to an authority as the result of the occurrence of a taxable event. Tax liability can be calculated by applying the appropriate tax rate to the taxable event’s tax base. Taxable events include, but are not limited to, annual income, the sale of an asset, a fiscal year-end or an inheritance. …extract from Investopedia.com

Explanation of a tax credit vs. a tax deduction

http://www.kiplinger.com/columns/ask/archive/2007/q0319.htm

I thought this info would be helpful since we are now in the countdown mode to April 15. : )

Carl Nemo **==

That is just plain not correct.

Tax credits directly reduce one’s tax liability.

Our refund was $4400.00 less than it was last year. Tax breaks?!