Trouble in this Country

We are in trouble in this country because we have to many millionairs and billionairs in the country that they have made at the expense of the general public. They made their money in this country and they should be willing to spend that money to support the country that gave them the chance to make all that money. We could cure all our problems by raising the personal income tax one percent for every $100 thousand after the first $250 thousand up to 90 percent. With our present system the rich just keep getting richer .For example the mayor of New York is worth $20 billion .If he earns 4 percent on that he is getting $800 million richer every year. That is money that has to come out of the economy. I know he spends some of that money but even if he spends two million and gives two million away he still made 796 million to ad to his wealth’.Even if the government only got one half of that 796 million in taxes , That sure would help A lot of people that have no money and no job. And lower the taxes for the general public. I know this is A pipe dream because we have to many rich people in Washington making the laws that benefit them more then the general public and that is part of the trouble we are in now. My opinion by John Zilverberg

recession cure

Our first attempt to cure the recession was to bail out American International Group, Inc. to the tune of $83 billion. Their stock was originally selling for $74.00 a share. At last report it is selling for $.85. I don't know how many shares they had out, but I suspect that was a loss to the stockholders for another $83 billion that would bring the loss to our economy of $166 billion.

Question is where has the money gone and what do we have to show for it? Now Washington is passing a 1100 page, $787 billion stimulus bill that most of our representatives have not even had time to read yet. At 5% interest that brings the cost next year to $826 billion, 350 million and will increase accordingly every year to add to our national debt and that does not even include the normal cost of running the government. A big part of the stimulus bill is a big reduction in taxes, so our income will be down. So where are we going to get the money to pay off all this debt? Seems to me we are digging ourselves a bigger hole all the time.

The bill also includes $70 billion to shelter the upper income people from higher income taxes. So who do you think is going to pay the taxes to make the repayment if we ever get in a position to do so?

My Opinion by John Zilverberg

Taxes

Taxes are A necessary evil. most people hate to pay taxes. but taxes are necessary to run the government. We expect A lot of services from the government and theyhave to be paid for. If we make enough money so we have to pay taxes we should be glad to pay them for the services we get. That of course is income tax.That is the fairest tax there is because if you dont make any money you dont pay any taxes.Property taxes is another matter . . property taxes you have to pay weather you make any money or not.If you dont make any money and cant pay your taxes you can loose your home or busines, South Dakota should have an income tax .With our present tax system the property owners are paying most of the taxes to pay for most of the government services we get including schools.The people that are working for wages and do not own any property are getting A free ride.Of course they pay federal income taxes but so do the property owners if they make any money. There have been bills introduced in congress to do away with the IRS and have A flat tax. How many people would be paying their fair amount of taxes if there was nobody to check up on them. Then again there are some people pushing for A national sales tax of 22 percent. that again would put most of the tax burdon on the lower income people.For example A person working for 50000 A year or less would be be spending all of his wages on taxable goods to support his family so they would be paying the 22 percent tax on all their income. while the person making one hundred million probaly would only spend one million on taxable expenses so they would be paying taxes on only one percent of their income, That would give the supper rich high income people even more of A tax break then they now have under our present tax system . My opinion by John Zilverberg

money matters

I guess it pays to be president of the U.S. I see where bill Clinton made nearly six million making speaches in 2008, He is getting anywhere up to 525thousand per speach.Thats an income equal to the combined income of 120 working people if they were making 50000.00 each.Just to put these big money people in prospective .For example John Thain CEO of merrill Lynch took compensation from the company of 83 million. That would be equaal to the income of 120working people maing 50000.00 each.besides he managed the company so well that it lost 27 billion dollars That would be A loss of $50000.00 for each of 54000 stock holders.Thenbefore he turned the company over to the Bank of america he paid out over three billion in year end bonnuses. That would also be A loss to the stock holders. The government has allready paid forty five billion to bail out Bank of America and agreed to pick up another 97 billion in losses if needed . now we have A new stimulus package passed by congress of 819 billion .That amounts to 5000.for each of 163 million800000 families. this is money we mostly do not have. there is apt to be A day of reconing when we have to pay all this money back.I dont believe reducing taxes is going to get this money back. We have to tax these individuals that are taking millions out of the econamy every day.We have to get this country back on A paying basis and take care of the national debt or the prblems we are having now will look like A honeymoon compared to what we will be having in the future, my opinion by John Zilverberg