Think about this

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Today is tax day!  Whoo-Hoo!

Okay, not really ;-).

Thoughts for today:

As you are filling out your 1040 for the IRS today, and thinking about how "little" you are paying with the Bush tax cuts that are soon to be repealed.  Yes, how little you are paying... look at that "taxes paid" line... and be thankful for the incredible bargain that you've gotten, because the price tag is probably going to go up.

The projected budget shortfall for the Federal Government under the proposed Obama budget is about $1 trillion... that's $3.5 trillion spent versus approx. $2.5-2.6 trillion raised in "revenue."  Still, that's a over 25% deficit.  I don't know about you, but if I was a 1/4 in the hole I'd probably be worried and try to cut some things... but then again I can't print money.  

The government says that they are going to pay for all of these new programs without raising taxes on 95% of people... Man, what's happening to that top 5%?  Talk about sticker shock!  Now, I heard someone say that you can't really have European style government without European style taxation... without a meteor striking oil or something... so where is the cash coming from?  If these programs are going to take effect (like health care, etc.), then taxes are going to have to be raised in order to pay for them.  I've heard from someone that the best marketing tactic is to give away free samples and eventually people will pay for it... perhaps this is the tactic, or the administration really is that overly optimistic (believe me, I love getting stuff for free!)... I just don't see it.  Eventually, taxes are going to have to go up... or the government will have to declare bankruptcy because any business or family can't sustain 25% shortfalls for too long.  

So... if the government does declare "bankruptcy," which court would it go to in order to reorganize?  When a business declares Chapter 11 (as GM should have), it goes to a Federal bankruptcy court that oversees the reorganization efforts and ensures that they are on the road to solvency.  So, what happens if this happens to be our own Federal government?  If they had to "reorganize" because they couldn't pay their bills (not enough "revenue"), then what would happen?  Not saying that it will, but if it did....  

Perhaps someone in Washington should sharpen their pencil.  The ordinary American is.  

And if you need a reminder... look at that huge check you just wrote to Uncle Sam this year.  Oh wait, that was a bargain ;-).

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