Be Good To Your Money Bulletin http://ezezine.com
Since November, none of the Presidential candidates (past or present)
have debt with the ENORMOUS
debt America has looming over its head. We have heard talk about
"fixing the economy", but no answers to "how".
In my opinion, the 1st step is addressing how they will begin to
eliminate the debt. As with your personal debt, you have to "cut-back"
or "eliminate" from your spending, to balance your budget. Our
government will have to do the same. What we don't know is, what the
"cut-backs" will be. Nor do we know what programs will be "eliminated".
And we probably won't know until our next President is seated.
As the money (debt) issue unfolds, you will probably hear the term
"ownership society". If you do, listen with an E. F. Hutton ear.
What is an ownership society? This term goes back to the 19th Century
and Franklin D. Roosevelt. For economical reasons, this is a society
that will no longer depend on the government for many of the programs
we have today, such as Social Security. There are many ins and outs of
this "new society" which you can search the Internet for more details.
But there is one key change that will be included -the taxes. There
will be NO taxes on capital gains, dividends, estates or any other form
of wealth. You will only pay taxes on your earned income, but only on
the part you don't invest. In other words, you will be taxed on what
you consume and not on what you save.
Becoming an "ownership society" will enable the American government to
cut (or eliminate) progams, thus saving billions of dollars (which can
be used to eliminate the debt), and the American people will become a
society of savers, investors, and owners. Therefore, your future will
be in your hands! So pay close attention to any tax laws or changes
being proposed by Washington.