Economic Downturn Has Finally Arrived!!

[Marilyn]

Originally Posted by HALEY

Yep Gina, and if the new president wants to tax people making over 200,000 a year, there goes all your small businesses there not going to survive...

Just to clarify what this means, he is proposing to increase the taxes of people making over $250,000 (net taxable income, not gross profit). They are currently paying at a rate of like 37%. What he is proposing that they pay the same thing they currently do on the first $250,000 and any income over that amount is taxed at like 39%. If the person made $270,000 for example, the tax would be 2% higher on the $20,000. It's not a huge increase to the individual tax payer, but cumulatively it can make a difference in income for our country. We have a huge debt that we have to pay off somehow. The money has to come from somewhere. There is no way that our government can keep borrowing from China and still not balance the budget, and expect our government to not go bankrupt. As a small business owner, if we made over $250,000, I'd be willing to pay the extra 2% on the income over that amount to try to improve our countries financial position.

The other side's idea was to cut taxes on the hugh corporations with the expectation that they would use the extra money to invest in their companies and the effects would trickle down to the middle class. We've see from this bailout what happens when you give huge corporations extra money, they spend it on bonus's and lavish meetings, and somehow that's supposed to trickle down. Reagan was a very good president, I voted for him, but his trickle down economics didn't work then and it didn't work during the Bush administration either. No way ExxonMobile should be getting government subsidies while making record profits. Something has to change. Washington has to come to their senses. It's not a matter of republican vs. democrat, it's a matter of coming together to help the country.

I'm afraid we are all going to have to make some sacrifices to help our country or we will be in even bigger trouble. If we all work together, I'm sure we will find a solution to this. I'm just afraid that there is not enough oversight in Washington of the people getting these bailouts. I'm glad they have not yet given all of it away, and they are realizing that some of what has been given is not working like they intended it to. Perhaps they will modify the bailout plan so that it does become more effective.

We need to be praying for our leaders that, if it' God's will, that they have the wisdom to do the right things.