Edward H. Smith
PMB 296 at 816 Elm St.
Manchester, NH 03101

Bus:(603) 935-8809
Fax:(603) 218-6624 edsmith@ehsportal.com
 

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EHS Daily Journal #11 - June 17, 2009

Tax Burden

 
Money Facts Archive
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The crisis at hand is the simple fact that it will soon become all but impossible for Americans to pay enough taxes to support their government's operational budget.

If you don't think the crisis is real, and/or you don't think you are a part of it, think again.

In past years, American taxpayers have incurred a total, average tax burden (imposed by federal, state, and local governments) of approximately one-third of their aggregate incomes. Based on a U.S. population of 306,000,000 people, the current per capital national debt is over $37,000!

However, The national debt alone has just soared to an unbelievable $11.5 trillion and this number is expected to reach $20 trillion over the next decade.

Meanwhile the Washington Post, for example, recently reported that IRS tax collections will lag behind spending and that the Congressional Budget Office predicts that the national debt will exceed 82% of the entire U.S. economy by 2019.

Then what? Where is all this money supposed to come from?

The real goal seems obvious:

You make it & Uncle Sam will spend it - all of it.

- Ed Smith, Publisher
The EHS Letter Manual