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S&P cuts U.S. rating outlook to negative - Kicks Taxpayers in the Teeth
"Standard & Poor’s cut its ratings outlook on the U.S. to negative from stable on Monday, lighting a fire under Washington’s deficit-reduction debate and sending stock markets sharply lower.
The rating agency effectively gave Washington a two-year deadline to enact meaningful change, just days after House Budget Committee Chairman Paul Ryan and President Barack Obama each outlined their plans for slashing debt."
And so in one fell swoop Wall Street tells America that they wholeheartedly support the bought-and-paid-for Congress in conjunction with the President of the United States to begin negotiating "slashing debt". Then there are our new international regulators (dictators?), the IMF:
A top IMF official warned on Saturday that the United States must start down a budget deficit-cutting path relatively soon or face crushing debt service costs as interest rates rise.
"Time's a-wasting," John Lipsky, first deputy managing director of the International Monetary Fund, said in an address at the annual American Economics Association conference here. "It is critical to lay out the basis for credible medium-term fiscal adjustment," he said.
Time's a-wasting indeed. The IMF suddenly seems quite antsy to get the US fiscal house in order. If you’re wondering why that is, it’s because they now have the authority to tell the representatives that the US Citizens elected, how to do their job. After 12 years in August 2009, the President approved the IMF's Fourth Article to finally take the SDR supranational reserve currency truly global:
"The Fourth Amendment, which was proposed in September 1997, required approval by three fifths of the IMF membership with 85 percent of the total voting power. This threshold has been reached following the recent approval by the United States."
And so now it's in “everybody's interest” (except yours) to cut programs until we resemble the rest of the developing world......and that's just what they're going to try to do. In addition to cutting everything except the War, Intelligence, and Surveillance departments of our government, did I mention that the people that get most of the benefits (money) now from the Government's largesse, aren't going to be paying for it?
Which brings me to this:
In 12 Years, Income For Richest 400 Americans Quadruples, Tax Rate Nearly Halved
"New data released by the IRS reveals that, over a period of 12 years, tax rates for the richest 400 Americans were effectively cut in half. In 1995, the richest 400 Americans paid, on average, 29.93% of their income in federal taxes. In 2007, the last year for which the IRS has released data, the richest 400 Americans paid just 16.63%."
And on that note,
Happy Tax Day Everyone!
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