Truckers cheer passage of 1099 repeal

Would have drove accountants more nuts than truckers.

 

Isn't that the truth! I was talking to a friend of mine who is a CPA about that. He was pretty blunt about his thoughts on it. He puts in enough hours this time of the year without having to add stupid nonsense like that thing on top of it!

 

Since most of the clients never seem to have the information on the people they paid and to top it off, they all have to be filed by January 31 to the recipient.

 

i don't understand....

 

None of us do.

 

Problem here is that this has been tried and discussed many times in the past.

It was big during the first Reagan term and was a nightmare for us in the accounting world back then.

Thankfully, it got shot down then.

It happens quite frequently.

 

I wonder if they'll cheer passage of a 45% income tax, and that 45% is just the start.

By 2020, the income tax rate, if the current national debt continues on its record breaking pace, will be....drum roll.......89%.

That's just the requirement to SERVICE NOT PAY OFF OR EVEN DOWN the debt. Thats JUST to pay the interest charges TO KEEP THE WORLD ECONOMY from going into free fall should the US government DEFAULT on its perpetual debt.

Why would the world economy go into freefall if the US defaults on its debt? Because of a little event known as Bretton Woods. The Bretton Woods Agreements established the Federal Reserve Note as the reserve currency for PLANET EARTH. Bet you didn't know you already had a ONE WORLD CURRENCY did you? Guess who is going to be TAXED to pay the INTEREST on the WORLD's reserve currency debt?

YOU ARE. AMERICAN WORKERS.

2020 is only 9 years away.


How serious is it? The table in Exhibit 6A is a summary from the President’s "Budget of the U.S. Government Fiscal Year 2011" that was published on February 1, 2010. The following observations can be made from that document:

• Individual income tax revenue is forecast to double by the end of 2015 and increase 2.6 times by October 1, 2020
• Corporate income tax revenue is forecast to more than double by October 1, 2011, triple by the end of 2013 and increase 3.6 times by October 1, 2020. (Before taking any satisfaction in taxing corporate America, bear in mind that the great majority of that tax burden will be passed on to all of us in the form of higher prices. In reality, no business pays any income tax – the income tax that they pay is included in the prices they charge. Thus, they collect the tax from all of us and then send it to the government in payments that are labeled “Corporate Income Tax”.)
• After Mandatory Outlays (i.e., entitlements), Defense and Homeland Security spending and 50% of the net interest payment on the national debt, the other 50% of interest payments on the national debt AND every other penny spent by the federal government, through fiscal year end (fye) 2020, for all departments and agencies including but not limited to salaries, benefits, retirements, occupancy costs, programs, grants, earmarks and contracts is borrowed money that increases the national debt…and all this is after the tax revenue increases described above.
• The fye 2020 deficit, 10 years from now, is forecast to be $1.003 Trillion and the national debt $22.0 Trillion (not including the CBO's upward revision of health care direct cost and the $500 Billion addition to the deficit due to double counting of health care bill savings).

Do you realize how much tax YOU, YES YOU PERSONALLY, are going to be FORCED to pay AT THE POINT OF A GUN, to service the interest charges on a 22 TRILLION dollar debt to keep the WORLD ECONOMY from going into free fall?
What do you think the rest of the world would do if you decided you're not going to pay it?

No, they're not going to shoot you or nuke you or any of that.

They would DROP the acceptance of the federal reserve note and HYPERINFLATION would destroy the economy of the United States, just as it did in the Weimar Republic in the 1920s.

In other words, a boat load of American money wouldn't buy a loaf of bread, and just as it was in the Weimar Republic, you would use US money to burn for heat in the fireplace. A depression of BIBLICAL proportions would happen in the US. You think the economy is bad right now? HA! MILLIONS of Americans would literally starve to death. Violence and crime would be unfreakin' real as people tried anything necessary to survive. Martial law would be declared nationwide to try and maintain order.

Is there a solution to avoid all this?

Yep. Sure is. It's called a United States Note.

But don't think for one split second that the Federal Reserve is going to let the United States EVER issue a debt free currency. They'd rather see you all die first.

Tick tick tick tick tick tick tick tick

 

LOL perhaps we should require congress to do the 1099 everytime they pay out a million dollars.