Thursday, December 9, 2010

You Know What They Say About Death and Taxes by Gidget Giardino

I don't know about you, but it makes me mad as hell to wake up each day and hear that our country is in such financial turmoil. Today's headlines on the "Tax Cut Compromise" was enough to make me puke.

Under this proposal, the single working people with below $20,000 in earnings and married couples below $40,000 will be worse off.  Basically the "working poor" (I hate that BTW) will loose money because Obama's proposal is to substitute a Social Security payroll tax cut for the Making Work Pay credit. In this scenario, our single working-class will no longer receive the $400 they are accustomed to and the married will not receive the $800, by the time you do the math.  

However, the rich will do really well. A worker earning $106,800 (max. amount of income subject to Social Security tax) stands to save $2,136 in payroll taxes. Double that for married couples making over $100,000.

Now, do you really think the rich will stimulate the economy with their extra dough? Maybe some, but not nearly as much as the low-income working families would with their measly $400. All this does is drive a bigger wedge between the rich and the poor, financially speaking.

How do you get out of the jam? Simple. Make more money.

I know, you're rolling your eyes and snorting at my last statement. But, think about it. It is the solution to that  problem, as well as many others. On my blog you will find articles with basic steps to follow in order to be successful in making more money. Stay tuned. And, BE PREPARED to take action.

Article by Gidget Giardino

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