●The more budgets are cut and taxes increased, the weaker an economy becomes.
●Austerity is the government’s method for widening the gap between rich and poor, which leads to civil disorder.
●Until the 99% understand the need for federal deficits, the upper 1% will rule.
●To survive long term, a monetarily non-sovereign government must have a positive balance of payments.
●Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
Mitt Romney released a fake tax return. I’ll tell you why it’s fake, but first a bit of background. According to FOX News (my bible):
Romney released his final tax return for 2011 on Friday. That document shows the Romneys paid $1.9 million in taxes on nearly $14 million in income, mostly from investments, giving them an effective tax rate of 14.1 percent.
There must be a powerful reason why he refuses to disclose the past 10 years of tax returns, though he did disclose them to Sen. John McCain, in an attempt to be the Vice-Presidential nominee.
After seeing the returns, McCain rejected Romney and chose Sarah Palin. There may be no relationship between those two events, but to be rejected in favor of Sarah Palin! Yikes!
At any rate, see that 14% number? Here’s why it was important. According to the Wall Street Journal:
Their $4 million donation proved to be so large that it threatened to drive their effective tax rate to near 10%. That would have exacerbated a critique from Democrats that says America’s wealthiest don’t pay their “fair” share.
So the Romneys decided to simply give up a large chunk of their $4 million deduction, taking only $2.25 million instead. In effect, it was another gift, but this time to the federal government.
Here’s why that tax return is a fake. Immediately after the election, no matter who wins, there is absolutely nothing to prevent Romney from flip-flopping once again and filing an amended return, to claim his full charitable deductions, and any other deductions he “accidentally” omitted.
He has three years in which to file an amended return (which may relate to why his earlier returns were not disclosed).
Consider that 2011 tax return a mere bit of political showmanship. Remember, there is no penalty for filing a false return showing you owe too much.
Rodger Malcolm Mitchell
Nine Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Medicare — parts A, B & D — for everyone
3. Send every American citizen an annual check for $5,000 or give every state $5,000 per capita (Click here)
4. Long-term nursing care for everyone
5. Free education (including post-grad) for everyone
6. Salary for attending school (Click here)
7. Eliminate corporate taxes
8. Increase the standard income tax deduction annually
9. Increase federal spending on the myriad initiatives that benefit America’s 99%
No nation can tax itself into prosperity, nor grow without money growth. Monetary Sovereignty: Cutting federal deficits to grow the economy is like applying leeches to cure anemia. Two key equations in economics:
Federal Deficits – Net Imports = Net Private Savings
Gross Domestic Product = Federal Spending + Private Investment and Consumption – Net Imports