[sparkscoffee] Re: Income Tax Revenues Collapsing in the States
- From: "" <dmarc-noreply@xxxxxxxxxxxxx> (Redacted sender "sblumen123@xxxxxxx" for DMARC)
- To: sparkscoffee@xxxxxxxxxxxxx
- Date: Sun, 25 May 2014 14:54:33 -0400 (EDT)
RR
Name the socialists Mr. Certified Public Accountent?
Comrade B
-----Original Message-----
From: Ron Ristad <ristad@xxxxxxxxxxx>
To: undisclosed-recipients:;
Sent: Sun, May 25, 2014 10:02 am
Subject: [sparkscoffee] Income Tax Revenues Collapsing in the States
Posted on May 24, 2014 by Martin Armstrong
The bite in taxes is taking its toll and the socialists cannot get through
their think head that the higher you raise tax rates, the lower the revenue you
will collect. They refuse to look at reality and keep trying to squeeze blood
from a stone. They are setting the stage for the worst economic decline ahead
since the Great Depression. This time it is government that is the culprit –
not corporations.
The tax revenue increased when Reagan cut taxes from 70% down to 35%. The
socialists hated it. They called it trickle-down economics. They refused to
look at the IRS statistics themselves and ever since have been struggling to
raise the taxes not just to 70%, they want 80%.
Meet the real destroyer behind everything. The data is now coming in and the
collapse in tax revenues from income reveals that the States are experiencing a
massive budget shortfall with lower income tax revenues that we will see taxes
raised to try to meet ballooning pension liabilities.
Personal income tax collections simply plunged for 2013 from a year earlier in
27 of 32 States reporting so far. That is the majority of the 43 states that
levy income taxes to begin with. The collapse is ranging between 20% to as much
as 50%. These States cannot print money so there is no chance of
hyperinflation. This is the deflationary collapse of society. These States face
hard decisions on either cutting spending or raising taxes. They will choose
the raising taxes more than cutting spending that causes government to shrink
in size.
The rise in tax revenues seen at the federal level such as in Germany, is
coming from enforcement, not from expanding income. This only adds to the
economic decline. We are starting to see small business in the USA struggling
and the early signs of closures are beginning to creep up. This is the prologue
to the economic collapse starting after 2015.75.
-RR
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