Thread: Starve the Beast Campaign
11-09-2008, 03:38 PM
Your basic concept is a good one, but be careful about some of the ideas floating around the internet.
The very wealthy always have ways to reduce their tax burden. They can afford the best financial advice. It's the middle class that usually gets stuck with the tax bill.
We'll have to wait to see what the magic president has up his sleeves. I have a feeling it isn't that good or magical for most of us.
11-09-2008, 05:04 PM
There certainly is a way to set up businesses that appear to have no income, but provide nice tax deductions. I don't know enough about tax law to do so myself, but have seen this exact scheme used to advantage by Mr Smith's ex. I think I need to discuss this with a good CPA and see what can be done...-
In actual dollars, President Obama’s $4.4 trillion in deficit spending in just three years is 37 percent higher than the previous record of $3.2 trillion (held by President George W. Bush) in deficit spending for an entire presidency. It’s no small feat to demolish an 8-year record in just 3 years.
Under Obama’s own projections, interest payments on the debt are on course to triple from 2010 (his first budgetary year) to 2018, climbing from $196 billion to $685 billion annually.
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