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Some Consequences of Nov 6

Some Consequences of Nov 6. A summary review of some items in the news. FY2013. FY2013 books… Spend expected to be $3.627T Rev (inc tax etc) exp $2.587T Surplus ( deficit ) $1.04 T Additional funds Top 2% (>$250k/yr) tax incr $82B or 7.8% ‘Bush’ rates expire $233B

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Some Consequences of Nov 6

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  1. Some Consequences of Nov 6 A summary review of some items in the news WJ Rutherford

  2. FY2013 • FY2013 books… • Spend expected to be $3.627T • Rev (inc tax etc) exp $2.587T • Surplus (deficit) $1.04 T • Additional funds • Top 2% (>$250k/yr) tax incr $82B or 7.8% • ‘Bush’ rates expire $233B • CBO est of obamacare taxes $494B • Current deficit $16T+ Not enough $ in the world to pay off this deficit!!! WJ Rutherford

  3. Dividend Tax Increases • Hits all with retirement • Tax rate is currently 15% • Proposed rate is 39% • Will drive company values down • This will further erode annuities based on stock values or derivatives • Additional $ will leave domestic markets for offshore opportunities WJ Rutherford

  4. Another source of revenueWealth attack! • Retirement accounts • Your IRA & 401’s • Now being called a tax subsidy of $240B • Only 29% participate therefore an easy target • Current 401k balance is about $3T • New Plan • Give credit as of 2008 + $600 • Take 5% after taxes, with payout of 3%+ $600 per year • Eliminate home mortgage deduction WJ Rutherford

  5. Who pays taxes? • Top 1% pay 37% of income taxes & earn 19% of all income • Top 5% pay 59% of income taxes • Top 10% pay 71% of taxes • Top 50% pay 97.6% of taxes • Bottom 50% pay 2.4% of taxes (about ½ of what this group paid 10 yrs ago) WJ Rutherford

  6. Who is the middle class? • Narrow view • Average income of $46,829 • Range $36,000 - $57,657 • Broad view • Average income of $55,441 • Range $19,178 - $91,704 • Is about 60% of Americans • 2010 Census WJ Rutherford

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