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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

Some Consequences of Nov 6

A summary review of some items in the news

WJ Rutherford

fy2013
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

dividend tax increases
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

another source of revenue wealth attack
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

who pays taxes
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

who is the middle class
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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