Some consequences of nov 6
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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$82Bor 7.8% ‘Bush’ rates expire $233B

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Some Consequences of Nov 6

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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$82Bor 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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