Local Sam, State Sam and Uncle Sam are about to announce the next wave of bad news. Yes tax revenues are going to decline at all levels. Tax revenue is how the governments pay their bills. Every thing we do is TAXED. As Americans STOP doing, tax revenues go down.
The tax decline was first seen in the housing market with declining property taxes as property values declined. The next is sales taxes. No spending – no tax and we do not tax basic food. Road taxes will decline as we drive less and are the price of fuel declines. (some taxes on fuel are a % and some are per gal). Phone taxes will decrease as many Americans are forced to cancel cell phone service. Every government agency in the USA is going to see tax revenues decline.
So how are governments going to pay for expanded services? They aren’t. Government obligations, past, present and future are BANKRUPT. Americans wake up and provide for yourself because there will be no government program to take care of you when you need it.
Sunday, November 16, 2008
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