Government Budgeting or Tax and Spending?

Debt to Consume 90% of GDP by 2020 According to CBO

Just this week the Congressional Budget Office (CBO) released the administration's budget numbers, reflecting the debt to Gross Domestic Product (GDP). According to their own predictions, debt will consume 90% of GDP by the year 2020.

How can we as citizens depend on a government who can not live within its means? We must live within our means in order to survive, yet our politicians refuse not to. Instead they live off of taxpayers as a parasite lives off of its host.

According to Merriam-Websters definition of budget: bud·get
Pronunciation: \ˈbə-jət\ a : a statement of the financial position of an administration for a definite period of time based on estimates of expenditures during the period and proposals for financing them b : a plan for the coordination of resources and expenditures c : the amount of money that is available for, required for, or assigned to a particular purpose.

Does it sound like the administration has planned for financing their expenditures? Do you think they have the resources available for funding their proposals? Where do you think they will get the money?

Take a look at the history of the marginal Federal Income Tax:

You'll notice that taxes spiked up considerably after the "Great Depression" and when Social Security was created. Do you see any similarities today?

Of course, you understand that you also pay other taxes. As a matter of fact in recent years personal taxes increased 42% faster than personal income. State and local government taxes increased 168% faster than national income. The typical American pays more in taxes than they do on food, shelter, and clothing combined.

Here are some examples of taxes we pay. State Income Tax, Social Security Tax, Medicare Tax, Property Tax, School Tax, Sales Tax, Water Tax, City Tax, County Tax, Gasoline Tax, Airport Tax, Hotel Tax, Cable TV Tax, Unemployment Tax, Cigarette Tax, Corporate Income Tax, Marriage License Tax, Liquor Tax, Fishing License Tax, Food and Beverage Tax, Hunting License Tax, Road Usage Tax (truckers), Estate Tax, Luxury Tax, Recreational Vehicle Tax, Utility Tax, Septic Permit Tax, Well Permit Tax, Road Toll Booth Tax, Vehicle Sales Tax, Workers Compensation Tax, Trailer Reg. Tax, Watercraft Registration Tax, Long Term Capital Gains Tax, Short Term Capital Gains Tax, Telephone Federal Excise Tax, Telephone State and Local Tax, Telephone Usage Charge Tax, Telephone Federal Universal Service Fee Tax.

There are few ways that you can shelter your money from the onslaught of taxes, so we must consider them all when doing our own budgeting. One such way is by NOT depending on the government. Are you the least bit suspicious when the government creates a plan to give you a tax break on the money that they have taxed you on in the first place. Consider Qualified Plans and the Federal Income Tax.

Another option you may want to consider is banking, but not in the sense that you may be accustomed to. For example, do you find it ironic that the very banks that we as taxpayers were asked to bailout, ask us to invest our money with them? Why is it that banks want to lend us money when we have it, but will not when we need it?

By Becoming Your Own Banker™ and banking with your family you can actually end your dependency on traditional financial institutions and government programs. You can learn how to create a system of finance and your own lifetime bank. http://bankforlife.wordpress.com/

Infinite Banking teaches the process of using your current flow of finances versus consumption of money. Utilizing this concept integrates protection and wealth accumulation enabling you to enhance your assets without creating additional liabilities. Traditional banks understand this, yet they tell us to do the opposite, forcing us into financial slavery.

You owe it to yourself and your family to educate yourself further. Take control of your money now by controlling how your money flows. Read the book Becoming Your Own Banker™ here: http://legacyinsuranceagency.com/byob

Until next time,
Barry Page, RFC

Barry Page is a Registered Financial Consultant and Infinite Banking Coach. His goal is to help families live debt free and create generational wealth. He publishes multiple websites and blogs including this one, and can be reached at http://legacyinsuranceagency.com/contact.html

BEWARE: You Are A Target!

Are The Politicians About To Increase Your Taxes?

It's even worse than we feared! The politicians and Congress are after our money, in larger ways than anyone could have ever imagined. We all feel the pain of taxes, and have feared that they could go sky high, just like they have in the past. But, no one is ready for the full scale assault the leaders in Washington are planning. Everything You Own Will Be Affected By Taxes!

Our budget deficit is already skyrocketing, and it is only going to get worse. You know that our country is in a real mess, and the problem has only been perpetuating for years. Much of this growing snowball has been caused by an archaic tax system and overspending by our Government. Not to mention a failure to address the problems of our social programs. But, instead of using common sense to solve problems, our political representatives have done their best to make things worse. No matter what your tax bracket, your age, or your net worth, everything you own will be subject to vicious attacks!

The Obama administration is ready to unvail another so-called stimulus plan. It will be disguised, and they won’t call it a stimulus plan, but make no mistake... you will be paying for it.

The administration’s health care reform bill has ran into some opposition, and it is unclear what the ultimate outcome will be. However, there is no question that it will cost BILLIONS... if not TRILLIONS of dollars. And, where will the money come from???

Have you heard about the Green Treaty? You can watch a video from Lord Christopher Monckton here: http://www.youtube.com/watch?v=PMe5dOgbu40 This treaty will cost our country billions!

If you have any doubt that Global Warming is a hoax, then please take the time to visit this website formed by over 31,000 scientists who say that it is: http://petitionproject.org/

With his new Nobel Peace Prize in hand, President Obama is set to expand our war efforts by sending as many as 40,000 additional troops to Afghanistan. All while the President avoids direct questions and only alludes to what our real course of action will be. Meanwhile, election fraud runs rampant in Afghanistan, and our troops are faced with indecision. Regardless of what happens, our spending on the war will cost our families for generations to come.

Plain and simple, government is a parasite that sucks money out of taxpayers. The politicians always find a way to disguise their spending in a way that makes it look like we need their help. In other words they try to fix their problems by making us think they are helping us, read qualified plans, bailouts and stimulus. It always takes more tax dollars to pay for their spending.

Policymakers are now eyeing other ways to cover the costs of their new initiatives. The latest idea, which seems to have overwhelming support from the Democrat majority, is to start Taxing You for every securities transaction you make. You read that right, our politicians want to tax you for trading in the stock market!

The Economic Policy Institute is considering a national transaction tax that could raise $100-$150 Billion a year. All stock trades would be taxed at a rate of 0.1% to 0.25% of the value of the trade, and the tax would be levied on all financial transactions.

Though most have missed it, the Transaction Tax has already found its way into law. The President, at the urging of House Democratic leaders, submitted legislation to “recoup” from the financial-services industry any eventual shortfall in the Troubled Asset Relief Program, or TARP.

Representative Barney Frank, Chairman of the House Financial Services Committee, said he supported the idea of recouping future losses from the industry: “I was one of the ones who suggested.” Former Federal Reserve Chairman, Paul Volcker, said “it might be interesting” if Congress ordered further study of the idea of a transactions tax.

The reality is that any time Congress has raised taxes, the result has been higher unemployment and lower standards of living. Think back to the Carter years, 17% interest rates and some of the highest taxes in our lifetimes. Well, we are faced with that same scenario again. Higher Taxes are not the answer, but they are coming...

You see, some politicians think that because you've worked hard to get where you are, then you should subsidize those who have not. How do you feel about that?

Regardless of your income, new and higher taxes will affect you and your family. If you earn more, and pay more in taxes, then obviously you have been pegged, if you lose your job or you retire, then you will be robbed as well.

When you look at the history of taxes, and what the politicians are calling for, things don't look good. And, if you die under current law they will take even more!

The bottom line is that if you make a substantial income, you could soon see your taxes double!"

And, don’t be fooled with recent stock market gains, there is a hidden factor. INFLATION is the STEALTH TAX! Have you noticed how much things cost these days? What will it be like when we retire? Even if we do save more money, it's going to be worth less when we actually need it, UNLESS we have a plan to combat inflation.

What can we do about these HUGE problems? I decided that if I was concerned about these problems, then others must be too. And, many of my clients that were seeing their incomes increase now, were concerned about FUTURE TAXES.

So, I decided to make available to you a free report that outlines exactly how taxes can effect your income now and at retirement. The problems that qualified plans like IRA's, SEP's and 401k's can cause. And, what you can do about it now to prevent being taxed into the poor house!

Fortunately, this report identifies problems and outlines solutions, along with simple steps you can take now to prevent the problems later. All you have to do is enter your name and email and I will instantly send you your free report. It could save you and your family MILLIONS in taxes.
If you want to avoid overpaying your taxes, and don't want to leave your family with a hefty tax bill, get a copy of this eye-opening report for yourself. After all, wouldn't you like to know if you're being fooled?

To get your Free Report simply click the link below and fill-out the easy form. The report is available 24/7 and there is no-charge. And, most importantly there is no one to hassle you.

Click this link for instant access to your free report,
TAXES, The Largest Transfer of Your Wealth.

Until next time,
Barry Page

Barry Page is a licensed agent and financial consultant.
He can be reached online at http://www.legacyinsuranceagency.com/