June 2010

Have lost jobs all of a sudden? Or struggling with health issues like a chronic problem or an accident that impaired your working abilities? It is important that you know all of your present income source, understand the income needs after retirement and finally find successful ways to ensure those for better livelihood.

Income protection insurance is such dependable armour that can satisfy when you are not in a condition to get monthly paycheck for some unavoidable reasons. With the insurance you can cover up to 80% of the income that you bring in on a monthly basis. So before you apply for an income protection insurance scheme, disclose all sources of income. It may include additional revenue sources like car allowances, regular overtime pay, incentives, house rents and other monetary benefits received in every month.
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Over the past 30 years Federal Tax receipts (Corporate, Personal, Estate, Excise, Gift, Social Security, Medicare, Medicaid, et al) have averaged less than 20% of Gross Domestic Product (GDP). Read that again, and don’t think for a minute that it’s not a large number.

But it’s not nearly large enough to pay the bills, reduce the national debt, grow the economy, and come to the aid of all of the people in the world who need us. Why, because nearly half of us (some legally, some not so) pay little or no federal income taxes at all— and because our elected representatives have no financial management skills.

The only taxes that always get paid are those that reduce the amount of spending money in our pockets and which raise the cost of the goods and services we purchase — thus retarding economic growth.

There is no doubt that a Federal Sales Tax on consumption by final consumers would produce more revenue than all of the other taxes combined — but how much, and is it OK to single out things like cigarettes and gas guzzlers for extra taxes?

We need to give it a try, and there would be added benefits: (a) we would be collecting taxes from all of those folk who earn incomes that are just not reported at all, (b) the products we try to sell in world markets would be more competitive, and (c) all of us would have more money to spend on stuff that could actually become lower in price.

There are no purely economic problems with making the shift to a consumption tax — just political ones. The legislation has been “on the hill”, and summarily ignored for decades. We need to apply cool economic sense to the elimination of the Internal Revenue Code and the Social Security Ponzi scheme.

First KISS: Create Jobs Right Now
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