Expat Community > Ecuador

Amicus
Joined 2010
Posts: 48

U.S. Taxes

14 years ago

Given the sad shape of the U.S.'s Budget Deficit, Uncle Sam is going to have to look under every rock they can, to find a buck, and that includes legitimate and illlegimate, off shore accounts held by Americans.

The recommendations from BO's Special Commission to balance the budget, will also impact Seniors as there are recommendations to cut Social Security for the rich; and freeze yearly increases for the rest of us. Also, the age of eligibility will likely be increased again.

If inflation ever get's a foothold, we're toast. Might be a good idea to purchase now, the wheelbarrows that will be needed to transport money to the grocery store to do the weekly shopping.

Lots and lots of uncertainity right now. There is a great deal of talk at the international level about moving to a gold standard in an attempt to stabalize world currencies. If that should occur, people who are holding gold will be instant million, and billionaires! The rest of us Slugs will be SOL! as we won't be able to buy anything, cause our dollars won't buy much. ("Damn! that rice and beans tastes good!")

Don't think that will happen now, but it could loom on the horizon because more and more Countries are manipulating their currencies in order to obtain a trade advantage. But, if it were to happen, we're done!

Jobs may never return, or at least for a very, very long time. Rational people have learned their lesson from the 2008 Recession and economic meltdown, and, aren't buying anything they don't really need. Instead, they are paying off their huge debts and SAVING more! They have paid off over $1 Trillion in debt during the past two years. They are our national savings rate is now up to over 6%. Good news for the economy over all, but bad nows for those who make or produce goods that are NOT necessities.

With this growing anti-consumption attitude, Business and Industry will not expand or add jobs. "No buyers - - no producers." The Business Community is sitting on over ONE TRILLION in Cash. U.S. Banks too, have been Hoarding Cash. How much? Probably about $1.5 Trillion.

The mortgage tax deduction could be eliminated, especially for second homes, and upper end homes. Yet, there is no guarantee that the deduction won't be eliminated entirely.

There is high hope that the new Congress will finally get serious and attack the budget deficit with some vigor - - as we so desperately need.
My take: don't hold your breath! With all the rhetoric, do the Politicians really have the will to do what is necessary and right to save our Country from diaster? I think not - - if the history of the past thirty years is any indication.

amcus (the other dr. don)

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U.S. Taxes

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