WND Exclusive
FROM JEROME CORSI'S RED ALERT

Obama to snatch up to 75% of your income

Federal government could confiscate more than half of everything earned


Posted: May 24, 2010
1:58 pm Eastern

© 2010 WorldNetDaily

Editor's Note: The following report is excerpted from Jerome Corsi's Red Alert, the premium online newsletter published by the current No. 1 best-selling author, WND staff writer and columnist. Red Alert subscriptions are $99 a year or $9.95 per month for credi.... Annual subscribers will receive a free autographed copy of "The Late Great USA," a book about the careful deceptions of a powerful elite who want to undermine our nation's sovereignty.

If President Obama repeals the Bush tax cuts and imposes a 20 percent value added tax, or VAT, on the U.S., Americans may be facing tax rates where more than half of everything earned is confiscated by the federal government in the form of income taxes, Jerome Corsi's Red Alert reports.

Add Social Security taxes and the tax burden quickly advances to more than 60 percent.

"Adding state property and income taxes to the burden, the amount government confiscates could be in the 75 percent range before Americans have a chance to vote Obama out of office in 2012," Corsi wrote. "Are Americans willing to be taxed 75 percent of every dollar earned?"

(Story continues below)


 
 

That is the current tax burden in Scandinavian countries as the table below demonstrates.

"In a five-day work week, will Americans be willing to work four days for the government?" Corsi asked.

He said as Obama moves the U.S. in the direction of becoming a European-style social welfare state, it is important to consider taxation levels typical in Europe.

Corsi noted that even high levels of taxation are not sufficient in Europe to prevent debt levels from rising to crisis proportions, as has been seen in Greece and is looming on the horizon in Portugal, Spain and Italy.

"These are the real costs of income redistribution, as taxpayers are made to bear the taxation costs of generous pension plans for government employees at all levels of government – federal, state and local – as well as funding Social Security, paying for Medicare, Medicaid and Obamacare and funding welfare, including educating the children of illegal immigrants in Spanish in public schools," he wrote. "There is no limit to generosity when it comes to socialist states providing social welfare benefits to increasingly government dependent populations."

To learn more about the true costs of income redistribution, read Jerome Corsi's Red Alert, the premium, online intelligence news source by the WND staff writer, columnist and author of the New York Times No. 1 best-seller, "The Obama Nation."

Red Alert's author, whose books "The Obama Nation" and "Unfit for Command" have topped the New York Times best-sellers list, received his Ph.D. from Harvard University in political science in 1972. For nearly 25 years, beginning in 1981, he worked with banks throughout the U.S. and around the world to develop financial services marketing companies to assist banks in establishing broker/dealers and insurance subsidiaries to provide financial planning products and services to their retail customers. In this career, Corsi developed three different third-party financial services marketing firms that reached gross sales levels of $1 billion in annuities and equal volume in mutual funds. In 1999, he began developing Internet-based financial marketing firms, also adapted to work in conjunction with banks.

In his 25-year financial services career, Corsi has been a noted financial services speaker and writer, publishing three books and numerous articles in professional financial services journals and magazines.

For full immediate access to Jerome Corsi's Red Alert, subscribe now.

Subscribe to Jerome Corsi's new weekly economic newsletter, Red Ale...O

Views: 25

Reply to This

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Doc Vega's 7 blog posts were featured
3 hours ago
tjdavis's blog post was featured
3 hours ago
Burbia's blog post was featured

Mystery illness strikes Russia with fever, blood symptoms, and no cure in sight.

I guess releasing this bio-weapon upon Israeli neighbors would be hitting too close to home. I…See More
3 hours ago
Less Prone commented on Doc Vega's photo
Thumbnail

main-qimg-357a10f7111dcf87a3cc6e2afad83855

"Islam is only a phase preceding a total Talmudic rule and a new world religion."
3 hours ago
Less Prone commented on tjdavis's photo
Thumbnail

WWRJD

"I doubt a d-rat Jesus would be better. Much worse. “Politicians are the lowest form of life…"
3 hours ago
Less Prone favorited tjdavis's photo
3 hours ago
Doc Vega posted blog posts
11 hours ago
cheeki kea commented on cheeki kea's photo
Thumbnail

Lost History

"The Tartar wall - aka The Great Wall of China is hundreds of years old and was up and running in…"
12 hours ago
cheeki kea posted a photo
12 hours ago
tjdavis posted a blog post
yesterday
tjdavis posted a photo
yesterday
Doc Vega posted blog posts
yesterday
Doc Vega posted a photo
Wednesday
Doc Vega posted a blog post

No Place to Hide

Stumbling through this confusing lifeLike a blunt and rusty knifeSo why is there all this…See More
Wednesday
Burbia posted a blog post
Wednesday
cheeki kea posted a photo
Wednesday
cheeki kea commented on cheeki kea's blog post Vaccines Cause Autism: The Burden of Proof has been met.
Wednesday
cheeki kea posted a blog post
Wednesday
tjdavis posted a video
Wednesday
cheeki kea commented on Burbia's video
Thumbnail

Soros Will Never Recover..Elon AIR The whole Thing

"Good find Burbia. It can only get worse. Is Soros too big to fail for he has his thumb in every pie…"
Monday

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted