Tax & The Top 1% – Who Are They? – The Pending Sovereign Debt Big Bang

Wynne Hathleen Ontario Premier

COMMENT: Hi Martin,

I’ve been reading your blog for a while now and it’s great to see that not even little ole us in Canada escapes your reaches!  Not only is Premier Wynne changing the definition of the meaning of “rich” in Ontario, yesterday’s budget also proposes a forced government pension plan.  She is proposing withholding 1.90% off of employees paychecks which the employer must also match.  This is in addition to the Canada Pension Plan that has been around for decades in Canada.  Her reasoning for this is that people in Ontario are just not saving enough on their own so government knows best.  Never mind the fact that hyrdo prices in Ontario are rising exponentially, natural gas prices will rise 40% over the next year – both are provincially regulated industries and, in fact, hydro is run by the government!  Ontario is in large financial trouble at the moment with stagnating employment, loss of manufacturing is currently running a provincial deficit (approximately $11 billion) and is in debt worse than California!

My wife and I earn probably around the median income for a family in Ontario.  We’re finding it more and more difficult every year, with ever increasing property taxes and schemes like the above, to live comfortably, but we are managing.  We are trying to save and invest money but somehow we keep paying the government!  When I talk to friends about what is going on with the governments here in Canada, and around the world for that matter, they think everything is perfectly fine and don’t see the connection of the hunt for taxes.  They’re thoughts are very left wing, and they think I’m a bit of a right wing, wing nut!  Although I don’t really see myself as a right winger, more of a guy that would like less government intervention in our daily lives.

Anyway, keep up the great work.

D

TOP1943$-MA

REPLY: It is a shame that people are so thick-headed. They are prepared to spin these conspiracies how the top 1% control everything and they point to the Bilderberg meetings that were found only in 1954. They cannot point to a single event that they caused, yet they are convinced the world is controlled by people who hate so much. They have no clue who is the top 1% – I hate to explain but today that is merely income of $343,000 – not millions.  While the Democrats hate the Bush Tax Cuts, without that reform, the vast majority would be considered “rich” for that definition fell to just $50,000.

The Communist/Socialists agenda is all about enriching government – not the bankers or Bilderberg groups. These types of people lobby for tax breaks. What is unfolding behind the curtain is government is consolidating on a global scale to do economic war against the private sector. This is what the G20 agreement is all about to hunt down capital. The typical elite groups are losing influence as government consolidates, yet starts to fragment.

Even Joe Biden declared the Republicans only trying to lower the taxes for the “super rich”. He never defined who this hated “super rich” group is and created wonderful visions of trillionaires and billionaires. That is not even the top 1% since there are no trillionaires anyhow. Forbes puts the number of billionaires at 1600 worldwide. The billionaires are more like less than 0.1%. They always justify going after these people and it turns out to be the middle class.

Income Tax Top-Bracket-2

The TOP 1% is merely income of $340,000+ and the top income tax bracket in the US is household income (not individual) of $250.000. The Democrats only talk about the Bush Tax Cuts and how evil they were. However, that would have left the top income tax bracket at $50,000. This is how government functions – they use sound bites and avoid details.

Government around the world are collapsing. The municipal governments are headed into massive waves of bankruptcies. Shamokin, Pennsylvania, is about 120 miles northwest of Philadelphia, and with only 7,000 residents, they have $800,000 of unpaid bills. No bank will even lend them money anymore. Shamokin is so broke, the gas service to city hall was temporarily cut off last month.

ECM-Wave-2011-2020

This is typical of all government. They are incapable of actually running in an efficient manner. They have built their empires assuming the well for taxes will never run dry. The owe far more than they are capable of funding. On the other side of 2015.75, we should expect widespread economic disruption as municipal governments start to collapse in the US and Europe. We do not need conspiracies to end the world. All we need is career politicians – that is good enough. No group is powerful enough to even stop the process in motion. We need to just crash and burn. This is how society regenerates historically. This is why interest was banned following the fall of Rome. It became a sin of “usury” in the Catholic Church and the Arabs had the same position. It was the Protestant Reformation, funded by would-be bankers, to create the new age of banking. This is why interest was banned – government never knows when to stop the borrowing.