http://www.kenniffonline.com/corporate-profits-2009/
Why people do not realize the tax cuts for the weak economy and time of war are the main source of the current deficit?
The deficit for 2009 is based on the financial year October 2008 to September 2009. According to CBO, spending increased by 24 percent of fiscal 2008-2009. Much of that increase is the result of George Bush spending $ 3.1 billion budget and expensive items passed in 2008, including $ 133,000,000,000 for the beleaguered Asset Relief Program (TARP) and 291 billion U.S. dollars to rescue Fannie Mae and Freddie Mac Other major expenditure items include a bill to fund the wars in Iraq and Afghanistan. Furthermore, tax revenue fell by $ 400 billion, because individual income and corporate profits have dropped due to the economic downturn. Yes, Obama did add to the waste with the stimulus, the overall allocation, the CHIP bill, and the "cash for junk-nonsense, but only amounted to only a small percentage of the total for the year 2009 – about $ 140 million from a budget of $ 3,500,000,000,000. Approx. 4%
Politicians often think that raising taxes will hurt their chances for being chosen to do what they can to avoid raising taxes or even talk to raise taxes. The sad truth is that there is a lack of knowledge with the general public why taxes are necessary and what will happen if no changes are made. Also, people only care about most welcome and can not see beyond his own nose and it is very difficult to explain to them what pay more in taxes is needed. All most people want is for other people to look after them when they need help and not taking care of others when no neeed help.
Washington Tea Baggers Protest Against Own Interest And For Corporate Profits