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Taxing the Rich Is Not the Answer to Our Financial Problems

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					Taxing the Rich Is Not the Answer to Our Financial Problems

Tax Resolution Services, Co., founder and CEO Michael Rozbruch explains
why the government’s plan to increase taxes on the wealthy will not
eliminate the deficit.

Encino, CA, July 26, 2012 -- One of the upcoming election’s hottest
topics is clearly how to balance the budget to reverse the ballooning
national deficit. Over the last several years, the federal government has
spent over 5 trillion dollars that it didn’t have, and just through June
the budget deficit has already hit $904 billion. Some argue that the
answer is to tax the rich; however, when the numbers get crunched it’s
clear that taxing America’s most wealthy citizens will not even come
close to accomplishing the goal of balancing the budget. It’s actually a
joke to even suggest that it would.

“Increasing taxes on people earning $250,000 or more is not increasing
taxes on the ‘wealthiest Americans,’” said Michael Rozbruch, founder and
CEO of Tax Resolution Services, Co. “The wealthiest Americans earn a
million dollars and much more. You also have to look at what is the
desired result by doing so. Experts have stated that this will not make
the smallest dent in our national debt.”

To that end, Duquesne University economics professor Antony Davies posted
a video on LearnLiberty.org explaining that taxes would have to be raised
to astronomical proportions on the rich in order to eliminate the
deficit. Additionally, CNBC reports on a recent study that when states
have attempted to raise taxes on the rich, the rich have simply moved to
another state. In this instance people may move to another country.

If such tax measures are implemented on a national scale, it’s not
unrealistic to imagine that the rich could simply leave the country. Such
an occurrence would truly wreak havoc on the nation’s tax base. So, then,
what is the solution?

“Where would this extra money go toward? More entitlement programs?
Expansion of an already ginormous government? Instead of proposing
something that will divide us,” said Rozbruch, “we should be looking at
ways to implement a flat consumption tax, which is far more equitable for
everyone concerned.”

Some flat-tax opponents argue that it wouldn’t be fair because wealthy
citizens would not be taxed on investment income on stock dividends, etc.
However, some have proposed an amendment that would allow most of such
income to be subject to the same flat consumption tax percentage. Not
only would such a tax be more fair and equitable, it would also simplify
the tax code, which would likely reduce the intrusiveness of the IRS on
people’s lives.

The ultimate goal is to find a tax system that works for everyone, and
recognizing the implications of tax hikes on people earning more than
$250,000. “Making $250,000 in the United States’ major metropolitan areas
(where most people reside) is just getting by in today’s world,
especially if you throw in a couple of college-aged children,” said
Rozbruch. “Additionally, people who have small businesses and file their
tax returns as sole proprietorships (with employees) will be deterred to
hire additional employees because they will now have to consider that
more of their earnings will go toward paying more taxes—money that could
have been spent on goods, services, and hiring employees. It’s a recipe
for disaster that could put us in the same kind of trouble that much of
Europe is experiencing now.”

And what about the expected and unforeseen costs related to “Obamacare”,
especially for small businesses, which really are the “engine” for this
country’s economic growth. This November’s election will probably the
most historic and significant election in decades, past and future. It
will define what Americans want their America to look like. It is a stark
choice. A lot is at stake. Vote responsibly!

Visit Michael Rozbruch’s blog for more on this and other key tax issues
facing the nation.

About Tax Resolution Services, Co. (TRS)
The tax attorneys, CPAs, EAs, and tax relief professionals at Tax
Resolution Services, Co., pioneered the tax resolution industry. They
have successfully settled thousands of cases over the past 14 years, and
are committed to providing affordable, competitive solutions to
businesses and individuals. Got IRS stress? Contact TRS. To find out how
TRS can help, or to receive a free tax problem consultation,
visit www.taxresolution.com or call (888) 851-5894.

Contact :
Becky Stephens
Tax Resolution Services, Co
Encino Business Park IV
6345 Balboa Blvd, Suite 285
Encino, CA. 91316
818-774-1813 ext. 325
Becky@taxresolution.com
http://www.taxresolution.com

				
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Description: Tax Resolution Services, Co., founder and CEO Michael Rozbruch explains why the government’s plan to increase taxes on the wealthy will not eliminate the deficit.