Think about it. I certainly did when I read the following in the Birmingham News this morning:
“Taxes Expected To Rise with National Debt, Aging”
- If you’re grumbling. about the size of your tax bill this year, brace yourself. Many financial advisers predict that tax rates are going to rise to cover the escalating. burden of an aging population and the federal debt. By KATHERINE REYNOLDS LEWIS Newhouse News Service WASHINGTON
This was the headline and the article’s lead-in first paragraph. Obviously, it is an attention getter. Some additional eye-openers in Ms. Lewis’ article include:
“Each American’s share of the federal government’s unfunded obligations amounts to $175,000 – comparable to a home mortgage with no collateral, said Stuart Butler, a vice president at the Heritage Foundation.”
“To cover the gap between expected revenue and the cost of Medicare, Medicaid and Social Security benefits through 2Q50, income tax rates would have to almost double, according to a July 2007 analysis by the Congressional Budget Office.”
“Of course, the government probably would reduce promised benefits and increase payroll taxes rather than solely boosting the income tax. Still, it seems likely many Americans eventually will refer to the current income tax structure as “the good old days.” And who exactly : would pay higher taxes?”
Ms. Lewis later suggested a partial solution…
“Take a long-term approach and save aggressively.” She clarified that by referencing…
“People need to set aside as much as they, can,” said Tom Papanikolaou, chief operating officer of Pension Builders and Consultants in Cleveland.
Yes, taking a long-term approach and saving aggressively makes sense. The issue is that most of us don’t have extra funds to set aside to pay our normal daily expenses, much less, pay a burdening tax bill. Duhhh….
So, now what? To me, the answer is as simple as going to your nearest mirror and looking into it. There you see the answer…it is YOU. You are the answer to taking a long-term approach and saving aggressively. The mirror shows you the solution each and every day!
Of course, the mirror cannot hand over financial well-being, however, it does show you where to find the solution. The solution is between your ears! It is your skills, your experience(s), your hobbies, your knowledge, your ideas that you possess. All you need to do is to share those possessions with others and your financial concerns will end, ..and a new future will begin.
Take control of YOU!
http://www.MakeMoneyWithWhatYouKnow.com has a free report that you might find useful to begin learning how you can take control.
Frank Kilgore
Are You Going To Turn Your Ideas Into An Income?
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