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With you -- money for breakfast weekend there's a new study out showing the government is suffering from what's called tax withdrawal due to the recession tax receipts suffer local cents -- the fall by 18% this year.
And that would be this -- a single year drop since the Great Depression.
This comes to the federal deficit is swelling record one.
Point eight trillion dollars so what does -- all mean for you the average taxpayer Ronnie -- joins us this morning tax attorney founder of the Ronnie Deutch tax and could -- right thanks so much it is a startling numbers and it to say that hey we've been through so much -- the the recession obviously taking its hole.
Tax revenues are down by this much we make of.
First bucket we gotta talk about 2008 before we go to -- nine I remember 0822%.
Individual income tax down.
Corporate tax down 57%.
What I make of it is this is the worst economic tsunami that we've ever seen in the -- -- Is very angry we got Social Security taxes down we got Medicare paying out way too much money -- we have were overspending Connell and it's not going.
Like here's the thing he is the economy's -- -- some point who knows maybe it's already started to the most optimistic of scenarios if so that is going to have you're gonna get more tax revenue just because of that but the common.
Thinking a lot of thinking here is that not to be nearly enough to pay for all the expenditures we have going on whether it's health care what's in the news or.
Org or whatever else so what do we do.
I appreciate your optimism I think we've got to look at the -- O'Connell we know that unemployment is at all time highs -- you and I are even talking about -- at all time highs but certainly at a high -- let's go to the daily -- California.
Very much higher than the total of 1415%.
So we know that we've got revenue that is down from what else is happening -- that we've got to talk about tax avoidance.
We of people that are intentionally not paying taxes offshore.
UBS but aren't talking people working under the table -- people that are looking for jobs and are so desperate they're willing to work under the table which means they pay no individual income tax.
And the -- pays no payroll tax -- you're optimistic going hey we've got something happening here right seeding you even if the IRS was operating like commission will.
They will still not collect enough revenue.
Where a lot of trouble OK so we have to attack these people that are not paying taxes that seems like a logical conclusion the other one is that there and and we shouldn't even.
Avoid talking about it any longer taxes on all of us have to go up to make up the difference right -- that isn't.
Isn't that awful to discuss right now but it's -- reality let's talk about the real realities.
Every tax will go up you and I talk about that don't we talk about -- we talk about state we talk about it all.
Every tax is going to go at you bet they are going to go for middle class people as well.
Something -- that's the key is stopping there for 12 because this idea that the people that are lucky enough to make 250000 dollars or more are going to be the only ones.
Bearing the burden here and paying higher taxes you say it's false -- just -- middle class.
-- does not lie we do not have enough money to pay for everything which most everybody in America will be taxed to death.
You and are talking about a new word surtax and who do you realize that's going to be our new best friend.
So we've got increasing taxes everywhere -- We have surtax -- explain that exactly with a -- means hi -- you're successful man you own a business she looked like 200 people bill Monday -- -- five point.
4% just because -- successful that's surtax that is separate and distinct Connell from the health care tax that we're all going to have to pay as well.
What else is going to happen.
Increased collections I want everyone to understand.
The IRS isn't a bad mood and they need money what are they going to do forty million people -- right now.
They're gonna come after them in the most relentless manner because they need trillions of dollars and -- it seems to have it what else even worse.
Reducing our deductions young man you realize what are deductions are worse but we're talking about the interest rate on homes we're talking about charitable giving.
So we're not gonna have those and already some of that has been we've talked about the facts -- the that's off the table so all these deductions that we've become so accustomed to.
But things like the mortgage deduction and -- -- a big part of people's lives and save -- their taxes every year.
You're laughing but you think these things are going away most of.
Do you realize that all of us were raised you go to school you get your lungs you buy your home you give to charity -- live happily ever after.
I'm so sorry to -- will be eliminated why would you buy a home if there's no mortgage interest deduction.
And why would you give to charity Obama believes you'll still get -- -- a good person I believe you're giving a lot because of the tax breaks.
He's going to go after some really significant tax breaks that will affect you and I.
And still it won't be enough money for the IRS to support assault.
It's a sad story brought the sport itself other.
Next time you got to come better news for us nothing higher taxes -- we're not living happily -- -- Global -- -- and -- those aren't good to see you all the same running yes Ronnie -- finals this Tennessee.
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