Quote:
Originally Posted by waynet
You asked where our wealth went and I told you. I can't help it if you don't like the answer. The wealthy in the USA up until 1984 had a tax rate of 50% and more importantly a capitol gains tax rate of 50%. Those rates are now 16.5% and 15%. That's alot of money the gov't does not have.
The other problem is our defense budget. It is totally out of control but no one seems to have the courage to challenge their budget. We spend more money on defense than the rest of the world combined.
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Again, here are a few facts you can chew on:
2008 Budget: The three top expenditures
Defense- 635 Billion= 21%
Social Security- 617 Billion around 21%
Medicare, Medicaid and Chip- 599 Billion=20%
So, if you add up all the entitlements , it is around twice as much as the military. But don't worry, Obama is looking at ways to cut the entitlements. Do you think your retirement money is safe? Think again.