Although the women of the United States are confined within the narrow circle of domestic life, and their situation is, in some respects, one of extreme dependence, I have nowhere seen woman occupying a loftier position; and if I were asked... in which I have spoken of so many important things done by Americans, to what the singular prosperity and growing strength of that people ought mainly to be attributed, I should reply, To the superiority of their women.

--Alexis de Tocqueville, Democracy in America

Tuesday, June 8, 2010

Don't Wait Until November to Take Action - Part 4: Go Galt (If You Can)

Christopher Grey at World Net Daily has a list of tips for those of you who have more money than I. He explains:

        The vast majority, possibly as high as 90 percent, of federal income taxes are paid by the top 1 percent of the households. If this group would take extraordinary measures, all within the current tax laws, to reduce tax liabilities, this would have a devastating effect on the ability of the federal government to fund itself.

        For example, a 50 percent reduction in the taxable income of this top 1 percent probably would cost the federal government trillions of dollars of revenue per year. There is almost no way that the feds could replace this lost revenue or borrow this much more every year, so it would force them to cut spending or try to implement extremely unpopular new taxes on the middle class.

        Some ways to accomplish a tax liability cut under current tax laws are: 1) if close to retirement age, simply retire early, 2) if your company allows you to do so or you own your own business, defer as much income as legally possible for as long as possible, 3) if you have the resources to do so, simple take a few years off from working and spend more time on other pursuits or with your family, 4) donate substantially more money to charity, 5) redirect investment capital into companies that don't pay dividends and state and local tax exempt bonds rather than taxable bonds, income property, or other interest or dividend generating investments.

        By legally cutting off the funding mechanism for the federal government, spending reductions will become unavoidable whether the politicians want to do it or not.
Read the whole thing.

The reason why the reason of John Galt's speech doesn't connect with so many is because we have "Escaped From Reason." Let those who read Francis Schaeffer understand.

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