Benjamin Franklin once stated that there is nothing in the world that is certain except for death and taxes. This quote is proof that taxes have for the longest time preoccupied the minds of Americans from the start. Currently, the political arena and talk is awash with issues to do with taxes and in particular the Trump/Ryan tax plan. The duo is planning to slash taxes on corporations and the wealthy. Ted Baumann offered his views on the issue that has become a national obsession.
Why Do People Care About Taxes?
Ted Baumann states that this question may seem silly, but it is important to focus on it in order to understand the underlying truth. People care about taxes as it reduces the amount of disposable income in their hands. Ted argues that if there was a way that people could pay their taxes without having to cut on their expenditures, then no one would care about them. However, this is not the case as most households in the middle-class have to part with around 15-25% of their gross incomes in form of taxes.
Debt is the Real threat
According to Mr. Baumann, people should be more concerned about debts as that remain the real threat facing the American people. Ted referred to an article written by Matt Taibi, a political writer with the Rolling Stone. Matt argued that the availability of cheap credit in the country is the key reason why education and housing prices are artificially inflated. If the same were being paid via cash then they would be much cheaper. The American economy is so debt-based leading to more debts due to regular lending. Ted Baumann opines that the only way that the government can get more money into the pockets of Americans is by interrupting the existing vicious circle of debt, lending and the burden of taxes.
About Ted Baumann
Baumann works at Banyan Hill Publishing from 2013 as the editor of Plan B Club, Alpha Stock Alert and The Baumann Letter. He specializes in international migration matters, asset protection, low-risk investment tactics and privacy. He currently resides in Atlanta, GA together with his family. Ted has throughout his life sought to help people with resources they require to lead sovereign lives without corporate greed and governmental oversight.
Ted Baumann was born and raised in Washington, D.C. and the eastern shore of Maryland respectively. He then relocated to South Africa when he was a young man. He holds postgraduate degrees in History and Economics from the University of Cape Town.