PO = more taxes?

kevincarter · Posted: Fri Jun 06, 2008 12:17 pm Post subject: PO = more taxes?

This year I am quite concerned about taxes, they suppose a burden for my planning.

Do you think that when we hit full speed crisis the government will rise taxes? I think they will. Particulary in Europe I see they'll rise taxes in gas, instead of cutting down on them like some believe. It will be for our own good and very well marketed, as usual. Then will rise taxes on everything else, no kidding.
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like_the_dinosaurs · Posted: Fri Jun 06, 2008 1:37 pm Post subject: Re: PO = more taxes?

I'm fairly certain taxes won't rise because they simply dont need too. The increases in price for oil and coal means more money for governments and they sure as hell won't raise them in a depression.
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BigTex · Posted: Fri Jun 06, 2008 1:44 pm Post subject: Re: PO = more taxes?

TAXES WILL ABSOLUTELY RISE!

State and local governments especially, since they can't print money like the Feds, and they will have to find some way of maintaining their vast vehicle fleets they needs for fire, police, maintenance, dog catchers, etc.

Given that a lot of this money is raised through property taxes, in the face of falling home values that's sort of a double whammy--their tax base is shrinking at the same time that their expenses are rising.

It has also gotten a lot more expensive for municipalities to borrow money.

Expect more unfunded federal mandates on state and local governments too, which is like a federal income tax increase in drag.
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joeltrout · Light Sweet Crude Joined: Sep 19, 2007 Posts: 1317

In the US Dems taking office = more taxes?

Maybe a double whammy for us.

joeltrout

joeltrout · Light Sweet Crude Joined: Sep 19, 2007 Posts: 1317

Cashmere · Light Sweet Crude Joined: Mar 27, 2008 Posts: 1971

Government revenue is going to plummet.

1. Lower property tax revenue.

2. Fewer employed people and fewer wall street profits, which is what drove clinton's "surplus".

When govt. revenues plummet they may . . .

1. Borrow more.
2. Tax more.
3. Spend less.
4. Shrink.
5. Invade.
6. Raise Taxes.
7. Crank up the printing presses.

I expect 1, 2, 5, 6, and 7.
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Dreamtwister · Fission Joined: Feb 06, 2006 Posts: 2304

BigTex has it right. Local and state taxes will rise, federal taxes probably won't.
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MrBill · Expert Joined: Sep 15, 2005 Posts: 5650 Location: Eurasia

I believe in general that taxes as a percentage of income will rise, while total tax receipts will fall due to a stagnant economy that is squeezed by higher food and fuel prices as well as lower corporate profits. Globally lower current account surpluses - less trade - will diminish government's ability to borrow, so they will have to pay more for capital and/or raise taxes instead of running deficits. Another reason the economy will grow more slowly. Expensive imports of energy will also be a drain on existing wealth and its creation. Average living standards will therefore decline and there will be less disposable income.
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