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Commentary About the Blue Marble

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Commentary About the Blue Marble

Category Archives: Taxes

Vote For Financial Responsibility

14 Tuesday Aug 2018

Posted by Commentary about the Blue Marble in Deficits, Taxes

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Morris is an unusual Community in many respects. The most unusual is the town’s great financial shape. Perhaps it has been luckier than most small towns, big cities, states, and the federal government. Responsible leadership has helped here.

Illinois has been mismanaged for decades. Governor Thompson’s Chief of Staff was later Governor Jim Edgar. He was credited at the time, now discredited, for coming up with the pension payment plan to balance their budget. Instead of making the payment needed to keep the plans current, they ramped the payments so they paid a little causing the more and more to be paid later. It just kicked the can down the road. Governor Blagojevich was faced with a budget deficit so he borrowed money from the plans and didn’t make the needed payment.

Reducing the income tax is also a contributing factor in the states’ budgetary operating deficit, its yearlong balance of payment deficit, and pension shortfalls.

The deficits can be fixed with bi-partisan action and doing away with all the income tax deductions and exemptions. We should vote only for people with the guts to fix Illinois’ problem instead of just getting re-elected. Most other states don’t have these reductions and exemptions.

The Trump tax cut has put our country into much deeper debt. Instead of paying down our national debt it is exploding during the time we should be cutting it. If we are increasing our debt during good times, what will we do during the upcoming bad times?

Both the state and federal governments need to act responsibly and quit wasting money to get re-elected and increase revenue before it becomes unmanageable. Make the person wanting to represent us explain exactly how they expect to solve the problem whether it is raising taxes, cutting expenses, or something else. Perhaps a thousand word explanation of their personal ideas, without mentioning the other party or anyone in the other party, would help us decide who to vote for. If they can’t tell us, perhaps it’s because they have a dearth of ideas.

The Consumer Tax

02 Thursday Aug 2018

Posted by Commentary about the Blue Marble in Economy, President Trump, Taxes

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The congressional budget office and independent economists have said the tax cut could add a trillion dollars to our already red ink ocean. Has the administration come up with a sneaky way to reduce the tax cut’s red ink? Yes, it’s called a tariff war! The administration says any tariff will be absorbed by the companies and little if any will be passed on to the consumer. We know the corporations received about 80% of the cuts and aren’t going to eat the tariffs. They will pass the tariffs taxes on to us.

So consumers, suck it up, and if you manage to keep your job, you will spend more to buy those consumer products you enjoy. The President said the stock market has gone up during his tenure so if it goes down because of tariff wars, it is okay.

Since he believes he is the Supreme Being then the usual words at a graveside service are appropriate. “Trump giveth and Trump taketh away.”

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