The Daily Grand and Sundry

Oh my dear young people, you children of Reality TV and cosmetic surgery, of BMWs at 16…ten years from now you will be living in your parent’s rumpus room, sleeping on a cot, with your two Masters degrees hanging on the garage wall,  wondering what went wrong.

This is what went wrong, in 1999 the United States owed more money to the Government of Spain than it did to the Peoples Republic of China.

Today, we owe ONE TRILLION DOLLARS to the Chinese.

Generation Y, have you ever wondered how the government intends to repay China? and reduce  the massive deficits? Especially since there will be no jobs creating wealth.

The answer is simple, the government intends to eviscerate your  future.

These following tax policies are being discussed at the highest levels,  if passed, the upshot will be, YOU WILL NEVER OWN A HOME.

OPTIONS FOR REDUCING THE DEFICIT, 2014(In Billions)

The deficit in 2014 will be 726B

4.2% of GDP

ELIMINATE TAX DEDUCTIONS FOR

Employer Provided Health Insurance…………………Raising 215B

Mortgage Interest……………………………………… …..Raising 147B

State and Local taxes……………………………….. ……Raising  65B

Capital Gains on Homes………………………………. …Raising  60B

Property Tax……………………………………………… ..Raising 33B

Municipal Bond Interest………………………………… Raising 32B

By eliminating ALL tax supported incentives to buy a home, the Government can raise 552B toward paying back China.

To bridge the other billions, the government is discussing raising the retirement age to 70, and the Medicare age to 67, and imposing a European style VAT tax of 5%.

Remember the mantra of this blog, MODERNITY SUCKS; seeing the future tax policy proposals, I am sure Generation Y will eventually agree with me.