Aging in Place

3865 Words16 Pages
Aging in Place
Today the United States faces many challenges, challenges that mirror the changing world we live in as well as the changing dynamics of our country as a whole. There is more than a few issues on the horizon for America, and many of these issues can be tied directly to government expenditures. Not the least of which is our current position on social security spending; arguably becoming the largest Ponzi scheme the world has ever seen. However, it is the details that really accentuate the complexity and scale of this ever growing budgetary concern. In 2012 social security spending totaled 819.7 billion dollars. Making it the number two largest expense in the in our government spending structure, second only to defense by a
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In addition to higher rates under the Act, the new taxes under the Patient Protection and Affordable Care Act (Obamacare) go into effect in 2013: a new 3.8 percent tax applies to net investment income of taxpayers with modified adjusted gross incomes over $250,000 (married filing jointly), and a new additional Medicare tax of 0 .9 percent is imposed on taxpayers with wages in excess of $250,000 (married filing jointly) . From an economics stand point taxes artificially impose new market equilibriums that are not favorable for growth in GDP. If we continue to modify the tax code to bridge the spending gap we will eventually lose our ability to compete in the free market trade system, defined as capitalism, which is what this country is founded on, and what has made us the leading economic world power we are today. In accounting terms if tax liability were termed “overhead” we will become top heavy and our model for success will become overburdened and uncompetitive in the global market. This ultimately leads to all of our jobs going overseas as is currently the trend in American business. This is something that must be carefully considered when looking to tax hikes to solve government spending problems.
The next
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