Tripping Up Oil
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In Today’s Issue…
àTaxation Nation (ED)
àJapanese Tragedy Helps U.S Consumers (TF)
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à What Can We Tax Next? (Eric Dickson)
What happens when U.S States start to go belly up?
Does it become a federal problem, thus, a taxpayer problem; or do we let them fall apart, and rebuild anew?
On State levels, it’s pretty much a point of not bankruptcy, because we have laws against that, but defaults.
Why defaults?
Because states are making bad investment decisions and are over-leveraged in bad debt that is becoming as worthless as the dollar.
Know anyone loading up on municipal bonds? Me neither.
Instead of cutting losses, stopping wasteful spending and plugging leaking deficit holes, some geniuses think it’s a good idea to raise taxes and tax more things… because, hey, why not?
As opposed to making new, less risky investments, some states think it’s wise to raise taxes.
Higher taxes equals more revenue.
Genius!
Oh wait…
Why did all of those businesses pick up and leave?
Now what about the hundred thousand people out of a job?
How does this math not add up?
Perhaps because there is bad logic behind it!
A perfect example of this is the internet tax bill in Illinois… the bill, similar to those in Rhode Island, Hawaii and North Carolina, requires out-of-state merchants who advertise on websites based in Illinois to collect taxes from all Illinois customers.
Basically a hit to companies like Amazon and Overstock.com.
Now this is an argument between brick & mortar and online retailers, but it represents the concerning trend of states taxing anything and everything to bring in desperately needed revenues.
The results of legislations like these…Scott Kluth, CEO of CouponCabin.com, issued the a statement regarding the Illinois internet tax bill (and hits the nail on the head),
"The Governor's approval of HB 3659 is deeply disappointing. As a result,Illinois will lose jobs, many thriving businesses like CouponCabin and other affiliate marketing firms will be forced to move to other states, and most important, this law will not generate the tax revenue Illinois thinks it will collect.”
The underlined parts say it all.
More taxes and higher taxes… both have the opposite effect. You lose revenues because people, and businesses, just pick up and leave.
States need to do two things for their residents...
Make it easy for them to work (and own businesses) and let them keep as much of the money they earn so they’ll in turn cycle it back into the local economy.
Lower business taxation leads to more businesses wanting to come to your state. More businesses mean more jobs.
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à Oil On The Slip (Tim Fields)
This represents the first time on over a week that oil hasn’t been 3 digits.
The reason for the slid is that Japan is the third-largest oil importer in the world. At this point it isn’t known how much this disaster will affect Japan’s economy… but I’m thinking it will be a pretty big impact.
West Texas Intermediate for April delivery dropped $2.06 to $100.64 per barrel in morning trading on the New York Mercantile Exchange.
Prices dropped as low as $99.01 per barrel earlier in electronic trading.
Since the middle of February, oil prices have increased by 24% and blasting through the $100 price point thanks to the Middle East unrest and as of recently, the shutdown of oil production in Lybia…
With oil being this high, it was just asking for a correction.
A lot of the price of oil has to do with not only the supply disruption but also its speculation. The biggest speculation is coming from Saudi Arabia and the so called “Day of Rage” that really hasn’t materialized into anything.
In the states, gasoline prices have still been on the incline. The national average for regular climbed above $3.54 per gallon on Friday.
That's 42.7 cents higher than a month ago and 76.6 cents more than the same time last year, according to AAA, Wright Express and Oil Price Information Service.
In the end, the market needed a correction but unfortunately it came at the stake of Japan’s countrymen and women.
What the market would like to have happen is the Middle East to calm down and when it does; oil will resume its flow and in turn assist with the ridiculous pricing we’re currently seeing.
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