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US Credit Rating was just Downgraded Again…

US Credit Rating was just Downgraded Again…

Ratings firm Egan-Jones cut its credit rating on the U.S. government to “AA-” from “AA,” citing its opinion that quantitative easing from the Federal Reserve would hurt the U.S. economy and the country’s credit quality. http://www.cnbc.com/id/49037337

QE3 Sparks U.S. Credit Ratings Downgrade From Egan-Jones

From Fox Business: Fearing the negative repercussions of the Federal Reserve’s latest easy-money program, ratings firm Egan-Jones once again slashed the U.S.’s credit rating on Friday.
The latest downgrade brings the firm’s rating on the world’s largest economy down to “AA-,” which is three notches below the coveted “AAA” threshold.
Egan-Jones said it believes the Fed’s third round of quantitative easing, which sent stock prices surging on Thursday, “will hurt the U.S. economy and, by extension, credit quality.”

Read more: http://www.foxbusiness.com/government/2012/09/14/fearing-qe3-egan-jones-downgrades-us-again/#ixzz26WMeiBdR

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One Comment on “US Credit Rating was just Downgraded Again…”

  1. kansascase January 1, 2013 at 6:04 pm #

    This section may not be the best place to leave this information or comment, but I couldn’t find where it should go, but trust you all will. First off, the situation we are in is not really far from the First Revolunionary War – taxation without representation – failure of King George to address grievances, etc. We have representatives, but they are not addressing or listening to the American People. With that in mind, I would never encourage anybody to become a tax protestor – that would probably be illegal. However, our tax system – if I remember correctly as I worked for them for 17 years – is a “voluntary” system and not specifically addressed by our Constitution. Of course, working in “compliance,” that was a joke to us as it certainly was a requirement. But, it does take a significant amount of time, money, etc to pursue that party. The IRS usually goes after the leaders. The tax protestors often file their returns (Form 1040) with a $0 for all income and a $0 in withholding, etc. They can also write a letter or include one.There is pne thing I can never understand, among others – businesses pay Social Security, Medicare, withholding taxes on their employees quarterly. These funds go into some type of Treasury account. It seems to me that until such time as that money is claimed by an individual tax return, these funds could go into interest bearing accounts across the Country. Also, worth noting, not everybody pays income tax. There are some groups that do not. If you take a “vow of poverty” such as those taken by Catholic nuns, there is no tax. They usually do have to support that position by a letter from the Church. Also, the Amish, Mennoites, etc do not pay into Social Security, Medicare, and I don’t think income taxes either. They do not pay in and they do not collect. Also, most Internal Revenue Manuals are online – or at least, they were online. I could even read them while was I working. If the people were to read the actual instructions/procedures that are to be taken by a tax examiner, etc, there is a great deal of information that can be discoverd – like requirements for removing penalties, etc. Knowledge is also power. All of us pretty much agreed that after we retired, we would never file again – LOL. Of course, that is not possible as the IRS maintains and monitors a listing of all previous employees and we are one of the first groups they go after – actually anybody that has worked for the Federal Government. A word of caution – it is easy to file a lien on property, a lot more difficult for wage garnishment. Also, a lien can effect your credit rating. Generally, the IRS “acts” like a business. In other words, it goes after the highest paying parties first. Of course, there are also routine compliance checks to ensure that some are paying their taxes to ensure that others do. It was common knowledge that at least 10 percent of our Congressmen and Senators would not file their taxes. Ultimately, they would as the President – as the Executive that oversees the Treasury Branch – would require that they file and pay. Of course, 100 percent of the IRS employees would file and pay or be terminated. Can you imagine what would happen if 5-6 million people would not file or would file $0 returns? I would hate to think of it. Like, I said, I would not recommend people not to file – it is a personal choice they will have to make. There is probably some information online about this and it may have changed in the last 5 years.

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