North Highlands, CA – With taxpayers across the country scared and confused about the financial meltdown, The Tax Lady Roni Deutch is aiming to educate taxpayers on the crisis to help ease their fears.
“These bailouts are going to cost taxpayers billions of dollars,†notes Roni Deutch. “The government is going to have to raise taxes across the board. Just raising taxes on the wealthy will not be enough to cover these expenses.â€
A few weeks ago, Ms. Deutch was again featured on Fox Business Channel’s Money for Breakfast. There, she discussed the impact of the financial bailouts on taxpayers. During the segment the show’s host, Alexis Glick, asked Ms. Deutch about how specifically the government plans to pay for the bailouts.
“I truly believe you either reduce spending, borrow money, or you grow trees that produce money,†continued Ms. Deutch. “Currently, 15% of taxpayers cannot pay their bills, so raising taxes on those people will be difficult. So we need to think about reducing spending somewhere, and I think the best place to do so is in military and defense spending. The solution to this financial crisis has to be balanced. Reduce spending, and raise taxes just a little.â€
As an extended part of her efforts to help taxpayers understand the financial crisis and the Wall Street bailouts, Ms. Deutch also took to her personal blog with an entry on common myths about the financial bailout. Below are four of the top myths, but feel free to click the link below to view the full list.
http://ronideutch.blogspot.com/2008/10/common-misconceptions-about-wall-street.html [Common Misconceptions About the Wall Street Bailout]
Myth: The bailout will only help those on Wall Street, not people living on Main Street
Reality: Although Wall Street has lost the trust of taxpayers, our economy depends on them. The bailout isn’t made to directly “help” any one specific person, but to help maintain the lifestyle of all Americans. It means keeping your bank accounts, loans, small business, insurance, and job in place. It means keeping your life in place.
Myth: The entire economic crisis is Bush’s fault
Reality: While it would be easy to point the finger at a single person, the fact is the economic crisis has been coming for longer than just eight years. Democrats and Republicans alike pushed changes to regulations that governed financial institutions. In addition, I would not solely blame improper loan companies or even the corporations that need bailing out. This is a deep-rooted crisis caused by dozens, if not hundreds of mistakes that have been made.
Myth: The bailout will provide immediate relief
Reality: While the country watches as more jobs are lost and the DOW continues to fall, they are wondering why the bailout is not working yet. The truth is that the U.S. Treasury Department needs to set up a system to distribute the funds, and it could take as long as six weeks before they get to that point.
Myth: Why bail them out? The sooner they fall, the sooner we recover
Reality: While this could work, the downside is that if it does not, we will all be in the hole. Unfortunately this country is not just relying on itself, and a pretty big chunk of our debt lies with foreign investors who are not very impressed with the situation. If those investors decide to pull their funds from American investments, then the economy could get much worse.
Millions of people recognize tax attorney Roni Deutch as The Tax Lady. She has been helping taxpayers nationwide resolve their tax liabilities for seventeen years. As an industry leader, she has saved her clients tens of millions of dollars and has helped thousands of families settle their back taxes.
Roni Lynn Deutch, A Professional Tax Corporation is the nation’s largest tax resolution law firm and focuses on negotiating with the IRS on their client’s behalf. Since she first opened her law firm, it has been Ms. Deutch’s ongoing goal to provide competent and professional services to the millions of taxpayers that find themselves in trouble with the IRS.
