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Once Considered Unthinkable, U.S. Sales Tax Gets Fresh Look

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Kevin Greene    12,262

Does anybody know how much the total collective savings of all the US citizens are out there?

Sure, that would be the amount the government intends to increase taxes the next 3.5 years.

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cookinwithgas    7,576

Do they plan to eliminate other taxes to implement this one?

It mentions at least one idea for this in the article.

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Does anybody know how much the total collective savings of all the US citizens are out there?

Look at the line for personal saving. The BEA defines personal saving as disposable personal income (post-tax) minus consumption expenditures and interest payments.

http://www.bea.gov/national/nipaweb/TableView.asp?SelectedTable=120&Freq=Qtr&FirstYear=2007&LastYear=2009

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pstall    5,759

Look at the line for personal saving. The BEA defines personal saving as disposable personal income (post-tax) minus consumption expenditures and interest payments.

http://www.bea.gov/national/nipaweb/TableView.asp?SelectedTable=120&Freq=Qtr&FirstYear=2007&LastYear=2009

Interesting. But the agg savings rate "supposedly" went up.

Odd numbers.

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Interesting. But the agg savings rate "supposedly" went up.

Odd numbers.

In six out of the last eight recession (back to 1960) the savings rate actually increased during the recession, with the logic being that households disproportionately cut back on expenditures relative to any losses in income and net worth. It makes sense - the fear factor. Generally people are risk-averse during recessions, but risk-neutral or risk-seeking during expansions.

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