Taxmegeddon a sure thing now with Obama at the helm.
Posted November 17, 2012on:
I think we can safely say that We the People are in for a rough time for the next at least one decade and maybe more now that Obama is again in the White House and free now to do anything he pleases. Obamacare is a sure thing with its 18 new taxes (that we know of that is, because no one really knows all that the 2000+ pages contain or who the desk jockeys bureaucrats behind the scenes and unelected will regulate and rewrite the bill!) Obama is in bed with the United Nations (remember me once telling you he wanted to be President of the World?) and the United Nations is looking very closely at all the wealth in the United States that can be “Shared” with the rest of the world. One plan is Agenda 21. If you don’t know what Agenda 21 is then go to the right hand column and check out what I have written about it. Or, you may want to buy Glenn Beck’s new book call appropriately: “Agenda 21″. It is very bad news for us People; very bad indeed.
Anyhow we elected the beast so we will now have to pay the piper as they say. I thought you might like to see what theHeritage Foundationa AND the Congressional Budget Office says that just Obama’s tax rate hikes will cost you next year (and this is just the beginning,) BB
The Specter of Taxmageddon Rises
No amount of garlic, crosses, or exorcists can help us—only Congress and the President can chase this ghoul away.
A horrifying combination of expiring pro-growth tax policies from 2001 and 2003, the end of the once-temporary payroll tax cut, and just a few of Obamacare’s 18 new tax hikes, Taxmageddon will be the largest tax increase EVER to hit Americans. It’s nearly $500 billion in one year, starting January 1.
The number $500 billion is rather large and abstract, so The Heritage Foundation has broken down the expected tax increases per person just for 2013:
- Families with an average income of $70,662: tax increase of $4,138
- Baby boomers with an average income of $95,099: tax increase of $4,223
- Low-income workers with an average income of $24,757: tax increase of $1,207
- Millennials with an average income of $23,917: tax increase of $1,099
- Retirees with an average income of $42,553: tax increase of $857
And if that isn’t scary enough, the nonpartisan Congressional Budget Office has forecasted another recession in the coming year. The last thing this country needs is another recession, after years of high unemployment and months of a sluggish, barely noticeable recovery.
The tax hikes will hit small businesses very hard—and not just any small businesses, but the ones that create jobs. As Heritage’s Curtis Dubay and Romina Boccia explain:
The businesses that would pay the higher tax rates proposed by President Obama earn almost all the income earned by small businesses that employ workers. According to President Obama’s own Treasury Department, these job creators earn 91 percent of the income earned by flow-through employer-businesses. These are the biggest, most successful small businesses. They employ more than half the private workforce, according to an Ernst and Young study. Raising their taxes would destroy more than 700,000 jobs.
There’s one way to address Taxmageddon—reverse it.
Why hasn’t Congress acted to prevent this? Simple: The Republican controlled House passed a bill that would prevent the largest share of Taxmageddon, but the Democrat controlled Senate failed to finish the job.
It appears this job will fall to the next Congress now. When the new Congress takes office on January 3, 2013, after counting the electoral votes for the presidency, the first order of business should be to reverse Taxmageddon. The congressional leadership and the successful presidential candidate should make clear right after the election that reversing Taxmageddon will be their top priority, to reassure businesses and employees as soon as possible.
If this future Congress also fails to act, as the current Congress has, a Congress who, when economic darkness threatened, chose this cruel and mysterious route of making things worse. And a country that elected a President whose sole desire is to destroy America; to have the United States give to the third world countries until we too join their ranks. You had only to read his book, “Dreams of my Father” or seen the movie Obama: 2016 to know the true. Too bad so few paid attention. BB