President Obama has asserted, has iterated, and has reiterated multiple times that he will neither impose nor allow tax increases on “our middle-class”. It should be of no surprise here that in this matter — as with a plethora of others — the President has lied, has iterated that lie, and has reiterated that lie multiple times.
The Oligarchy — the mostly-behind-the-curtain one, the one that placed the (Obama) turtle-atop-the-fencepost in the United States Senate with chicanery and ugly dirty-tricks, the one that placed the turtle in the Democrat primaries for POTUS, the one that committed massive fraud both in those primaries and in maintaining the eligibility of said turtle to be a candidate for the office in the first place, the one that threatened the life of Chelsea Clinton, that to muzzle former-POTUS Bill Clinton and keep him from outing Obama, the one that has and continues to write the talking points and script TOTUS, the Alinskyite-Cloward-&-Piven-bottom-up-top-down-implode-capitalism-and-America one with George Soros as PMIC (puppet master-in-chief) — has set in place an American financial cliff in our path for January of 2013.
If you or I, with a cadre of economic advisers, had sought in January of 2009 to implode both capitalism and America, we could not have done it more surely, more deftly, more quickly than has The Oligarchy. And as a head start they had the housing-and-mortgage bubble that they had set in place with ample assistance from the likes of puppets like Senator Chris Dodd, Congressman Barney Frank, Congresswoman Maxine Waters, then HUD Secretary and now New York Governor Andrew Cuomo, ACORN and SEIU, and the whole of the Congressional Black Caucus. As a preliminary warm-up to the January 2013 cliff, at the beginning of this month of April 2012 — no fooling — the United States tax rate on business and corporate income became the highest — numero uno — on Planet Earth. And pardon me if I remind that businesses and corporations don’t pay taxes. If they are to remain in business, their customers — mostly, by definition, “middle-class” — must pay said taxes in the form of higher prices and/or lower dividends.
Last Fall President Obama proposed limiting standard and other deductions for individuals earning more than $200,000 ($250,000 for couples). Simultaneously, he proposed taxing “carried interest” on private equity firms, aka small businesses. Further, he proposed eliminating more tax deductions for oil companies. Estimates are that these three will take from the private-sector economy $45 billion per year, $18 billion, and $41 billion respectively, and all taking effect in January of 2013.
In addition the Obama temporary tax breaks on small business will expire in January of 2013, taking another $240 billion from small businesses and their workers. Also set to expire in January of 2013 are the Bush-era tax-rate cuts, though only on those earning $200k or more. The rate would go from 35% to 42%. Almost all successful small businesses will be smacked in the chops. Also expiring will be the Bush-era cuts to capital gains and dividend tax rates. Allowing the Bush-era taxes to expire should pull about $750 billion from the economy by 2020.
Then add a 0.9-percentage point levy on top of the 2.9% Medicare tax for those earning more than $200,000, and a new 2.9% surcharge on investment income, including interest income. Also expiring will be the patch on the “Alternate-Minimum Tax”. Originally — as new taxes always are — designed to soak the rich, inflation and growth in productivity soon caught more and more farther down the food chain. Well, the patch will expire to start 2013. Also as always, women and minorities, including those in the “middle-class” hardest hit.
All of the above are set to happen before Inauguration Day, regardless of whom the election winner is. If Obama wins, also add in the “Buffet Rule” where capital gains taxes and taxes on interest and dividends will go from 15% or less to around 45%.
Let me also note that in addition to chopping off the private-sector economy at the ankles and devastating the economies of most families, these policies will markedly reduce monies flowing to the United States Treasury, so deficits and national debt will skyrocket . . . again and even more.
No, I didn’t say that government spending would decrease, only revenues to fund that spending. Implosion is but a little-more-than-half-a-year away, and no one — no one — in Washington D.C. is even whispering about it, much less doing anything to stop it.
Now, throw in the effects of “Obamacare”.