Did You Spend Obama Style?
Did you spend so much money on Christmas gifts that you pushed yourself to the edge of a fiscal cliff? Probably not. Since you understand the consequences of overspending you probably spent as close as possible to the budget you set for yourself.
Congress and Mr. Obama are the only ones who get to frivolously spend completely oblivious to the consequences. After all its the American people not them who have to pay the financial consequences of their hideous spending habits.
Congress and the President also get to lie to us about their spending. They spin the truth about the real reason we are at the edge of the fiscal cliff to begin with. They tell us that it’s the lack of tax dollars not their spending habits that have pushed us to the edge. Therefore even though they deeply regret it, they will be forced to increase our taxes.
But this must be what the American voters wanted since they re-elected the same Congress and president. Believe it or not Congress had a pre-election approval rating of about nine percent, and yet 90% of that bunch was re-elected. You can thank your fellow voter when the spending habits of the re-elected Congress and Obama personally effect you either directly or indirectly. Unless these snarly politicians come to a compromise before year end you may regret who you re-elected.
The Fiscal Cliff You Wanted
#1 – Your Payroll Tax
You will personally earn less money. Starting on January 1, 2013 you will be paying an additional 2% in payroll taxes. Facts are facts.
#2 – Is Your Job Safe?
More businesses could be closing. Many companies will be forced to downsize. Numerous tax breaks for businesses will be eliminated starting January 1,2013.
Obamacare taxes will kick in on January 1, 2013. Many companies cannot afford these taxes therefore they will either cut jobs or go out of business.
Obama’s 2% tax increases on the rich will trickle down to employees. These rich folks are the people who own companies and businesses who employ you. If the bottom line of these top earners get hit with tax increases who do you think they pass it on to; you, by downsizing, cutting expenses, eliminating jobs. Is your job safe? Are you sure?
#3 – Higher Income Taxes, Too Bad
The Alternative Minimum Tax will be expanded in order to grab more middle-income taxpayers; that could be you. Congress and the Obama administration needs money and they are coming to get yours. They have stretched the finances of the government so far out that they need to tap every available resource. Middle income taxpayers are in for a big surprise with this re-elected Congress and president.
#4 – Is Social Security Safe?
According to Barron’s, over 1000 government programs will be facing budgetary cuts. That’s a double edge sword. The good thing is that the government will save money. The bad thing is that social security and medicare will also be a government program facing cuts.
Basic Economic Disaster
Tax increases are so basic that it’s pathetic. Tax increases destroy the economy; the cost of goods increase and jobs decrease. When will politicians understand the damage they create every time they approve tax increases? With the current bunch in Congress and the White House, probably never!