Repealing the Bush tax cuts will likely be the proverbial straw.
Doing so will cost more jobs, and send the economy back downwards.
BUSH'S FAULT
The Bush tax cuts are not being repealed. Rather, they are not being extended. The legislation that created them states a specific expiration date, which means that Congress must pass specific legislation to extend them. There is no doubt that Congress will extend them for most, but Obama and most Dems are against extending them for the so-called rich, which includes many small businesses.
The other fact is that everything you purchase will become more expensive if taxes are raised on the, so called, wealthy. Having an income of $200K is not being wealthy. If anyone believes that the people making $200K-$250K are not going to raise the price on their products, one, to keep their profit level up and two, to retain their employees, is fooling themselves.
I saw her report on the estate tax increase, on The Willis Report on FBN yesterday. She has a good grasp on the issues.
Unfortunately, as I talk with my clients, I remind them that even if Congress takes action to leave the “cuts” in place, Zero will probably veto and taxes will still go up. My clients enjoy that I refer to this as the Obama tax hikes. Nothing that a strong dose of tea won’t cure. I just hope it is not too late.
Gwjack
Right off the bat you will lose a $500 deduction for every child you have off of your tax liability.
She didn’t include the change in Health Flexible Spending Accounts. The max will go from $5K to $2.5K. That’s an added 2,500 in income for those who max out on medical spending.
A DEPRESSION extended further and deeper than the one we are already in.
LLS
So the MINIMUM this will cost me is $5 grand
looks like I better wait to buy that new car
Yesterday they were talking about the House going home early so they could campaign. Guess that will be their excuse for allowing taxes to go up on the job providers.
Lefty bloggers still complaining that businesses are ‘hoarding’ piles of cash instead of hiring people. Don’t get or don’t want to get that said businesses assume they will need that cash to pay their taxes.
Maybe we should send these people Monopoly games instead of giving everyone a laptop?
I will quit buying ANYTHING that isn’t required for survival.
My daughter will likely layoff a 1/3rd of her employees.... she presently has 16 full time employees and two part time.
I’ll fashion a Voodoo doll in his likeness and stick needles it it’s aSS each morning and every night.
I wish he would simply fall off of the planet. Obama is the absolute worst thing to ever happen to our country.