This just in: 42% of Americans are idiots.
Whoa, that’s just a tad harsh, you say? Give me a couple minutes and I’ll explain what I mean.
Lost among the election results and the sex-scandal aspect of Benghazi is a very real disaster: the Fiscal Cliff is coming. If you aren’t up to speed on that term, let me explain quickly. “Fiscal Cliff” refers to a 1-2 combination of HUGE tax increases and deep spending cuts:
- The tax increases would roll back our current tax rates (aka: the “Bush Tax cuts”) which have been around for a decade, having been passed in 2001 & 2003.
- The spending cuts will gut the defense budget, and are the result of the budget sequestration deal negotiated in 2011.
Posted in Bill Whittle, Economy, Obama, politics, taxes
Tagged Bill Whittle, Congress, Eat the Rich, fiscal cliff, Obama, Taxmageddon, zerohedge
I abhor repeating myself, but some things bear repeating.
Therefore, I’m once again linking a brief description from Heritage.com on the imminent threat of Taxmageddon, which is the half-trillion-dollar tax tsunami slated to hit our shores in January, 2013. Also included is a new, bold, easy-to-understand graphic.
If you like paying more of your income in taxes, you’re simply gonna love this.
There is only one way for us to avoid this, boys & girls….and giving Obama 4 more years ain’t it.
Taxmageddon Is Huge –
- Unprecedented Tax Hike For 2013: Starting January 1, 2013, Americans will face a $494 billion tax increase, the highest ever in one year. Obamacare’s tax increase over 10 years barely edges ahead of Taxmageddon at $502 billion. The average American household would see its taxes rise by $3,800 in 2013 alone. And this is just for one year. Taxpayers would see even higher tax hikes in succeeding years.
- Expiring Tax Cuts and Obamacare’s New Taxes: Almost 34% of the tax increases from Taxmageddon come from the expiration of the 2001 and 2003 Bush tax cuts. Another 25% comes from the expiration of the payroll tax cut. Most of the remaining increases come from Obamacare, notably from the start of the hospital insurance 3.8% surtax on all forms of income over $250,000.
- Taxmageddon Hits the Middle Class: Taxmageddon falls primarily on middle- and low-income Americans. That’s because 60 percent of the Bush tax cuts went to middle and low-income taxpayers. The expiration of the patch on the Alternative Minimum Tax (AMT) will cause these taxpayers to pay a tax they were never supposed to be hit with, and the expiration of the payroll tax cut is a tax hike almost exclusively on middle- and low-income families. That’s just the direct impact. Americans at all income levels will feel the pain of Taxmageddon because it will slow job creation and wage growth.
UPDATE: Please see a friend of ours’ post on this, as well.
BLACK METTLE: 100 DAYS UNTIL TAXMAGEDDON
***Full credit to Stix Blog Backup for finding the attached poster***
The graphic below pretty much says it all, but if you have NOT been following along, you can find out just what “Taxmageddon” is by clicking right here.
Go ahead; we’ll wait.
All set? Now, why don’t you help out your neighbor and just show them this:
Then, you could even make a call to your representatives in Congress. It’s crazy, I know, but they do have phones and emails. And as long as it’s more than just me calling them, they might actually be inspired to do something other than use this as a political football.
Just a suggestion….