The national debt is skyrocketing, currently over $13 trillion…that $13,000 billion for those that (like me) are really having a hard time with numbers that big.
Business news stations, magazine, even some mainstream journals all discuss that businesses are afraid and unsure due to the uncertainty in our future- What will Obamacare do to the corporate bottom line? How much it will erode their ability to compete with companies in countries that don’t have such policies, etc.?
Congress, among many other issues, needs to get serious about the Bush tax cuts, otherwise in January everyone’s taxes go back up.
Yet for the last several days, most liberals are saying that reliable polling data says as a nation we only want the Bush cuts to stay for people making under $250,000 a year and not those rich SOB’s. As proof, they cite the CBS News poll, that’s says 53% want the cuts to stay only for under $250,000.
Meanwhile Gallop polling says forty (40%) percent want the lower rates be maintained for everyone while, 44 percent favored some income cutoff. Of those, five percent called for a threshold of $1 million, 12 percent at $500,000 and only 26 percent at $250,000. (26% compared to 53% reported by CBS)
Regardless of how the public feels, Congress will decide. Thet will make deals to get something for everyone, and please none....
One of the deals now in the works is an extension of unemployment benefits being tagged to an extension of the Bush tax cuts.
More worrisome is that several of the Debt Commission recommendations may make it into this legislation, such as limiting the income tax deduction a homeowner can take only to the first $500,000 of any home mortgage. Some want this language changed to apply this limit to “the average home mortgage”, although how average is going to be defined is still in the air.
Then there is a proposal to apply Social Security tax to all earnings, not just the first $106,800 as is the law now. Again, the difficulty will be in defining what earned income is included. Some have suggested it be applied to ALL earnings, not just wages and salary. Somewhere in Obamacare, doesn’t it say that health insurance paid for by your employer is to be included in your earnings?
Interesting times we are in for sure…
I have been focused on taxes since the liberals gained majorities in 2006. The basic truth, which a liberal is never going to accept, is that our money is OUR money, and that they have to stop spending it. What the left is doing right now, through Schumer, Durbin, Reid and Pelosi is STEALING from us because they believe that they can spend it better than we can, and this has to stop.
ReplyDeleteIt is not a this side or that side, it is both sides and in the middle. It is Democrats and Republicans; it is the President and the Congress all together. Let's look at one of the largest budget items there is that is strangling the US economy; the defence budget. The total for defence spending is between $1.01 and $1.35 trillion in fiscal year 2010. However, this money is not really spent for defence, it is spent on warmongering; it is spent on illegal invasion and occupation of foreign countries.
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