The U.S. Senate passed a so-called "deal" to head off the fiscal cliff that is really another cave-in by the GOP.
This "deal" raises cuts only $15 billion while raising taxes by $620 billion. The ratio between cuts and tax raises are 41:1 ($1 in cuts for every $41 in tax hikes). Taxes would remain steady for the middle class but rise at incomes over $400,000 for individuals and $450,000 for couples.
This does not even address the over $16 trillion-plus national debt. (Do you think that the tax hike will go to pay off the debt? Not likely.) All this comes on top of the new taxes imposed (starting today) by the Obamacare law. The taxes will hit hard on small businesses and the job-creators. The result of all of this is that the job picture will not improve at any time soon and may cause further job losses.
Taxes will still rise as the deadline was missed.
According to Fox News:
Most will feel the first fiscal sting in their January paychecks. Starting today, a 2-percentage-point payroll tax holiday expires. That means workers will have 6.2 percent of their wages withheld to pay for Social Security, up from 4.2 percent over the past two years. For households earning $50,000, they will have to pay $1,000 more in taxes in 2013. Despite both Democrats and Republicans saying they don’t want to tax the middle class, this holiday is unlikely to be extended.\
Read more: http://www.foxnews.com/politics/2013/01/01/congress-misses-fiscal-crisis-deadline-amid-ongoing-talks-so-what-does-it-mean/#ixzz2GkLGNNqr
Unless the House defeats this bill, the bottom line will be: Joe Citizen gets screwed again.
1 comment:
Maybe you will believe me now that there is only one political party.
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