Tuesday, October 2, 2012

"Fiscal Cliff"-hanger for 90% of Americans

Photo Credit to PA Pundits - International

On January 2nd, many sleepy eyed middle class families in America will not see only the Sun rise, but their taxes as well. This hike isn't going to be some inconsequential few pennies, either. The average household is going in the hole for $3,500.

This action is known as "The Fiscal Cliff". Not the most heartening moniker, but that will be the day that many tax cuts, including those that took place under George W. Bush, will expire, forcing higher tax rates on middle class families in both income and capital gains.

President Obama is in a staring contest with Congress, and with the American populous. Should all of these provisions expire, and on January 2nd, 2013 they will, the total extra money owed to the Federal government would come to $536 billion. These findings come from the Urban-Brookings Tax Policy Center.

For all of the rhetoric about this administration "protecting" the middle class, they are about to stick their hands deep in their pockets. Tax rates are going to rise across the board, hitting low earners and high earners. Some Americans could see their after-tax income cut by as much as 10 percent.

Barack Obama has to realize that he is not a Washington Redskin, and that he cannot just keep punting America's problems down the field. This problem is looming and it is serious, the time has come to stop stalling, Mr. President.

VA GOP Caucus


1 comment:

Anonymous said...

Wait; but the Redskins are doing good this season.