A gloomy outlook
With the fiscal cliff looming tax hikes on the wealthy are becoming more and more popular. One by one the Republican rank and file cower to the might hand of the popular vote until tax hikes on the wealthy become a reality. But what happens next?
Tax hikes will take into effect on the wealthiest of Americans and as a result they will no longer be interested in making money. They will sell all of their goods and assets and give up their wine and caviar. Their fancy cars, houses, and boats will be sold for pennies on the dollar to avoid paying any more taxes. The servants, errand boys, pool boys, and yes men of the wealthy will find themselves unemployed. All of the brands that you love will no longer be produced because taxes are too high for the wealthy to want to become independently wealthy. The once elite will now fall into the ranks of the blurred anonymity that is society. No one will prosper and we will all wallow in our demise. Because their is no incentive to make money the economy will stagnate and unemployment will skyrocket. We will truly follow the way of Greece. The political framework will slowly collapse as political supplemental incomes will dry up to nothing. Populations will explode because there are no wars to keep them under control. The world as we know it will end. Paris Hilton and Justin Beiber will be left to begging for their meals. All because now the wealthy have to pay taxes equal to 98% of the world. Hard to believe? I think so.
Taxes will rise on the wealthy and the world will still go around. Nothing will change except the balance of power may be shifted a bit more in the common man’s favor. If you are ignorant to believe that by asking the rich to pay their fair share the world will end you have been drinking too much kool aid.
Categories: Federal Tax, Income Tax, Tax Law Tags: federal income tax, fiscal cliff, income tax, republican, Republican Tax, tax code, tax reform
Republican Crash
The election message should have rang out loud and clear to top ranking Republicans that the American people would much rather prefer to let the wealthy make a sacrifice this time around to divert falling off the fiscal cliff…seeing as how we have one of the largest income gaps in US history. President Obama hears this message loud and clear and he will be darned if he gives them an inch on what the American people want. Now the GOP facing the blame game for this issue and beyond must walk on eggshells to determine the best way to avert a whitewash of their party and a political comeback for the forthcoming elections.
Now it seems as if the republicans are backed into a corner left to the will of Mr. Obama trying to save face under the public eye while trying to fight for tax cuts for their constituency. Mr. Boehner has felt his ranks falling out from under him as rationality takes over conformity. It seems as if the only chance the Republicans have to recoup their losses is give up on the tax hikes for the wealthy and try to look amiable when entitlements are on the table without looking like the bad guy…which is quite a tough sell since they are rallying against the popular vote.
One by one the rank and file slowly fall out of line and realign with the American People. Bob Corker, a Tennessee Senator just recently made his case on Fox News that these tax cuts will allow for congress to ” shifts to entitlements and maybe it puts us in a place where we actually can do something that really saves the nation.”
Is this just wishful thinking on the Republican’s part? Now with Republican’s on the run maybe Mr. Obama won’t back down on entitlements needed so desperately by the middle class. Maybe, just maybe, he will turn his laser focus on trimming the bloated defense budget that has been growing for too long. Maybe with his newfound power he will finally revise the tax system further refining the tax brackets for the wealthy. The Republicans hope that this small sacrifice will make them stronger in the long run but I say that Grover and all of the anti tax Republicans will take note of this fact and the party will hurt as a result. F
But what of the Republicans threats of raising the tax on the wealthy will only lead to economic demise and the fall of the great United States? Well with the rich paying their fair share we will finally see the reality of this statement. If raising taxes on the wealthy doesn’t hurt growth or small businesses..what argument will the Republicans have to stand on. Even their own party is beginning to question the very foundation the Republicans sit on. Because we all didn’t fall in line with the Romney vision of servitude does that mean that the core principles of the Republican party are at stake. Only time will tell.
Categories: Federal Tax, Income Tax Tags: buffet rule, federal income tax, federal tax, republican, Republican Tax, tax code, tax reform
House Proposes Fiscal Cliff Counteroffer
Washington- A ‘Fiscal Cliff’ showdown erupts in Congress on Monday, when a Republican $2.2 trillion budget deficit reduction proposal involved cutting back on federal taxes that the Democrats have been trying to raise.
The ‘Fiscal Cliff’ will transpire by the end of 2012 and early 2013 when the Budget Control Act of 2011 is set to take effect. Democrats and the Obama administration seek to raise federal tax revenues to $1.6 trillion in 10 years by terminating existing federal tax cuts and increasing federal tax rates- especially the higher income tax brackets of the wealthy.
This proposal is countered with the Republican representatives’ own proposal that plan to raise $800 billion of federal tax revenues not by increasing tax rates but by limiting income tax deductions and cutting down federal tax rates instead. The Republican counteroffer also aims to cut down federal spending by $1.2 trillion in the next 10 years.
The White House calls this counteroffer unbalanced and that it “sticks the middle class with the bill.” A statement from the White House says that the president asks the wealthiest to pay the highest federal taxes because he is unwilling “to compromise on the principles of fairness and balance.”
Meanwhile, several federal tax experts and statesmen have already taken sides on the brewing debate. Senate Minority Leader Mitch McConnell, for instance, believes that the new Republican offer strives to provide a “realistic approach” in solving the country’s economic problems. However, a lot of groups still want a more specific GOP from both parties.
Categories: Federal Tax Tags: federal income tax, federal tax, fiscal cliff, income tax, Republican Tax, tax code, tax reform