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Thursday, April 12, 2012

Taxmageddon Will Hit on January 1, 2013

The Bush tax cuts will expire on January 1. The Obamacare taxes will hit, unless the Supreme Court declares the law unconstitutional. The average Joe has no idea of what’s in store for him. The liberal Washington Post calls this taxmageddon. I like the phrase. It has a sense of reality about it....The total is $500 billion for 2013. But wait! There’s more! This becomes permanent. It will be $500 billion a year for the next decade . . . if Congress does not add any new taxes....This is America’s future: no spending cuts, lots of spending hikes, with tax hikes, deficit hikes, or both paying for this. This is Keynesianism. The economists approve. The voters don’t care. Yet. It isn’t hurting most of them. Yet.
Read the rest here
The Tea Party Economist
Judy Morris, Blogger, THL Articles | Website

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