Few know the consequence of the re-election of President Obama. If the Democrats are successful in retaining power, you can bet you are going to see a lot of your hard-earned money, money you were once able to keep in your wallet, fly away in the form of higher taxes.
First, if Obama remains in office, taxes are going up. The Democrats are poised to allow the Bush tax cuts to expire at the end of this year. How many times have you heard the President or other Democrats say this will not affect the middle class? If you have heard this – and you believe it – I am willing to bet you would be a perfect candidate for buying a bridge across a river in Brooklyn.
When the tax cuts expire at the end of December, and they will if Congress does not take action very quickly, those who are paying taxes in the lowest bracket will see their tax bill increase by 50 percent.
Yes, 50 percent!
Currently, the lowest tax bracket is 10 percent. If the President and Congress allow it, on December 31, 2012 that rate will increase to 15 percent.
Somehow, President Obama and the Democratic members of Congress have squelched this information. Every time someone asks about it, or a news reporter starts poking around about the possibilities of this happening, the Democrats deflect the attention to something else, thereby avoiding the spotlight on this little problem.
On the higher end of the tax brackets, the rate increases from 35 percent to 39.6 percent. Throughout each bracket, you will see tax increases – significant increases – at every level. And there is also the question of other taxes, such as the capital gains and death taxes.
If we allow these tax increases to happen, this will drastically stifle economic growth in this nation. It will also drive unemployment north of 9.0 percent, maybe higher. And the United States, as the leader of the world, will have a significant impact on the economies of other countries around the globe.
Presidential candidate Mitt Romney is a businessman with a strong record of success in running both private sector firms and volunteer efforts. He knows what he is doing.
The incumbent, on the other hand, has a terrible record from his first four years in office. A stimulus package – failed; new jobs – nonexistent; investment in green companies – all bankrupt; national debt – increased by one president the most compared to all previous administrations combined!
If you remain uncommitted now, you would do well to consider seriously the consequences of November.