Most Americans are sleeping very soundly. Too soundly.
They are not paying attention to what is happening around them. We are having our rights stripped away slowly one by one and each of us is overtaxed. There are things taking place, because of the government’s actions and inactions that guarantees less money in our pockets.
Dick Morris posted a very damning video of what will happen if the president wins re-election. Between his desire to tax, and Congress’ inaction with preventing the termination of the Bush tax cuts, Americans are about to be slammed. (Click here to see the video.)
Correction: working Americans are about to be slammed.
If the taxes increase as Morris says, which they will if we re-elect the current administration for another four years, it will completely, completely, stifle economic growth. This in turn will depress tax revenues that will further suppress economic growth.
In a nutshell, what the president and the democratic faction of Congress would like to see happen, is the expiration of the Bush tax cuts. If they allow this to happen, Americans are going to pay more in taxes than ever before in the history of the nation.
Time after time, the president has promised there will be no increases in taxes on the middle class. This simply is not true. The middle class is about to be destroyed by taxation. (Part of the plan?)
If the tax increases go into play the way the democrats wish, the lowest tax bracket will increase from 10 percent to 15 percent. Think about it: that is a 50 percent increase in taxes. Going up the bracket, the 25 percent, the 28 percent bracket, and the 33 percent bracket each will increase three percent. The top bracket will increase 4.6 percent to 39.6 percent.
The increases in personal income taxes are bad enough, but there is more. The marriage penalty is increased and the child credit is decreased by 50 percent. The death tax will make a return and capital gains taxes will increase from 15 percent to 23.8 next year.
If we allow these tax increases to happen, the economic machine that is America more than likely will collapse. Taxation stifles economic growth. In turn, there will be far less employed workers contributing to the tax rolls. Overall, the tax revenues will fall dramatically. This is a historical fact.
On the other hand, with less regulation and taxes, small business owners as well as large corporations tend to hire more workers to meet the demands of production. This is economic growth. This will allow more to be collected in taxes from all the employed workers.
If you are a working American, and this does scare you, your mind and common sense are probably disconnected. We need to vote Romney into office to get rid of this taxation threat.
If we sit around and do nothing, we will be very sorry in the end.