American Patriot
Mayor
I just finished reading a very interesting article. Now I understand a bit better why Obama is so insistent on the tax rate increases even though the plan submitted by the GOP would have given him his revenue he wanted. Obama is playing politics.
By going off the cliff the Democrats will get almost everything they are asking for, big tax rate increases, massive cuts in defense. What they are not likely to get is an unlimited debt ceiling and huge increases in capital for more government spending.
It looks like we may be going off this cliff. Obama will blame the GOP and so will many Americans. But what will really happen to our economy? The average American may see his taxes go up about $3500, however the small business owner will see his taxes go up, right at $119,000.00. What this will do is cause small business to cut back, lay off workers, stop expansion, diminish investment. It has been estimated that some two million jobs may be lost. Other factors that could be directly impacted are the markets as well as interest rates and inflation. Obama will have made his political point, but at what cost? The cost will be that we will be face to face with recession, again. I had to wonder, are these Obama's real intentions?
By going off the cliff the Democrats will get almost everything they are asking for, big tax rate increases, massive cuts in defense. What they are not likely to get is an unlimited debt ceiling and huge increases in capital for more government spending.
It looks like we may be going off this cliff. Obama will blame the GOP and so will many Americans. But what will really happen to our economy? The average American may see his taxes go up about $3500, however the small business owner will see his taxes go up, right at $119,000.00. What this will do is cause small business to cut back, lay off workers, stop expansion, diminish investment. It has been estimated that some two million jobs may be lost. Other factors that could be directly impacted are the markets as well as interest rates and inflation. Obama will have made his political point, but at what cost? The cost will be that we will be face to face with recession, again. I had to wonder, are these Obama's real intentions?
