The only higher tax coming our way is the payroll tax ( 4.2% to 6.2%). My wife
and I don't make over $200,000, nor do we have investments outside of our
401K. The new tax increases will only impact a few Americans. If we
were wealthy and made so much money I'm sure we would feel it chump change
to pay a little more.
The three tax increases mentioned affect a very small percentage of the
well-off. They can afford it. The restoration of the prior rate in payroll tax
deductions was going to happen no matter who became president. The Repubs
favored this increase too. Actually, it should have never been reduced. Social
Security needs the money. Now let's get serious about closing loopholes,
eliminating deductions, and cutting some unnecessary fat from government, such
as closing half of the 700 to 800 military bases we have in foreign countries.
The saddest part of this story is that all these tax increases will do nothing
to solve our debt problems and will kill jobs. Its what we get when we elect
career politicians and socialist ideologists instead of business leaders who
understand budgets, job creation and real world economics.
Hope and Change!