Thursday, July 22, 2010

Prepare To Bend Over In December

Read this article if you dare. It is a scary read on tax cuts getting near expiration which effectively means we will see a $115 billion tax increase next year.

It's a good but scary summation but I think it misses one very important point, the mid-term elections. The elections in November will determine the outcome on these tax cuts.

If the Dems keep Congress, they will take this as a sign that they have a mandate to continue what they are doing and more of it. The tax cuts will be allowed to expire, raising taxes.

If they lose, we are really screwed. There will be midnight sessions through the end of the year passing lame duck laws to fulfill their wish list.

One of the things you will see is the tax cuts being rescinded early. The tax increases come this year, not next.

18 comments:

FairWitness said...

Chuck, we've already been screwed 7 ways to Sunday!

Americans need to take comfort in the FACT that there is nothing this Congress and White House has enacted that cannot be repealed or rewritten or unfunded.

***EVERYONE*** use your power and go to the polls. Vote out this bunch of Socialists!

cube said...

The dems will be dangerous as a lame duck congress, but they will be even more dangerous if they win a "mandate" in November. I say vote the bums out.

Leslie said...

It will be amazing to see what the rats will do when they find their ship sinking...

btw: FairWitness, Van Gogh's Starry Night is my absolute favorites of his works.

Chuck said...

Fair, agreed. The problem is the GOP will have limited ability to repeal much with Hussein still in office

Cube, I am certainly not suggesting we leave them in place.

Leslie, it's a little scary.

Agreed on Starry Night. My favorite from my favorite artist. I got to see some of his paintings in the Chicago art museum.

Sam Huntington said...

I don't care; I stocked up on petroleum jelly 18 months ago and I think I have enough to last me through 2016.

Karen Howes said...

Wonderful news... I need a drink now.

Chuck said...

Sam, you'll need it

Karen, bottoms up

Z said...

I'm with Karen...pass the vodka :-)

Chuck, I can't even open that link...are things getting to you as they are to me these days?..and probably ALL of us? WE MUST WIN NOVEMBER.

Mustang said...

Sam's comment was bad enough, Chuck ... however, your suggestion to Karen warranted a spew alert and now sir, you owe me a new computer monitor.

Well, here's my prediction. We'll all wake up tomorrow and find that this has all been a very bad dream. We'll realize that Ducky is president, Barney Frank is the first lady, and Charlie Rangel is Secretary of the Treasury.


Sigh

MK said...

Someone eventually has to pay for all the lefties promises don't you. They promise, you pay, they fail to deliver, what a cycle eh.

Always On Watch said...

A friend and I were discussing the coming tax oppression last night. She joked that she and her family may have to move into tents in our back yard. But it could be that enough people will be forced out of their homes that they do have to move in with someone else.

Although this family is quite well-to-do, this family -- wonderful conservative people -- is going to suffer.

Always On Watch said...

I note in the link that the biggest percentage tax increase is on the lowest income bracket. Those least able to fork over more in taxes!

I also note the following:

"The IRS is now empowered to disallow perfectly legal tax deductions and maneuvers merely because it judges that the deduction or action lacks 'economic substance.'"

Redistribution of wealth!

And just what does "economic substance" mean? Does discerning that include IRA's, real estate holdings, savings -- and not merely earned income?

Chuck said...

Z, it is depressing

Mustang, fortunately for me we now live in an era of no personal responsibility so I cannot be held liable for your monitor. My recommendation would be that you apply for redress from money in the stimulus package. You did vote for Obama didn't you? If you didn't, lie. This seems to be the main qualifier for receiving stimulus money.

MK, they promise some more...

AOW, this is just a continuing pattern of giving regulatory powers to people that do not face voters.

cube said...

Chuck: I never intended to comment that you did want to keep them in place. My point was that they will be only slightly less dangerous in the long run if we vote them out of power. The short run is going to be dicey, as well.

Leslie: Sunflowers is also a big favorite of mine.

Chuck said...

Cube, I didn't think that. It was an (obviously not very good) attempt at levity.

LomaAlta said...

Chuck, more taxes and horrible lame-duck Dems unopposed by the likes of Collins, Snowe, McCain, Graham, and the other RINOs. Sad.

Chuck said...

LomaAlta, nice to have a Republican check on liberalism huh? Maybe we need to make them lame ducks when their time is due.

Anonymous said...

Isn't this what government is for? Enjoying it is a bonus ...

Roy Bean