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Kathianne
11-18-2010, 04:49 PM
Not looking good just yet:

http://pajamasmedia.com/blog/the-2011-tax-tsunami/?singlepage=true


The 2011 Tax Tsunami

Posted By Gary Wickert On November 18, 2010 @ 12:00 am In Uncategorized | 23 Comments

The midterm elections are over, and the results can be summed up in one word: change. The Obama agenda has been rejected, as has government-run health care. Also turned back was any effort to fundamentally transform the United States. Americans witnessed a total rejection of fiscal recklessness and sent a clear message to Washington: handle our finances just like everyday Americans handle their own finances. Also big losers on November 2 were big government and the divisive two Americas approach — haves vs. have-nots, rich vs. poor, white vs. black. The American voter reminded the White House and the Democratic Party that we are all Americans.

A gain of more than 60 seats in the House represents the biggest such gain since 1948. Yet the gravest of dangers here is for Republicans to read the election tea leaves as a pat on the back for them. It wasn’t. November 2 was a simple bipartisan message sent by voters along a wide political spectrum: Stop spending and keep government out of our lives. Keep taxes low. Get government out of the way of job creation. Lest we forget, the election of 2008 spanked Republicans for precisely the same misdemeanor: spending money we don’t have. Budgets transcend politics; they either balance or they don’t.

Conservatives now have a daunting task ahead of them, and very few tools with which to accomplish it. With a Democrat-controlled Senate and a lame-duck president in the Oval Office, Republicans are heading to a knife fight wielding a spoon. In less than three months, the largest tax increases [1] in U.S. history will take effect, and most people don’t even realize it. These massive tax increases will take effect on January 1, 2011, and the same folks who can’t understand why spending a trillion dollars on pork-laden government projects, union dole-outs, and ACORN [2] doesn’t create private sector jobs are clueless as to the devastating effect these historic tax increases will have on our economy in 2011. Despite the midterm victories we enjoyed, the tax tsunami is coming.

Instead of freezing government employment, freezing growth in discretionary spending, vetoing every spending bill choked with earmarks, working to regain an effective line-item veto, and extinguishing wasteful government programs, the White House has the veto power and will undoubtedly use it. Our president’s strongly held political religion firmly believes that the new taxes and even more government spending is necessary to fix a $1.4 trillion deficit which the White House itself created and to reduce a national debt which the White House itself worsened.

...

Americans for Tax Reform [12] has summarized the Democrats’ scheduled tax hikes in three separate tidal waves, the first of which will hit shore on January 1, 2011:


First Wave [12]

Bush Tax Cuts Expire.//

Second Wave [13]

Obamacare will be the focus of congressional wrangling over the next two years, but it is unlikely to be repealed in that time.//

Third Wave [13]

The Alternative Minimum Tax and Employer Tax Hikes...
...

The new conservative majority in the House of Representatives has a task of Herculean proportions staring them in the face. The fallout from the coming tax storm will be a crash in tax receipts of monumental proportions, even higher deficits, and more record unemployment. If you thought the Obama “recovery” of 2010 was bad, just wait until 2011.

avatar4321
11-18-2010, 10:20 PM
It's going to be ugly next year. With tax increases and the inflation which we are barely seeing the beginning of. I hope people are prepared for whats coming.

darin
11-19-2010, 06:11 AM
People are not prepared. People react. They will react blaming the wealthy.

fj1200
11-19-2010, 10:22 AM
I hope people are prepared for whats coming.

The 70's all over again.

Gaffer
11-19-2010, 02:18 PM
The 70's all over again.

jimmy carter part deux

fj1200
11-19-2010, 02:22 PM
jimmy carter part deux

More like LBJ who created the 70's malaise by starting to roll back Kennedy tax cuts, creating government regulations, etc. while at the same time jawboning the Fed into a loose monetary policy (any of that sound familiar today?). Problems created that weren't fixed until Reagan, certainly not by Nixon, Ford, or Carter.

Kathianne
11-19-2010, 04:15 PM
It's going to be ugly next year. With tax increases and the inflation which we are barely seeing the beginning of. I hope people are prepared for whats coming.

Some of us can't prepare, we're already drowning.

LuvRPgrl
11-20-2010, 02:28 PM
jimmy carter part deux
Lets hope so, at least in that Obama will lose the next election.

The tax increases are going to be on people who provide jobs, take their investment money away, take away jobs for Americans.

avatar4321
11-20-2010, 06:56 PM
The 70's all over again.

70s?

Im thinking what we are about to go through will make the 30s look good.

avatar4321
11-20-2010, 06:57 PM
Some of us can't prepare, we're already drowning.

I know. Im in that group. Most of my preparation has been spiritual.

fj1200
11-20-2010, 07:52 PM
70s?

Im thinking what we are about to go through will make the 30s look good.

I don't think so. We're not moving towards a protectionist stance and we don't have a restrictive Fed. On top of that the tax increases are not on order of what came back then.

red states rule
11-21-2010, 07:59 AM
Tax cuts - tax rates

What is the difference?

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red states rule
11-21-2010, 08:00 AM
People are not prepared. People react. They will react blaming the wealthy.

and those on the left will probably blame Bush