Taxmageddon lies ahead for U.S.
Taxing the rich, the middle class and the poor will be a major portion of the debate in the upcoming presidential election. Of course the Democrats will suggest that taxing the rich is only fair. The Republicans’ counter argument will be that taxing the wealthy will only impair the job creators of this nation.
While that debate is raging during the spring, summer and into the fall, remember the two candidates will be attempting to make the other guy out to be the bad guy In reality, we need the person who is elected, by you the voters, to cut spending and allow the Bush tax cuts to expire. Why?
Well, if we maintain the track we’re on there will be a collapse. Our debt is out of control. Our spending is more than the Internal Revenue takes in and 50 percent of the people in the U.S. do not pay taxes.
“In terms of a climactic moment on taxation,” screamed the front page of the latest Sunday Review in The New York Times, “The end of 2012 will be unlike any other time in memory for the government.” According to David Leonhardt’s “Coming: ‘Taxmageddon,’“ taxes on the average middle class family could go up by “about $1,750.” Taxes on poor families would “rise somewhat, too.” Oh, and total federal taxes on “top-earning families” would rise by “tens or even hundreds of thousands of dollars a year,” Craig Gurian reported on April 18 in his Press Criticism column.
Perhaps it is wishful thinking, but Congress and the president, whether Barrack Hussein Obama or Willard Mitt Romney, will have to come to grips with an economy that is still struggling to gain momentum, while dealing with deficit spending and a burgeoning debt.
The United States of America can no longer approach spending, debt and deficits as though they are no big deal. I believe that is the approach taken by nations in the European Union. The EU is presently on the verge of imploding.