Every single American will feel some serious financial pain in 2013, [right after the Presidential elections] due to major, stealthily-enacted, and semi-hidden tax increases, along with numerous EPA-mandated regulations that will result in skyrocketing energy prices across the country. All of this will happen because Congress is currently paralyzed against acting responsibly due to it being an election year, where the DC power brokers, lobbyists and campaign spin-masters will threaten to pull the billions of dollars of support they give to current members of Congress if they refuse to allow them and their cronies their daily feeding at the taxpayer-funded cash trough. See the latest debacle called the 2012 tax cut extension for the perfect example of how dysfuntional Congress has become while serving under a President who is too busy campaigning on the taxpayer dime to actually work with Congress for real solutions to this country’s massive debt problems.
Never mind that America is currently drowning in $15,386,147,538,129 dollars of national debt the minute that total was written down here. The average American can not even compute what a trillion dollars of debt looks like, let alone the repercussions of the U.S debt to GDP ratio exceeding 100% for the first time in history. ( check out the chart in that link)
President Obama wants the American people to believe that he is holding true to his promises he made back in the 2008 campaign that he has refused to raise taxes on the middle class, and therefor he deserves another four years in the White House. He constantly spews the Socialist-designed rhetoric about folks needing to pay their fair share, while denying the fact that almost 50% of Americans pay no income taxes whatsoever. The problem inherent in Obama’s false campaign rhetoric can be found in the truth about the stealth tax increases that will hurt every single working and non-working American starting Jan. 1st, 2013. Isn’t that an amazing coincidence that the bulk of the Obama administration’s middle-class-crushing tax increases and vastly- expensive-to-businesses regulatory policies will go into effect after the 2012 presidential elections?
According to the article, The Coming Crash of 2013, written by Peter Ferrara back in the summer of last year, Americans are going to get a very harsh lesson in the reality of Obama-nomics and feel some very serious financial pain starting in the year 2013. For example:
Already scheduled now under current law in 2013 is the expiration of those Bush tax cuts, which President Obama has refused to renew for single workers making over $200,000 a year, and couples making over $250,000. Also scheduled to go into effect in 2013 under current law are all the tax increases of Obama-care. Together, these job killing tax policies would result in a sharp increase in the tax rates on the nation’s small businesses, job creators, and investors for virtually every major federal tax. (emphasis added)
Many of the hidden tax increases in Obama-care have been put on the shelf during 2011/2012 by the granting of temporary ”special waivers” due to the proven cost increases to businesses that were written right into Obama-care. Those waivers are temporary, and without major changes to the new health care law, they will result in the tax man coming to collect major tax increases from all businesses small and large due to the tax hikes in Obama-care in… 2013. For a complete look into the tax increases inherent in Obama-care please see the Comprehensive List of Tax Hikes in Obamacare.
Mr. Ferrara further explains some of the other economy-crushing tax increases implemented by Obama and his Liberal Democrats that are sneaking up on Americans in 2013:
Taxpayers would see their income tax rates jump by nearly 20%, the capital gains tax rate increase by nearly 60%, the total tax rate on corporate dividends increase by nearly three times, their Medicare payroll tax rate increase by 62%, and the death tax rise from the grave with a 55% rate. This would go way beyond the outdated Obama talking point about returning to the Clinton tax rates, adding up to a top federal tax rate of 44.8% on wage income alone, besides all the tax increases on capital income, on the way up to a 62% top federal tax rate.
Can Americans consider the U.S.A. to be a free Republic when the tax man can lift a whopping 55% of a person’s entire life’s savings [through the estate tax, which is more aptly called the death tax] out of their family wallet simply because a family member has passed away? Yes they can, starting in 2013, unless people wake up to the realities that the Death Tax Man is coming in 2013 and he means business. Meanwhile Congress and Barack Obama have also reduced the revenue of the Social Security program by billions of dollars a year to score reelection points,while also adding to the national debt by refusing to offset the recent tax cut extension. Do Americans not understand what that means to anyone currently, or soon to be relying on SSI checks to survive? How about the young and middle-aged Americans who can look forward to paying into SSI for decades without any chance of ever getting a dime back out of it? That spells taxation without representation, any way you slice it.
Mr. Ferrara further explains the hidden taxes that will drive up the cost of everything due to unconstitutional laws being passed by executive branch fiat under the guise of ”rules changes.” (emphasis added)
Besides this tax tsunami, President Obama is implementing another trillion dollar plus cost burden on the economy through the EPA’s cap and trade tax policy. That is one central feature of President Obama’s war on production of traditional, low cost, energy, shutting down drilling, extraction and pipelines from the northern tip of Alaska, down through Canada, to the energy rich Western states, through Texas, to the Gulf of Mexico. Obama keeps issuing statements that he is opening drilling or permitting or exploration here and there, only to have it shut down by his bureaucracy soon thereafter. All of this will only raise energy prices higher and higher through to 2013, squelching the economy still further.
How many Americans know about the Cross-State Pollution law/money grab/tax hike that was passed by the EPA? That illegally-implemented tax increase on “certain states” went into effect this year. Check it out here. In that Democratic party/ EPA extremist-mandated new “rule” California, the most polluting [and Democratic party stronghold] state in the country isn’t included in the Cross State Pollution law, as can be seen in the map of affected “certain states” in that article. How tyrannical and ludicrous is that? The Cross-State pollution tax man is already implementing that money grab right now in 2012. In 2013, all of the States under that new “rule” will feel the pain, one way or another.
Finally, Mr. Ferrara goes on to question just how an increased $2 trillion dollar tax burden will bear down on all Americans in 2013:
This is just the beginning, however, of President Obama’s re-regulation burden on the economy, which is estimated to be rapidly rising towards $2 trillion, or over $8,000 per employee, in annual costs even before EPA’s calamitous cap and trade really begins. That is close to 10 times the corporate tax burden, and double the individual income tax burden. With another 4,225 federal regulations already in the pipeline, and the new regulatory burdens from Obama and the Dodd-Frank financial regulation bill still to come, how high will that burden be by 2013?
After the tax man gets through grabbing a much bigger share of Americans salaries, savings, and cash on hand in 2013, the next biggest thief to reach into their wallets in the very near future, will be The Inflation Man. After all the hidden taxes and regulatory burdens are felt in the wallets of all Americans in 2013, the eventual economic inflation due to the Federal Reserves increased printing of U.S. dollars, [also known as QE2], will hammer American family budgets, as the dollar loses it’s value and therefor buys a lot less than it used to. Do Americans really want Four More Years of Barack Obama’s economy-crippling wealth redistribution, tax increase-inducing, and overbearing regulatory policies?