LETTER TO THE EDITOR:
THE TRUTH ABOUT THE LAST MINUTE FISCAL CLIFF BUDGET DEAL:
Unless you are an illegal alien or a free loader who pays no payroll tax (i.e., FICA, Social Security) you just got royally screwed and would have been better off with no budget deal and going over the so called "fiscal cliff" instead. Here's why:
The bill—which President Obama has promised to sign, though he took off for Hawaii again after the vote—has a 10 to 1 ratio of tax increases to spending cuts by one news source and as much as 41 to 1 according to FOX News. This is the President’s version of a “balanced” approach.
In addition to tax increases on Americans making more than $4000,000 a year, the bipartisan deal will actually raise taxes on the vast majority of American workers. How? The payroll tax “holiday” has ended.
The Wall Street Journal calculates that the “typical U.S. family earning $50,000 a year will lose “$1,000” annually or pay an extra $83.33 monthly in payroll tax (i.e., FICA/Social security tax). It goes up proportionately from there. If you make just $30,000 per year your pay roll tax will go up $660 per year or $55.00 per month.
Make no mistake about it, this fiscal cliff budget deal is a lower middle class and a middle class tax increase. Doubt it? Just check your own pay stub at the end of the month. It will make a believer out of you in a hurry. Get ready because this is going to hurt you in a personal way. And you believed Obama when he said this would just be a tax increase on the rich. Surprise, surprise; jokes on you.
This bill affects each and every one of you who work for a living in a very personal way. The illegal’s and freeloaders owe you a debt of gratitude.
Meanwhile, the higher tax rates will hit small businesses and investors—which is grim news for a country in need of new jobs. Expect unemployment and "inflation" to go up on every thing, especially the basics (i.e., food and fuel) even as you have less money to pay for those basics. Also watch our already astronomical national debt increase even more to pay for all the new unemployed folks who will be on the dole along with the millions of others who are already unemployed. Hey, it’s the Obama economy. What else did you expect?
There is a bit of good news in all this. Everyone who works for a living and who pays payroll tax, and who also voted for Obama, will finally be getting exactly what they voted for and so richly deserve. Isn’t it wonderful that they will finally have to pay for their mistake? Let us hope they feel the pain.
For the rest of us who voted against Obama, and who will now be royally screwed by all those who voted for Obama, you have my deepest sympathy.
I really do not think who voted for whom had anything to do with it. Voting doesn't matter, try crawling your head out of your rectum and realize that this "country" was purchased long ago and the theater of election day and voting is just that, theater. I did not vote for the individual in question, nor did I vote for the "other" guy, even so, the screwing occurs.
If you want to have me consider your opinion don't start out by insulting me.