Well Nancy, you passed the bill and we will be finding out for months what’s in it – what you and your party has done to us. You know, we the folks who all make less than $250K/year?
Steve Moore of the WSJ said in a Heritage speech in Michigan last month that as of January 1, we will see the largest tax increase in this nations history. Capital gains will go up to over 20% from 15%. Dividend tax will increase from 15% to 43%. That is almost triple. He said that this will mean no dividends will be paid to investors. Microsoft paid out $40billion dollars in dividends in ’05, the largest in history and when asked about this Bill Gates stated it was because of the Bush tax cuts. That won’t be happening again for a long while.
How will this affect those folks with 401K’s? Many working people in this country have those accounts through their employers.
Business taxes go up from 35% to 40%. That means less, or almost no, new business development and investment. Moore said that 2 out of 3 of those people who will be hit the hardest with these tax increases all own, operate or invest in small businesses. These are the job creators – or should I say, were the job creators.
But the most dramatic increase will be the return of the death tax – from zero to 55%, literally overnight. (Bernie Saunders (socialist VT) wants that increase to be 65%!) The effect this will have on family businesses and family owned farms will be devastating. The idea – the American dream – of having a business or farm to leave to our children is now a thing of the past. They will have to be sold to pay the taxes! How un-American and patently absurd is this? And how many times does our money have to be taxed? By the time of death, that money has already been taxed a multitude of times.
All of this was hidden in the ObamaCare bill.
Before December 31st, there will be a huge stock sell-off. And after January 1st, unemployment will rise. You don’t have to be an economist to figure this out. Call me cynical but I’d also be interested in knowing if there’s an increase deaths before December 31.
These people have to be voted out in November and then we have to pray that from November until the new Congress come in, that the democrats don’t push through all kinds of crap during the lame-duck session.
We can pray about it but I know they will do it.