How many times on the campaign trail did we hear then Senator Obama say, “If you make less than $250,000 per year you will not see a tax increase-not in your income tax, not in your capital gains tax, not in your payroll tax, not in any tax.” I can remember at least a million, o.k. not a million, but A LOT! This was the mantra day after day.
Now all of a sudden President Obama says that he is “agnostic” about raising taxes on all income levels. This I believe. I think that it won’t be long before his agnosticism turns into full-fledged, fervent, in your face tax increases on everyone. However, what he will not tell you is that even if he doesn’t raise your tax rate, his policies will take your income away from you in the following ways:
- Continued spending of money that is hot off of the fed’s printing press will result in big time inflation which will cause your income to not go as far as it does right now.
- Interest rates will increase when inflation rears it’s ugly head and then the cost of borrowing-including the interest rates on those pesky credit cards will be sky high.
- When businesses are worried about potential tax increases, penalties for not having the “right” health plans in place for employees, new energy requirements etc; they will not hire or give raises because they simply can’t make long term plans in that type of political environment.
- Any policies that are designed to punish “big” business will simply be passed on to you and I, the consumer. This is because in reality, corporations don’t pay their taxes, the consumers do. So we should remember this when we get that warm fuzzy feeling when we see congress making those “evil” corporations pay up.
- Policies such as cap and trade and health care reform would add costs to every product and service produced and once again these costs would be paid for by, you guessed it, you and I.
So, while Barack Obama may be agnostic about whether or not you and I will pay regardless of our income level; I am a firm believer that while those in government are the ones who have spent us into oblivion, you and I are about to get the bill-oh, and not only us, but our children, grandchildren, great-grandchildren…..(You see a pattern developing here!)
So what to do, what to do….Hmmmmm……Stop spending money that we do not have! That’s change that we CAN believe in!