Obama Inaction Will Increase Taxes by 497,000,000,000 on January 1st, 2013

On January 1st of 2013, the tax increases that will automatically kick in will amount to about $1,500 for every man, woman and child in the United States.  The increases are from:

  • Elimination of the 2001 Bush Tax Cuts
  • Elimination of the 2003 Bush Tax Cuts
  • Elimination of half of the Child Tax Credit, devastating to young families.
  • All of the “softening” measures of the Alternative Minimum Tax will end and the majority of those who were not impacted by this tax will be paying taxes because of it.
  • The death tax will revert back to 2001 levels.
  • Some of the New Obamacare taxes and other Obama taxes kick in as well.
  • The current payroll tax reduction for employees ends.

By the end of next year, the taxes collected by the Federal Government will equal 20% of our Gross Domestic Product.  Of course, the Federal government will be spending about 24% of our GDP so you can expect the tax increase on January 1st to be the first installment…

If you don’t think any of this matter to you personally, think again.  If you are a taxpayer, your share of the $15.7 Trillion Dollar Debt is $138,466.  For all citizens, who pay taxes or not, the average debt is $50,173.  And Obama is at Camp David telling the G8 attendees to hold off on their “austerity” measures and SPEND, SPEND, SPEND! 

It is time for Adults to start running this country.  It is time to replace this President with someone who is committed to growing this country through Freedom and not through government manipulation and crony politics.  It is time to replace any member of Congress who does not state publicly that they will not vote for another debt ceiling increase until we have a Federal budget that stops deficit spending;  votes to eliminate the “auto pilot budgeting” that is in place in Washington and force zero base budgeting forcing the White House and Congress to deal with every spending line on the budget every single year.

If the January tax increases go through, we will lose even more jobs and families will be cash strapped to support bloated bureaucracies and runaway spending.  You cannot print enough money to get out of this mess without creating double-digit inflation.  We have to vote our way out of this mess!

RD Pierini

Hat Tips:

Debt Clock-Paste this on your desktop:  http://www.usdebtclock.org/

CNS News:  http://cnsnews.com/blog/terence-p-jeffrey/12984-increase-debt-household-first-2011-bipartisan-spending-deal

Heritage Foundation:  http://blog.heritage.org/2012/05/20/chart-of-the-week-taxes-soaring-past-highest-level-ever/

 

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