When the House voted to adjourn about a month ago by a 210-209 margin, Speaker Nancy Pelosi, D-Calif., and her cronies avoided dealing with extending the 2001 and 2003 Bush tax cuts, which expire Dec. 31. Rather than address the tax issue, the Senate also voted to adjourn.
Instead, Congress is holding a lame-duck session beginning Nov. 15. What that means is whether or not you elect them back into office, they are poised to do what they want when they want with little election fallout.
Before adjournment, 47 House Democrats endorsed a letter to Pelosi pleading for the extension of all the Bush tax cuts, and 39 of them voted against adjournment. Yet the Pelosi and powerful Washington elite got their way. So we sit in levy limbo until after the elections.
Our Democratic representatives are no dummies, but they think you are. They're counting on your naivete in thinking that their meeting deferment is not a temporary delay to terminate (or ensure the expiration of) the Bush tax cuts. But that is exactly what it is. And they know that if you figured that out, it would mean bad news for their re-elections, as taxes ultimately will rise for all Americans.
The truth is President Barack Obama has called for a staggering $921 billion tax increase beginning Jan. 1, 2011. And all Congress has to do is nothing to meet his goal; just let the Bush tax cuts expire -- or at least most of them.
So if somehow you haven't heard, in about 60 days, Democrats in Washington will invoke change that will cost Americans a minimum of $3.8 trillion over the next 10 years, including the loss of the $1,000 child tax credit, if Congress allows the Bush tax cuts to expire. In practical terms, the average American family immediately will pay between $1,500 and $3,000 more per year in taxes. Thanks to the Washington think tank Tax Foundation, you can calculate exact amounts for your family by your state and congressional district via the organization's website.
You have heard, however, that President Obama promises not to raise taxes on the lower and middle classes. But contrary to his plan, most economists (including Washington's) share the conviction that the feds can't fix the economy, balance the budget, lower the national debt and deficit, or pay for out-of-control entitlements by taxing only the wealthy. Costs will trickle down to your pocketbook, as they have for years. And mark my words: Washington's promises once again will turn into lies as you are taxed next.
In Honor of His 103rd Birthday, Here Are The 20 Best Quotes From The Late, Great Milton Friedman | John Hawkins