In response to:

Obama Won, Major Tax Bomb Still on the Way

Bulldog74 Wrote: Nov 08, 2012 7:50 AM
As I recall, when the Bush tax cuts went through everybody--yes, EVERYBODY--got a tax refund. Now they're going to have to give that money back...yes, even your 47%.

President Barack Obama won re-election Tuesday which means the United States is in the same exact fiscal situation it was in on Monday. We’re staring at $16 trillion in debt, but the more immediate problem comes on January 1 when every family will see a tax increase of $3500 as the Obama-Bush tax cuts expire and when more ObamaCare taxes kick in, better known as taxmaggedon.

First, let’s start with the first tax increase of $3500. This will happen if House Republicans, Senate Democrats and the White House can’t come up with a deal in the next 63 days....