Remember Taxmageddon? It’ll make Sandy look like a tropical storm
A horrifying combination of expiring pro-growth tax policies from 2001 and 2003, the end of the once-temporary payroll tax cut, and just a few of Obamacare’s 18 new tax hikes, Taxmageddon will be the largest tax increase EVER to hit Americans. It’s nearly $500 billion in one year, starting January 1. That’s two months away.
What that means per person:
One result you can count on:
The businesses that would pay the higher tax rates proposed by President Obama earn almost all the income earned by small businesses that employ workers. According to President Obama’s own Treasury Department, these job creators earn 91 percent of the income earned by flow-through employer-businesses. These are the biggest, most successful small businesses. They employ more than half the private workforce, according to an Ernst and Young study. Raising their taxes would destroy more than 700,000 jobs.
Meanwhile the guy in charge? Well he’s got other things on his mind:
It is worth recollecting the array of attacks from the Obama camp that failed to carry the day. Romney’s approval rating is now higher than Obama’s and the Obama team tried portraying Romney as: 1) the “vulture” capitalist; 2) a tax evader and/or a felon for signing (or not signing) Bain documents after he left to run the Olympics; 3) killer of Joe Soptic’s wife; 4) outsourcer of jobs to China; 5) determined to take contraception away from women; 6) ready to give a tax cut to the rich and hike middle-class taxes; 7) egging on the auto industry’s demise; 8) willing to throw granny over the cliff on Medicare; 9) President George W. Bush’s political twin; and 10) Big Bird terminator.
Taxmageddon? Yeah, not so much. Romeny wants that, apparently. No mention of the 18 ObamaCare taxes by our man. Wonder why? Jobs? See result of Taxmageddon. But he’ll tell you he’s focused like a laser beam. Or is that Uncle Joe’s job? Sequestration? What’s that?
He does have a shiny new booklet out that he calls “a plan”. Nothing new, but lots of pictures.
No sweat though … after the 700,000 jobs are destroyed, he’ll talk some more about a “Department of Business”, okay?