No, that title is not a typographical error.
Be prepared to start writing out income tax checks when our Democratic friends allow the "Bush tax cuts" to expire. Wonder why Democrats only want to talk about "social issues" and not pocketbook economic issues during this election?
There are two certainties individuals and businesses are facing on January 1, 2013. First, the expiration of the "Bush tax cuts" on December 31, 2012, or conveniently after the election. The second are the automatic federal budget cuts which take place the same time. What the Democrats and their media cheerleaders don't want to talk about are how this one-two punch will affect the middle class and small business owners. Military cut backs that the "progressives" (formerly known as liberals) are hoping will ease the pain of massive federal deficits? In the 10th Congressional District, we have one of the largest Naval Training Stations in the country in North Chicago. What happens to our local economy if and when federal funds are cut back for Great Lakes?
The Joint Committee on taxation reports that a family of four earning $50,000.00 annually will pay nearly $2,200.00 more in income taxes. The lame duck Illinois General Assembly last year added $1,000 more in income taxes a year ago. A single mother earning $36,000 annually will pay nearly $1,100 more in income taxes. The lame duck Illinois General Assembly last year added $720.00 more in income taxes to her a year ago. A married senior citizen couple earning $40,000 annually will pay nearly $1,700 more in income taxes. The lame duck Illinois General Assembly last year added $800.00 more in income taxes a year ago. The Wall Street Journal reports top tax rates on dividends will almost triple from 15% to 43.4% harming seniors forced to rely on such income and the "Death Tax" will increase from 35% to 55%, forcing an increase in small business sales, home sales and asset sales to pay taxes upon the death of our parents. Those seniors have already cut back their life styles due to declining bank interest rates.
The 10% tax bracket would also be eliminated, raising taxes by nearly $502.00 annually on the lowest earning who pay income taxes. The lame duck Illinois General Assembly last year added $185.00 more in taxes to that group. Those paying income taxes under the Alternative Minimum Tax would see similar increases.
The marriage tax penalty will return and the child tax credit will return to 2001 levels.
The Heritage Foundation issued a report indicating that in the Illinois 10th Congressional District, should the "Bush tax cuts" expire, families would pay more than $7,605.00 per return. That represents $20.84 per day, or $145.85 per week. Nationally families would pay more than $4,100.00 per return. That's $11.23 per day nationally or $78.61 weekly. Anyone have $145.85 per week they can give to our Federal Government? Or nationally, $78.61 a week?
And we would all feel the pinch with our first paychecks received after January 1, 2013. Or our first dividend checks.
Congressman Dold has indicated his positions to extend the "Bush tax cuts" to stabilize the economy and to prevent more money from being taken from families, singles and seniors. After all, the less money individuals and small businesses have to spend, the more our national and local economies struggle.
Where does Brad Schneider, the Democratic standard bearer in the Illinois 10th, stand on this issue?
It turns out Brad in April of this year wanted to allow all the "Bush tax cuts" to expire for everyone and claimed to believe in "a progressive tax structure that fairly distributes the costs of government in a way that those of us fortunate to have more, carry more of the burden. But at the same time everyone must have a stake in setting our priorities as well as supporting the costs. We truly are all in the same boat together." By July of 2012 his website changed to end the Bush tax cuts "for the wealthiest of Americans."
Schneider also joined forces with fellow Democratic congressional candidates Tammy Duckworth and Bill Foster to support the "Buffet Rule" of a minimum of 30% tax on those earning one million dollars a year. According to President Obama, under this plan, if you make less than $250,000 a year, like 98% of American families do, "your taxes shouldn't go up." (Barak Obama, April 11, 2012). "Shouldn't?" The White House later backpedaled by explaining the Buffet Tax was never intended to bring the deficit down and get debt under control.
The latest Democratic party spin is that government needs to increase revenues as part of eventually balancing the budget and paying down the massive federal deficits. Those new revenues will not come from the Buffet Rule according to our President, it will just redistribute tax liabilities. Growing the economy and adding taxpayers is not an option to them.
So get out your checkbooks folks. And in our Illinois 10th Congressional District be prepared to write out a weekly check to Uncle Sam for $145.85. Wonder why Democrats only want to talk about "social issues" and not pocketbook economic issues during this election?