Yesterday Investor’s Business Daily posted an article on the fiscal fiasco that is waiting for America on January 1, 2013.
The article reminds us what is coming:
‘The way to deal with sequestration is put revenues on the table.” That is third-ranking Senate Democrat Charles Schumer of New York’s coded way of telling congressional Republicans that if you want to prevent the budgetary devastation of the U.S. military, you’ll have to break your promises to voters and agree to major tax hikes.
After the presidential and congressional elections this November, a lame-duck Congress will address an impending fiscal calamity.
The first thing you have to remember here is that in the mind of the average Democrat, Washington will NEVER have enough money to spend!
So what happens between election day and January 2013? First of all, you have a lame duck Congress. If the Democrats lose the Senate, they will do everything they can to make sure everyone pays highers taxes.
Even if the Democrats don’t get away with raising taxes, this is what happens on January 1st:
Heritage Foundation senior fellow and former Treasury Department tax economist J.D. Foster recently warned that on New Year’s Day, “some $494 billion in tax hikes will crash down on America’s taxpayers and economy” — not just the expiration of the 2001 and 2003 tax cuts that gave us a boom and cut unemployment to under 5%, but “a jump in the payroll tax rate,” “the return of the death tax,” ” a bigger, badder” Alternative Minimum Tax, and the tax hikes for ObamaCare.
The ObamaCare 3.8% surcharge goes into effect in 2013, “not just on wage and salary income, but all income, thus breaking the historical link between Medicare and labor earnings,” Foster recently noted.
If we are to avoid fiscal catastrophe in the coming year, we need to make sure the Republicans control both the House and the Senate after the November election. That way as soon as Congress is sworn in in January, they can quickly deal with any mischief done in the lame-duck session.
Intentionally or otherwise, the Democrat party is in the process of taking a wrecking ball to the economic well-being of our country. They need to be stopped.