Next: tax increases!!
...The first series of tax hikes will hit personal income tax rates. Because many small employers pay business taxation at these rates, this is also a tax rate hike on small businesses. The lowest personal rate will rise from 10 percent to 15 percent and the highest rate will go up from 35 percent to 39.6 percent. This means that every American with an income tax liability is scheduled to see a rise in taxes.
The majority of small employer profits face taxation at the top marginal tax rate. That means that the top personal rate is actually a proxy for the small business tax rate in America. That rate will rise from 35 percent to 39.6 percent. Thanks to a provision in the jobs-killing ObamaCare law, most small employer profits will face a Medicare tax rate of 3.8 percent, pushing the total small business rate over the 40 percent mark....
These are the people who spend money on other goods and services--if they have it, of course.
...The child tax credit will be cut in half, from $1000 to $500 per child. For seniors, the top effective marginal tax rate on Social Security benefits will rise from almost 30 percent in 2012 to almost 34 percent in 2013....
Obozo and his aborto-cult followers can't stand seeing (other people's) children, of course. More important, if there are less children, then who in Hell will pay the national-debt taxes? As to seniors, who needs them? They'll cost ObozoCare a bunch of money anyway...
....The top rate on long-term capital gains is set to rise from 15 percent to 23.8 percent. If you receive dividends, the top rate on this income will rise from 15 percent to 43.4 percent. The Tax Foundation reports that 70 percent of taxpayers over age 55 reported dividend income, earning 71 percent of the total dividends in America. A tax hike on dividends is another tax hike on seniors.
Even if your retirement savings are all in traditional pensions, 401(k) plans and IRAs, the financial markets will have to price in these higher taxes, shrinking everyone’s nest egg. Taxes are a cost like any other, and markets have to price in the cost of higher taxes...
Can you say "Depend on Gummint because your saved-income is worthless!!" I knew you could...
...Since 2011, we haven’t been able to use our health savings accounts (HSAs) or flexible spending accounts (FSAs) to purchase non-prescription, over-the-counter medicines (the “medicine cabinet tax”)....If you have an FSA at work, and you use it for large medical expenses (like special needs education, durable medical equipment, reconstructive surgery, etc.), you will find yourself locked out in 2013. Currently unlimited by tax law, there will be a new $2,500 cap on FSA deferrals.
Yup--that's more of the same.
And there's more!!
...President Obama has proposed new taxes beyond those already scheduled. He wants a “Buffett Rule” to ensure that those making more than $1 million pay a tax rate of at least 30 percent. This is on top of the dreaded “alternative minimum tax” (AMT), which is scheduled to rise from 4 million to 30 million victims in 2013....
How very nice!
Remember that energy-cost hike? He's going to double down on that!
President Obama wants to raise taxes on energy companies, driving up the cost of electricity and gasoline for every family and small employer in America.
And good luck finding a second job to pay the energy bills:
So he kills the R&D credit and yaps his flapper about "innovation at home."
All in all, I'd rather cut spending.