It now appears higher taxes may be unavoidable while true entitlement spending reform is less certain!
Thought of the day:
It seems to me that the only people out in front promoting higher taxes are the actual ulta-wealthy for whom higher taxes won't make one iota of difference in their lives. Who really cares what Warren Buffet or Mort Zuckerman thinks?
The hit the middle class is going to take from the assorted mix of new taxes from programs like Obamacare in addition to changes in taxation on earned income, capital gains and other sources is going to be detrimental to our way of life while Warren Buffet and his secretary are going to be fine.
Higher taxes on dividends or increase in the tax rate on capital gains? What do people think is in the mutual funds that they own in their 401k's that they are relying on for retirement?
Reduction in the mortgage interest deduction? What do you think that will do to property values let alone tax liability. Wasn't this one of the reasons we made the buy versus rent decision in the first place?
But, while the Republicans appear as if they are caving on higher taxes, where is the discussion about real entitlement and other federal spending reform? The Democrats seem to want that off of the table and that cannot be allowed to happen!
Stay tuned because it could get ugly!
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