And it was historically fitting that the spot for our getaway happened to be in St. Germain Wisconsin, and the time of it was 440 years (almost to the day) after Charles IX of France signed the Treaty of St. Germain, ending the third war of religion and giving religious freedom to the Huguenots. Leaving aside that the place has no relationship to the event, it gives me a semi-great segue to the point of this commentary.
In St. Germain this year the mosquitoes were sucking almost as much blood from the citizenry as our government is about to drain from them. Almost, but not quite. We got chewed up pretty well, and the rest of you are about to feel our pain when your wallets start itching in the near future.
You see, even with all the attention being focused on the government passing around money it doesn't have to companies who don't deserve it, the countdown has begun in earnest to the largest tax increase in the history of the world. And if you thought it was only going to be on those despicable people making over $250,000 a year, you were illusioned. (Maybe if you make less than that you won't have to pay, just check the "Obama promised" exemption box on page 78,012 of your return)
The so called "Bush Tax Cuts" are set to expire soon and I think many people (if not most) will be shocked to find out that apparently Obama was channeling George H W Bush with his own version of "read my lips" when he said no one who wasn't rich would pay even one penny more in taxes. My tax preparer says differently. As for me, I long ago reached the cynical saturation point, so no raised eyebrows on my aged face.
About three weeks ago I got a letter from that well read tax preparer which laid out the increases in detail. It's frightening stuff for those struggling to hang on through this government induced mini-depression. It may even be enough to push us over the edge into a maxi-depression if nothing gets changed soon.
In case you didn't get a heads up like I did, here are some of the ramifications of the "yes we can!" agenda;
1. If you are in the lowest tax bracket (10%) your taxes are going up 50%. That's right, all you "non rich" folks, you are going into the 15% bracket on Jan. 1, 2011. There will be no more 10% bracket. So much for the "not one cent more for folks under $250,000" promise of hope and change.
2.The 25% bracket will rise to 28%.
3. The 28% bracket will be 31% and the top brackets for the evil rich people are going way up too.
33% = 36%, 35% = 39.6%.
4. The "Marriage penalty" returns. (gay people take note)
5. The Capital gains tax will rise 33%. (better sell your profitable investments now, if you have any)
6. Tax on dividends will rise 164%. For everyone.
7. Child tax credit drops 50% to $500 from $1000. For everyone.
And none of this addresses the new taxes on the way for Obamacare, they are massive and start in 2013.
So the new bloodsucking will start in a very few months, with one election just before the itching starts. But I can already hear the buzzing. It may be time for some bug spray, complete with political Deet.
|Remember in November|