Friday, November 30, 2012

What You Need To Know About Taxes and Fiscal Cliffs

By: Dale Bowling

The "Fiscal Cliff" has dominated the news lately and justly so. To put it the Biden way, it's a big f-ing deal.

The Fiscal Cliff is totally manmade. If you thought that reckless spending was what brought us here, you've been watching Fox News. Stop doing that.

The Fiscal Cliff is a bunch of tax increases and spending cuts that kick in automatically if an agreement is not reached by December 31 to prevent them from happening. This was what the compromise over the Debt Ceiling last year wrought. It was basically a ploy to get both parties to the table to talk about long-term deficit strategies.

Bad thing is that if across the board tax increases and spending cuts take place, this is likely to weaken America's hard-fought economic growth which is beginning to really pick up steam now.

What you need to know about this is that Democrats want to extend the Bush Tax Cuts for everyone who makes less than $250,000 a year. That's like 98% of America. The Uber-Rich will (Heaven Offend!) go back to the rates they had under President Bill Clinton.

You know, when we had a roaring economy and a projected budget surplus.

Republicans want everyone to get the Bush Tax Cuts including the Super Rich. They say, they're open to more taxes through limiting deductions. Hmmm...sounds familiar.

Oh- that was the Romney policy that America firmly rejected on Nov. 6. That's why it seems so familiar.

Problem is that reform of the tax code on deductions doesn't yield as much revenue as rate changes and these same "reforms" are likely to hurt middle-class Americans as well.

Since President Obama campaigned on the idea of slight rate increases for the wealthiest of Americans and he was re-elected by a wide margin combined with a recent poll which showed that 60% of Americans supported a rate increase for the richest Americans, one would think that this mandate would put Congressional Republicans in the position where they would heed what America has said.

Not so much, actually.

They're planning on holding tax cuts for 98% of Americans hostage in favor of the 2% who will have to go back to top tax rate under Bill Clinton.

Afterall, that's a 4% tax increase for the wealthiest Americans. How can Billionarie Republican Donors cope with that? They may have to... OK, they wouldn't have to change their lifestyle in any tangible way. But it's the principle of the thing, right? It's the principle that the Super Rich (who are the most fortunate of the fortunate in American society) would be called upon to make a tiny sacrifice for their Country.

I believe that may have been what 60% of Americans are supporting.

Our President has called on all of America, to contact our representatives in Congress to let them know how we feel about the tax changes that come with the "Fiscal Cliff" negotiations. Addresses, phone numbers, facebook pages and twitter accounts are below. Write, Call, Type, Tweet.

Congresswoman Judy Biggert- Illinois 13th Congressional District

Judy Biggert
United States House of Representatives
2113 Rayburn HOB
Washington, DC 20515-1313

Phone: 202-225-3515




Congressman Peter Roskam- Illinois 6th Congressional District

Peter Roskam
United States House of Representatives
227 Cannon House Office Building
Washington, D.C. 20515-1306

Ph: 202-225-4561





Illinois Senator Dick Durbin

Sen. Dick Durbin
United States Senate
711 Hart Senate Bldg.
Washington, DC 20510

Ph: (202) 224-2152




Illinois Senator Mark Kirk

Senator Mark Kirk
524 Hart Senate Office Building
Washington DC, 20510

Phone: 202-224-2854



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