A rare note from Dugga, the Scared Monkeys tech guy…
I’m not a big debater. I prefer to push the buttons and twiddle the knobs to shine the spotlight on those who are more well-spoken than me. But on occasion, I find issues so concerning, and ignorance so profound that I am forced to speak up. Today is one of those days.
My mom showed up wearing a Hillary Clinton button last week. As an elderly couple on a fixed income, I was forced to ask her if she had the first clue as to what it would mean for her and dad if a Democrat took office. Here’s what I told her.
In President Bush’s first term, he proposed, and congress passed, a series of temporary tax cuts. Most of these will expire in 2011. As you would expect from partisan politics, the Democrats have no plans to renew these cuts. John McCain has spoken out boldly in support of making these cuts permanent – as they should be.
Take a look at what’s going to happen the moment a Democrat takes office. Not their actions, but their inactions will allow the following to occur:
- Child Credit: This credit will shrink from $700 to $500 per child on January 1, 2011.
- The Income Tax: Rates will increase between 3 and 4.5 percentage points in each bracket on January 1, 2011.
- The 10 Percent Bracket: The bracket will be eliminated on January 1, 2011, raising the income tax burden of many workers by 5 percentage points. For low-income Americans, this is perhaps the most important of all the tax relief points that will expire!
- The 15 Percent Bracket for Joint Filers: On January 1, 2011, the upper limit of this bracket will shrink from 200 to 167 percent of the upper limit of the 15 percent bracket for single filers, creating a marriage penalty.
- Standard Deduction for Joint Filers: On January 1, 2011, this will shrink from 200 to 167 percent of the standard deduction for single filers, creating a marriage penalty.
- The Estate Tax: The top rate for this tax will increase to 60 percent on January 1, 2011, and the value of an estate exempt from taxation will shrink to $1 million, which is less than it is today.
Many Americans desperate for “change” because of differing opinions on how the Iraq war has been handled might take a second look at the Democrats when their pocketbook is involved. Why is nobody remembering that in its first 100 days, the new Democrat Senate passed the largest tax increase in American history — more than $700 billion in higher taxes!
Yes, gas is expensive and the economy sucks right now. And on the heels of April 15th, a lot of us are still sore from being reamed for a large chunk of our income. Next time someone starts saying we need “change”, ask them how much they’re willing to pay for it.
- Dugga (not Red) (although if I had more disposable income to wager, I’d bet you he’d agree with me!)