America and American workers have just been thrown off the economic cliff by the politiciansSubmitted by Ian56 on Wed, 01/02/2013 - 10:17
Huge tax hikes coming for the lower paid. Deep recession starting in 2013.
The 2% Payroll Tax break will expire in the Fiscal Cliff agreement. This will be a huge tax hike for poor and middle class taxpayers.
There is another huge tax hike coming for AMT and the expiry of other tax breaks for the middle classes.
It is now being reported that AMT (Alternative Minimum Tax) will be "resolved" in the fiscal cliff deal.
It is difficult to see how that can be true when AMT and the expiry of other middle tax breaks are double the revenues of the Payroll Tax hike. No details are available of what this supposed "resolution" might be.
The only real solution to the governments financial problems are to cut the massively bloated military budget and massive Corporate Welfare.
Corporate profits are at record levels, this is not the issue we face. It is everything else.
There are easy ANNUAL savings of $1 trillion plus that could be made in Corporate largesse and government waste. See 1.
These were not even put up for discussion.
There is a recession coming to America in 2013 from the fall out in Europe.
The whole of Europe has just gone into recession - it is going to get far worse in 2013.
Europe is America's largest export market.
The coming tax hikes on marginal and middle class tax payers are going to make the coming US recession far worse.
The politicians "solution" to the "Fiscal Cliff" is no solution at all.
In fact what the politicians have just done is to push American workers and America straight off the economic cliff into mass economic deprivation.
What the politicians should have done is to cut the massive military spending and Corporate Welfare and prevent tax hikes on the lower paid - e.g. by REDUCING income taxes on those earning less than $50,000 a year or by raising tax thresholds on lower incomes.
If this was France :-
There would now be a million+ strong protest outside of Capitol Hill.
Another million strong protest on the streets in each of NY, LA and Chicago.
There would be blockades by truck drivers on the main highways.
Politicians would be subject to mass abuse.
They would be pelted with eggs.
But Americans have become pussies.
Or sheep - lining up to get fleeced.
Continued at :-
Lots of graphics and links.