Originally Posted by hermie1985
More taxes without any actions needed. Bush tax cuts set to end. I believe the Death tax goes way up without an action to prevent it. The cruelest redistribution method off all. Taxes paid while you earned it and again when you try to leave it to your own family. A crazy concept. In business the Sec 179 deduction has all but ended. This will hurt industrial manufacturers like Cat, John Deere and basically anyone who supplies capital assets for business. I really look for what is left of the American manufacturing base to shrink at a faster pace than ever. Obamacare costs will kick in. Alot more taxes already on the books.
On the otherhand, no Keystone pipeline, a less stable middle east and no drillling on public lands means higher energy in the future.
Okay, more taxes plus higher energy costs equals less income for everything else. No wonder the stock market took issue with the election results.
There is zero chance that we go over the Fiscal Cliff permanently.
(1) AMT revision would murder working class people.
(2) Discretionary spending cuts would be non-targeted and affect every constituency.
(3) End of Obama tax cuts for everyone. People have been getting used to sucking off the government with low tax cuts. They'd lose it if they went back up to Clinton era rates.
(4) Massive cuts in Medicare payments to doctors. No way any doc takes Medicare if those cuts kick in. Automatic death stroke to Medicare if not fixed.
(5) Unemployment insurance disappears for many.
Smart play for the House would be to extend everything including current tax rates for high income earners and cap gains and dividends. Bundle it all up, pass it, and leave for Christmas. Let Senate either take us over the fiscal cliff and own it or pass it and extend the Bush Tax Cuts another 12-24 months. Put some fun stuff in there like aid for the disabled and an increase in education spending so that if the Dems vote against it, they can be crucified publicly for ruining Christmas.