Sell Out: Congress takes a dive for Obama

2 Jan

Sell Out: Congress takes a dive for Obama

 

America’s fiscal climate took a turn for the worse last evening as the Congress took a dive for Obama’s team. In a vote that will be remembered for a long time the House of Representatives agreed to plunge the nation further into debt. With a vote of 89 to 8 in the Senate and 257 to 167 in the House, Congress forestalled financial Armageddon for another few months. Automatic spending cuts will be delayed in exchange for more taxes on the rich starting with a threshold income of $400,000, changes in the alternative minimum tax, increased levies on capital gains, extension of the present estate tax and increased payroll taxes. This hodge-podge of tax code changes will not be matched by any major spending cuts, which are needed to offset even more government driven debt. Republican led House laid down their armaments and surrendered to the President’s continued crusade for higher taxes on the wealthy. Paradoxically, the wealthy will take a minor hit from Obama’s new tax legislation. Middle class working families will bear the brunt of  tax code changes. Worse, estimates are that 77% of all taxpayers will feel the pinch in some manner or form. As usual Obama provided pork for his supporters and the Republicans were more than happy to accommodate him. Hollywood was given an extension for special expensing rules for certain television and movie productions. There are extensions of tax gimmicks to help rum producers succeed in global markets. Algae and asparagus growers will be dished out unique tax exemptions to keep these products in the pipeline. Motor race track owners received a piece of the pie by being allowed to deduct numerous expenses related to these facilities. Electric scooter owners will be provided reductions in their taxes as part of a green energy program. Other tax abatements and extensions are detailed in this 157 page legislation, the latter are a taste of monetary maneuvers to come. Democrats who thought they would escape Obama’s financial hammer were demagogued into believing the World will be better off with him in the White House. Perhaps they are having second thoughts. Speaker Boehner, Majority leader Reid and other members of this so-called Congressional leadership were leaderless in attempting to stem the red ink now flooding the streets of America. The President displayed a profound concern for the American Public by leaving Washington without signing this newest legislative tragedy. Those who would consider starting a third party, this may be the right time because the other two have failed us. Mark Davis MD, www.healthnetsreviewservices.com platomd@gmail.com

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