Don’t allow tax plan to expire
It’s not too late to stop giving the Administration and the Democratically-controlled Congress another bye on broken promises, made worse by both bodies’ plan’s to let the Bush Tax Plan expire at midnight 12/31/2010, thereby unleashing on the national electorate and an already fragile national business and financial condition, that, alongside even newer taxes already on the horizon (but not talked about yet), could, possibly, tilt our already shaky economy back into a second recession that could well be longer and deeper than the one that is already anemic at best.
Excuse me, Mr. President, but your own big government excesses and huge increases in our federal deficit spending read that as debt have already started to push our country’s reputation to an edge of the precipice. This is made even worse when you understand that the largest holder of our debt read that as Treasury bonds is a country that is our largest bond holder with policies that have continued to place America at the top of its sworn enemies list mainland China. This is not a situation left from the previous Bush administration. Our country’s poor economic condition is now your fault, and no one else’s.
Add to this the short-lived Administration promise to open its government’s deliberation on any given issue to make his government completely “transparent” top to bottom. As current government figures are now suggesting by a recent press release from the supposed bipartisan Congressional Budget Office, this Administration, as just noted by the CBO, has just been tabbed as being one of the most secretive and less “transparent” of most administrations in recent history.
That promise died quickly when both the Administration and the Democratically-controlled Congress “steamrollered” the Health Bill through the Congress by making last minute special backroom deals, for example, to Senators Nelson of NE and Landrieu of LA to secure their votes to pass the “Obamacare” health care bill as soon as possible before the chorus of the electorate, most of whom were resoundingly against the passage of any kind of a health care bill, rose too loud. Their “special” deals to both Nelson and Landrieu gave both NE and LA special additional monetary amounts to finance their states’ Medicare patients.
As I looked over and really read what was in those bills, I ran across several major (and a number of smaller) tax issues, several of which will directly impact the levels of children with special needs, another that will add taxes to almost all Americans, and another of which will directly impact your tax and income levels. Most of which were unconscionable, where all of them broke more promises.
Paul Rendine is a Financial Advisor with more than 34 years of experience in the field and a former Observer columnist. He can be contacted at his e-mail address at quoteman3@aol.com with any comments or questions.