I’ve never posted a political piece on this blog and while some may disagree I don’t think this is a political piece as much as it is a financial piece. There is a definite “Conservative” slant to this video most of which I’m in agreement with. Regardless of the perspective, I feel this is much needed information that many US Citizens are just not aware of.
On January 1st a great number of tax breaks allowed under previous Administrations will expire. The cumulative effect of this defacto tax increase could likely cripple our barely breathing economy. Can it be stopped? Yes! However, leadership in Washington must act as soon as the elections are over. Democrats in power or Democrats in a lame-duck session will be the ones that must make this happen as anyone newly ellected to Congress won’t be seated until the new year; after the taxes are in effect. Can Congress in the new year repeal? Possibly. It depends on if they are motivated to do so and if President Obama won’t use veto power.
I’m calling on all U.S. Citizens to contact both their Senator and Representatives to ask them to “Not let tax cuts expire”. If they do expire, 2011 will likely be a very rough economic year for everyone.