Now that I did not vote for Romney, I already wish that I did?

[mrstickball]

Ail said:

mrstickball said:
The real calamity is about to happen.

January 1st, the Bush tax cuts expire. Taxes are going to rise on everyone - poor, middle, and rich by 5% (so taxes on the poor will rise 33%). Additionally, Obamacare taxes kick in, which is a $2,000 penalty for every worker in America that doesn't have health care at a business w/ over 50 employees.

The CBO has already said that we're going to have a recession on par with 2008, but this one will be caused by the contraction of businesses across America because of what happens.

To that, there will not be a great recovery, because we're already at a U6 of 14.6%. We are likely to hit 20, 22% or even worse for U6.

If that happens - and I hope I am wrong - Obama is going to look like a 2-term Herbert Hoover.

Taxes won't raise on the poor and middle class, congress and Obama will come to some kind of agreement...Worse case they will add 6 months to the Bush tax cuts to give themselves time to work on it... All sides agree on this, the issue is that the republicans want to keep Bush tax cuts for the rich too ( people making over 250k/year) and Obama doesn't and the republicans are saying we want to handle all the tax issues at the same time . Basically they are taking the middle class tax hostage to solve the tax for the rich, although you have to understand them, there doesn't need a vote to raise taxes on the rich, it will happen automatically on January 1st so if they don't tie what they want as part of a deal on taxes for poor/middle class ( which would need a vote and that's where Obama needs them) they will get screwed in the end...

I do agree with Obama though, there is no historic evidence that cutting taxes on rich boost heavilly the economy. Cutting taxes on poor/middle class does however as it boosts consumers purchases...

 

96% of business with more than 50 employees currently offer healthcare so the impact of Obamacare on business will not be that huge...

1. You assume a deal will be reached. I only stated what is slated to happen without a change in the system. Even then, the Obamacare taxes will kick in.

 

2. If most businesses with >50 employees offer health care, then why were so many companies granted waivers and exceptions?