"Taxmageddon" will be upon us on January 1, 2013. That's when the Bush Tax Rates expire and tax levels will increase back to the Clinton era.
a breakout of the tax implications for California alone: The average increase
in taxes for a CA resident will be $3,525 per year, or an extra $294
More importantly, though, is the question: "Why
aren't the politicians trying to stop this sudden and severe punishment
on the American People who are already suffering from massive
unemployment, bottom-scraping house values, rising food prices,
skyrocketing gas prices, and ever-increasing sales taxes and other
drains on their income?
Here's why: The politicians are getting
huge amounts of new revenue into their districts. Take a look at the
chart at this link: http://www.heritage.org/multimedia/infographic/2012/taxmageddon/california
Each of the politicians is getting BILLIONS of dollars to their districts. And, for free!
Nancy Pelosi gets an additional $2.2 Billion.
Anna Eshoo gets an additional $2.7 Billion.
Henry Waxman gets an additional $3.8 Billion.
The politicians get all this free money for doing nothing! They just sit back and wait. And the clock ticks
forward to January 1, and they get an immediate $2.5 Billion increase in
their coffers that they can spend as wastefully as they want! Like
on...oh I don't know....maybe a high-speed train that nobody wants? So
why should they try to stop it? Would YOU stop a big raise in your
paycheck? Not likely. And neither will they.
(BTW: if you want to see the tax bite for your state, click on the links to the right on this page.)
When will this madness end? When The People get mad enough to stop it. But I don't know when that's going to be, if at
all. It's going to take a massive upheaval in America to stop this craziness. And I don't know when that's going to happen.