The website, "The New American" is reporting a tsunami of tax increases that are coming next year on January 1, 2013. But then Lori Montgomery began to add up all the other taxes that increased by January 1, 2013 and called it "Taxmageddon." "The New American presents a partial list of taxes that will increase when Congress intervenes again next January. One thing that will certainly happen is the 2001 and 2003 Bush tax cuts will expire. Then gift and state taxes, and the marriage penalty tax will return, to name a few.
I can remember former U.S. Senator Fred Thompson (R-TN) airing ads pleading with Americans (in 2010) to urge their Congressmen to vote to renew the Bush tax cuts before the year 2010 ended. Thompson said at the time there would be automatic tax increases on January 1, 2011 if Congress failed to act. As it turned out, the lame-duck session of the 111th Congress voted to extend the tax cuts until December 31, 2012. Consequently, the Republican-controlled House hasn't made any effort since the 112th Congress convened last January to make the Bush tax cuts permanent nor extend them. Consequently, I don't think they will act on it before the end of this year. I will go as far as to say I'm not even sure if the House or Senate will extend the 2001 and 2003 Bush tax cuts for another two years. As of yet I haven't seen any efforts made by any of the Republicans from the House and Senate to extend the tax cuts or make them permanent before 2012 ends.
Where are the Republicans? They tout themselves as the party that believes in low taxes. I've heard Senator John McCain (R-AZ) say that so much that if I bet a $5 dollars everytime he made that statement I would be accumulating quite a bit of cash. I'm not a betting man. The truth is that the Republicans in both the House and Senate are fine with tax increases. They aren't interested in changing the tax code nor are they interesting in trying to keep the Bush tax cuts. You can't trust the Republicans. Their words and their actions are at variance with one another. The Republicans will say one thing but do the opposite. We can't afford to place our trust in the Republican Party. We need to vote out the GOP incumbents in this year's election as much as we need to vote out the Democrats in this year's election.
I project major tax increases are likely to happen next year because I see no willingness from the GOP to do what's right for our country. They are bought and paid for by lobbyists just as much as Democrats are. Click on the above link to read the story.
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