Tax Increases To Crush Middle Class & Poor : January 1, 2013

It's not surprising that this nightmare has caught the Congress napping and the president on the back nine. Why would most of the members believe that a committee would be able to come to some logical conclusions to save the country?

This after all isn't about the country, it's about ideology, an agenda that believes there is nothing more important to get and keep power. The first two years of the Obama administration he had a super majority in both houses of congress and stone walled the Republicans completely. They did not participate in any decision making what so ever, nothing.

Little wonder then why the sequester went through last year. The Republicans believed that even the Democrats would see this as a total failure and reject it. They were wrong. Taxmageddon is just what the progressive socialists want. Crush the middle class and the poor assuring total dependence on a over reaching government for all their needs, including a sustaining vote.

Budget sequester and taxmageddon.
At the end of the year, without any Congressional or Presidential action needed, taxes will dramatically increase when the Bush tax cuts expire and federal spending will be cut automatically when the across-the-board budget sequester goes into effect.

If you recall, the automatic budget sequester was meant to be a poison pill to incentivize Congress to enact meaningful budget reform. In exchange for raising the debt limit, Congress agreed to cut federal spending dollar for dollar. The budget sequester cuts social spending and defense spending so severely, nobody thought Congress would want to swallow it. But after the failure of the so-called Super Committee, it appears Congress may be forced to swallow the poison pill after all or else renege on their promise to cut spending.

Senate Democrats published a report outlining the impact of the budget sequester, while 15 CEOs wrote a letter similarly warning Congress about the "grave" consequences. At this point, the Obama Administration seems to be playing a game of chicken, threatening to veto any legislation to solve the problem unless it raises taxes on the wealthy. Meanwhile, the federal government is on track to hit the current debt limit sometime in January.