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January 1 2013... or how you gonna get shafted...

 
Anonymous Coward
User ID: 10309512
Canada
02/07/2012 04:14 AM
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January 1 2013... or how you gonna get shafted...
[link to www.zerohedge.com]

As of today, there is an economic firestorm that is programmed to hit on January 1, 2013. It’s the kitchen sink - the Bush tax cuts (all of them), the payroll tax cuts, the AMT patch, the ending of extended unemployment benefits, the Sequestered Amounts (11’ budget deal), the debt ceiling, the need to pass a continuing resolution to fund the government and a bunch of other landmines. Many of the things that have been kicked down the road during the past few year come due on New Year's Eve.

If there is a hostile mood in D.C. (there will be) this list of “must fix” issues will be impossible to tackle following the election.

It’s difficult to see around the corner on this. One possibility is that nothing happens in the six weeks post-election. If nothing is accomplished, it would bring about an immediate and significant recession.

I say that doesn’t happen. For once, both the Republicans and the Democrats will pay a big price if there is no deal. For the Republicans, the mandatory cuts in the Military, and for the Democrats, the mandated cuts in the rest of the budget, means there has to be a deal.

But what deal could there be? The problem is enormous. The budget “hole” will be at least a trillion in 2012. It will get bigger every year. The Republicans have said “no more taxes.” The Democrats have said, “We need to spend more”. These seem like irreconcilable differences.

Fortunately, the Congressional Budget Office has come up with a solution. It’s a neat one at that. Neither overt new taxes nor cutbacks in spending would be required. This magic would be accomplished with a very big stealth tax. The CBO looked at eliminating all tax deductions. That would generate a ton of additional revenue. The CBO put the extra annual loot for the Feds at $800 billion plus, exactly what is needed.

It’s easy to say that this could never happen. It never has before. Every special interest group would be whacked. But before you dismiss it, consider what will be happening in the weeks between November 10 and December 31. America will be on the edge of a cliff. The option described by the CBO is the only thing that is both politically feasible and large enough to fill a very big bucket.


Bend over sheeple. In less than a year, you gonna pay 50%+ in taxes to the mafia in Washington DC.
Ninja
User ID: 1337378
Belgium
02/07/2012 04:22 AM
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Re: January 1 2013... or how you gonna get shafted...
[link to www.zerohedge.com]

As of today, there is an economic firestorm that is programmed to hit on January 1, 2013. It’s the kitchen sink - the Bush tax cuts (all of them), the payroll tax cuts, the AMT patch, the ending of extended unemployment benefits, the Sequestered Amounts (11’ budget deal), the debt ceiling, the need to pass a continuing resolution to fund the government and a bunch of other landmines. Many of the things that have been kicked down the road during the past few year come due on New Year's Eve.

If there is a hostile mood in D.C. (there will be) this list of “must fix” issues will be impossible to tackle following the election.

It’s difficult to see around the corner on this. One possibility is that nothing happens in the six weeks post-election. If nothing is accomplished, it would bring about an immediate and significant recession.

I say that doesn’t happen. For once, both the Republicans and the Democrats will pay a big price if there is no deal. For the Republicans, the mandatory cuts in the Military, and for the Democrats, the mandated cuts in the rest of the budget, means there has to be a deal.

But what deal could there be? The problem is enormous. The budget “hole” will be at least a trillion in 2012. It will get bigger every year. The Republicans have said “no more taxes.” The Democrats have said, “We need to spend more”. These seem like irreconcilable differences.

Fortunately, the Congressional Budget Office has come up with a solution. It’s a neat one at that. Neither overt new taxes nor cutbacks in spending would be required. This magic would be accomplished with a very big stealth tax. The CBO looked at eliminating all tax deductions. That would generate a ton of additional revenue. The CBO put the extra annual loot for the Feds at $800 billion plus, exactly what is needed.

It’s easy to say that this could never happen. It never has before. Every special interest group would be whacked. But before you dismiss it, consider what will be happening in the weeks between November 10 and December 31. America will be on the edge of a cliff. The option described by the CBO is the only thing that is both politically feasible and large enough to fill a very big bucket.


Bend over sheeple. In less than a year, you gonna pay 50%+ in taxes to the mafia in Washington DC.
 Quoting: Anonymous Coward 10309512


And to think that some folks are running their presidential campaigns like madmen...

Hmm would they do so if things are going down the gutter like you say?

I just wonder in full amazement.
Anonymous Coward (OP)
User ID: 10309512
Canada
02/07/2012 04:24 AM
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Re: January 1 2013... or how you gonna get shafted...
They just care about the power. They'll just blame whatever happens on Obama or the rich or Europe or China...

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