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Message Subject The Sun is Setting Rapidly on the American Empire
Poster Handle No Dhimmi
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The big uncertainty right now is all about the upcoming "fiscal cliff." But let's ignore the national media's fretting over this latest "crisis"… What exactly are we facing?

There are three parts to the "cliff." The first part is tax increases… and lots of them. The special 15% tax on dividends will go away, and those distributions will be taxed as regular income. That's 39.6% PLUS the new 3.8% Obamacare tax (for a total tax rate of 43.4% on incomes exceeding $200,000 for individuals and $250,000 for households). Long-term capital gains of less than five years will be taxed at 23.8%. Five-year and longer capital gains will get hit with a total of 21.8%.

As it stands now, five out of six income brackets (including the very bottom one) will see income tax rates go up. And a temporary payroll tax reduction ends, hitting workers with a 2% tax hike.

The second part of the fiscal cliff is a whole slew of automatic spending cuts to more than 1,000 government programs, including deep cuts to Medicare and defense spending.

The third part of the fiscal cliff is its immediate effect – an approximately 50% reduction in the federal budget deficit.

It all becomes effective January 1 if no laws are passed to change it.
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