TAX INCREASES START, 90 DAYS INTO PRESIDENCY
Today, the News Services announced that the Obama Administration and Congress will do away with the Middle Class Tax Cuts enacted under the Bush Administration. This comes on top an already announced decision to let the upper class tax cuts expire next year. Wow, that’s impressive, only 90 days to break the biggest recurring promise of his campaign.
The meager $400 Middle Class Tax Cut had already been eaten up with increased medical plan co-pay increases, along with increases in Social Security contributions. With only about 55% of Americans paying income tax, it means all tax payers paying over the standard social security contribution levels will be looking at tax increases next year.
The spectacular increase faced by all US citizens, tax payers or not, is the probable tax to be implemented for Cap and Trade, which will impose a 45% tax on all carbon based energy consumed by individuals, corporations, manufacturers, large buildings, and power plants. The minimum total tax increase on Utility bills alone will exceed 50% of current bills. This is money millions of Americans will not have to spend.
Somebody in Government better wake up pretty quickly. The justification being floated right now is that Obama needs this tax money for his health plan, which by itself will put millions out of work. Why hasn’t anyone talked about a default form of safety net, rather than a Universal Medical Care Scheme. They insist that all private health insurance be eliminated on anything covered by UMC. This will put millions out of work. It will completely eliminate competition in the insurance arena.
Can anyone be stupid enough to believe tax increases will stop there? I would suggest psychiatric care for them immediately. Single pay government systems have been egregiously corrupt in every country on the planet where they have been tried.
The banks and insurance companies who have expressed a desire to return the TARP funds now or early have been told they can’t do that. I don’t know how many of you understand what the objective is here. Put simply, the Treasury now wants to convert its preferred shares to voting common shares.
In effect, they are executing a stealth takeover of almost all major banks and many major insurers, since such a conversion would give them more the 51% of the voting shares of these entities, leaving the USG in solid control. This is about USG control of banking, investment banking and insurance nationally.
In examining all aspects of the whole naked short selling morass, I kept pushing to understand what their ultimate objective really was. Adding in the strategic objectives, it became only one word.
CONTROL.
What will be next? I believe that all financial entities will be reeled in, including mutual funds, investment advisors, public and private pension funds, and finally, individual retirement accounts.
It is the current twist on the old saying about gun control. Gun control is not about guns, it is about CONTROL.
Welcome to State Socialism.