Congress is dragging their feet on the extension of the "Bush Tax Cuts" which expire on December 31st. What this will cause is a massive tax increase that will cripple the economy further. Per the Wall Street Journal this past July:
For a typical single filer with adjusted gross income of around $40,000 it might be about $400 a year.
For someone on $80,000, about $1,600.
How about married couples filing jointly? They'd get hit with higher tax rates and a lower standard deduction. (It was raised in 2001).
A couple earning $80,000 a year in adjusted gross income might pay about $2,200 extra. A married couple on $160,000 a year: Maybe $5,500 extra.
If they have children it would be more, as the child tax credit would revert from $1,000 to $500. Ouch.
MLive has a report out today that Five of our Congressional Delegation in the Metro Detroit area are Millionaires. Granted, there is nothing wrong with being a Millionaire. In fact, isn't that the American Dream? But, the average American isn't seeing that dream as they are faced with the uncertainty of what the future has in stored for them. I've listed four of the five Congressional Delegates, since they continue to hold the keys to our economy and are the decision makers on how our incomes will be impacted next year.
- Rep. John Dingell (D-Dearborn), est net worth: $2,499,540
- Rep. Gary Peters (D-Bloomfield Township), est net worth: $1,935,073
- Sen. Carl Levin (D-Detroit), est net worth: $1,833,389
- Rep. Sander Levin (D-Royal Oak), est net worth: $1,406,880
Americans have lost patience with the Democrats in Washington and that was proven during the November elections. We heard our President freely quote "There comes a time when you've made too much Money". How much money is too much, Mr. President? Congressman Peters? Congressman Dingell? It's time for Congress to pick up that can instead of kicking it down the road. Our economic engine has just run out of gas.
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