In their usual game of class warfare, Nancy Pelosi and the “Progressive” Democrats have convened a lame duck session and are up to their old mischief at warp speed before the gavel is surgically removed from her power mad hand.
Determined to find an issue and drive a wedge between Americans, the Pelosi led Democrats, with the approval of the President, have voted to raise taxes on the “wealthiest” Americans. Despite the warnings of economists and anyone with a grain of common sense, they pushed this through.
They debate the logic in not raising taxes during a deep recession – as joblessness climbed again for last month – and believe sapping the jobs creation sector’s life force is somehow good for America.
The long term and near term implications of a rise in taxes on small businesses – and make no mistake, this is a tax hike on small businesses – will be devastating as polls show a growing number of businesses are planning January cuts.
But the immediate impact of a tax hike on the “wealthiest” Americans who can “afford” it will decimate the markets this year! 2010.
Not by some insidious and coordinated conspiracy. But out of good business practices.
If these taxes are going up next year, those in the market will pull their money before the end of the year to take the profits in 2010 to avoid the higher tax rates in 2011. It is simply a good move.
The last couple of days have been very good on Wall Street. Most will see a gain in their 401K. A gain that will be wiped out along with the rest of their retirement nest egg should the Democrat tax hikes be allowed to take effect.
If you have the ability to move your money from the markets, or any “self directing” powers, please keep a close eye on the stock market. Your investments may be in serious danger from this class warfare game the Democrats are playing.
It is very clear that while wealthy Americans can “afford” to pay more in taxes, the rest of us simply can’t live with the fallout from their tax increase. And does anyone really believe that the wealthy will actually pay more?