The Sound of Squealing (economic) Tires

The democrats and progressive republicans are about to crash the economy, and I’m beginning to think they’re doing so on purpose.  It’s not JUST the income taxes that will go up, but taxes at all levels on things like health care, capital gains, and banking transactions.  Prices of food are going to skyrocket if the Food Safety Modernization Act passes, not to mention that the government will be able to literally hold us hostage with the food supply.  Energy prices are going to skyrocket because of the Obama administration’s INTENTIONAL destruction of the offshore drilling industry and EPA regulations in the place of cap-and-tax.

This is INTENTIONAL destruction of our economy.


http://politics.usnews.com/news/blogs/washington-whispers/2010/12/2/delaying-tax-vote-could-crash-stock-market.html

Washington Whispers

Delaying Tax Vote Could Crash Stock Market

By Paul Bedard

Posted: December 2, 2010

Failure by Congress to extend the Bush tax cuts, especially locking in the 15 percent capital gains tax rate, will spark a stock market sell off starting December 15 as investors move to lock in gains at a lower rate than the 20 percent it would jump to next year, warn analysts. [See who gets the most money from the financial industry.]

While it is unclear how bad the sell off could be, it could wipe out the year’s gains, they warn.

“Capital gains tax rate will increase from 15 to 20 percent if the tax cuts are not extended. The last time the capital gains tax rate increased–on Jan. 1, 1987 from 20 to 28 percent–investors realized their gains at the lower tax rate,” said Daniel Clifton at a Washington partner at Strategas Research Partners. “We would expect a similar effect this time around as investors see the tax rate going up and choose to realize their gains and incur the 15 percent tax.” [See a gallery of political caricatures.]

(click link above for full article)
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