America, as a nation is on quite the road trip right now. The days tick by as we drive along, each day getting closer and closer to the dreaded “fiscal cliff”. We’ve heard all about it but what does it mean for average, middle class families?
What it means is that although Obama promised that the middle class would NEVER see a tax increase, he lied. We already know that the Bush era tax rates are going to expire on December 31st (if no deal is reached, this is when we are set to drive off the cliff). What we will see then is the largest tax increase in American history, not just for the so called rich, but for everyone. We are all going to pay. Although the left will deny that they want this, their own words speak otherwise.
A family of four will automatically be paying an additional $2000 more in taxes and that doesn’t even include taxes for medicare or social security. For an average middle class family that is making less than $50,000 before taxes or healthcare deductions that is a lot of money. Taking away $2000 out of a family budget can mean taking a big chunk out of a family budget. For my own family $2000 is about 5 months worth of groceries and 10 months of gas. For some families that might mean that they can’t take a family vacation. That could be money that another family can’t put aside for emergencies, medications, or doctor visits. Remember this is only the minimum additional amount. It will go up based on how much money you make.
Nobody is immune to this. Small businesses are going to be hurt as well. This is going to mean less jobs because these higher tax rates are really going to hit small business owners. Most small business owners have to file their business taxes as personal taxes and that doesn’t take into account the operating expenses that small businesses have. What that means is they end up falling into a higher income bracket and have to pay more in taxes. The more they have to pay in taxes the less they have to pay employees, so we could see an uptick in unemployment as well. The more people that are unemployed, the more people that are going to to be stuck on government benefits which will cost us more money.
This road trip to the fiscal cliff is a dangerous one. We as taxpayers need to stand up to our elected representatives and demand that they don’t give in to the whims of president Obama and the left. They want us to go off the cliff, they want more money for entitlement programs. We need to stop this sort of reckless spending going on in Washington. We need to demand that the conservatives we elected do their jobs and protect us from these taxes. Most families can’t bear the load of losing an additional =$2000 per year. I know my family can’t.