This will be my 8th presidential election and tomorrow I will go to the polls and cast my vote for Mitt Romney. But there is something very different this time... All day today I was preoccupied, or I guess a better word would be worried... worried about the country's economy and that has never happened to me on the day before any election.
Although I always want my candidate to win, this is the first time I have ever been struck with fear at the thought my guy might lose. In 2004 for example, I really thought John Kerry would have been an awful choice. He was just the wrong man at the wrong time, but even then the thought of him actually winning didn't strike fear in me at all.
All partisanship and political banter aside folks, if Obama wins this election, we are in for a world of hurting and it starts before he gets sworn in for his second term. Whether you're liberal, moderate, conservative, republican, democrat, or libertarian, most will agree that 1) our economy is still very fragile and we are still far from recovering, and 2) the last thing the country needs is for more costs to be imposed on small business or the American people.
Well that is precisely what's going to happen in 2013 if Obama is elected, and most of those costs take effect starting on January 1st. They are:
Obamacare costs
Federal tax increases
New EPA regulations
Let's look at all 3, starting with:
Obamacare costs
Here's a
list of the top five that take effect on January 1, 2013
1. Medical Device Tax – a $20 billion tax increase
2. Special Needs Kids Tax – a $13 billion tax increase
3. Surtax on Investment Income – a $123 billion tax increase
4. “Haircut” for Medical Itemized Deductions – a $15.2 billion tax increase
5. Medicare Payroll Tax Hike -- an $86.8 billion tax increase
View attachment 67137385
Federal tax increases/changes
*
5% increase Long-Term Capital Gain Rates
* Qualified Dividend Income Rates double
* Itemized Deductions reduced
* Increased estate tax
*
3-5 percent increase across the board on individuals.
*
Additional employee portion of payroll tax
*
Phaseout of personal exemptions
* Decrease in standard deduction for married taxpayers filing jointly
* Loss of income exclusion for employer-provided educational assistance
* Decrease on above-the-line student loan interest deduction
* Home sale exclusion. Heirs, estates, and qualified revocable trusts
* Decrease in credit for household and dependent care expenses
* Child credit amount cut in half
* Phasing out of Earned Income Tax Credit
New EPA regulations
In 2013, thirteen new EPA regulations are scheduled to go into effect according to the
report from the Senate Committee on Environment and Public Works. The 2 biggest are:
1. The Greenhouse gas regulations - Costing power plants $300-$400 billion a year
2. New Ozone standards - Cost up to $1 trillion and up to 7.4 million jobs lost
Although energy companies will be the ones hit with those penalties, those costs will be passed on to all of us with higher electric bills.
I don't know about everyone else, but these things have me seriously worried about the nations economy. All these added costs to both business and the consumer is just going to make things worse. I think there's a real chance we will plunge into another recession in 2013 unless Romney is elected and squashes a lot of this stuff.
I really hope you all will put ideology aside for a second and think about all of this, because if Obama is elected, this is what we all will be facing in less than 2 months.