Members of Congress streamed out of the Capitol Friday night with no agreement to avert the fiscal cliff -- a massive package of mandatory tax increases and federal spending cuts triggered if no deal is worked out to cut the deficit. Congress is expected to be back in session by Thursday. Senate Minority Leader Mitch McConnell echoed the sentiment while lamenting the failure to reach a compromise. If the White House and Congress cannot reach a deficit-cutting budget agreement by year's end, by law the across-the-board tax hikes and spending cuts -- the so called fiscal cliff -- will go into effect. Many economists say that will likely send the economy into a new recession. This is what I picked up while reading abc news today 12/23/2012.
What's going to happen to my money if we go over the fiscal cliff?
If the fiscal cliff isn't avoided, tax rates on income, estates, gifts, capital gains and dividends will increase, and a number of tax breaks will expire. The average household will face a total tax increase of $3,500, according to the Tax Policy Center. Income tax rates would revert to higher levels if the Bush tax cuts expire. Gift and estate tax rates are slated to soar to 55% for anything worth $1 million or more next year -- up from the current 35% tax and exemption of $5.12 million. Not good news people.
If all this is really true and it does looks so, those of us not striving right now to start your own biz, do your thing, are going to be hurting. We don't know what jobs this falling over the cliff is going to trickle down to for the cutting. People receiving financial assistance might get cut off. Downsizing on law enforcement and government workers might go into effect. What ticks me off is what I just mentioned is not being talked about. I wrote on a previous blog on this subject that with all the nasty cuts and tax hikes coming, your congressman/women and senators have exempt their salaries from all that. How cool is that? Oh yeah I forgot that We The People are the public servants and they're The Government. Or should it be the other way around? They are the ones that screwed things up and we pay for it.
This is one of my reasons Empower Network is offered by me on this blog to help as much people as I can. The fiscal cliff if it happens will destroy lives who are really dependent on their jobs and services from government. My thing is when's enough, enough of getting up out of your bed when yo don't want to but do it anyway, clocking in your shift, work, clock out, get home and go right to bed. Just to do it again religiously again. You find yourself right back to work with no time for anything you would really like to do but can't because your fulfilling your bosses dreams. Now your tired again and about to go to sleep just to wake up and do it again and again and again with nothing to show for all that dedication to your job. Faithfully. Now imagine going in to work one day to find out it wasn't there no more. A co-worker tells you they overheard management talking about they had to close shop because of the fiscal cliff. I'm not trying to spook you out. This is looming right around the corner for many people. Do you know what happens when you fall off a cliff?
Imagine putting all that work in for yourself and reaping all the benefits from your energy you've previously did for your former employer? I could see your beautiful home now with 2 brand new spanking vehicles in your 4 car garage. Pool in the back, jacuzzi in your master bedroom. Playground with swings and slides for your children and their friends. Sounds good? Checkout Empower Network and join me. http://www.empowernetwork.com/almostasecret.php?id=wizmoor
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