THE IRON PEN by Daniel Hite

October 11, 2010

Lame Ducks and De Facto Taxes

Congress left D.C. with no budget, no appropriations bill, and no idea what the country’s tax rates will be on January 1. Yes, they did leave an irresponsible note by the phone if anyone calls, a “continuing resolution,” telling the bureaucrats to carry on at current budget levels until this can all be sorted out after the break. (With built-in runaway and discretionary spending, is this a good idea?). Enter the lame ducks–the sore losers return to D.C. after the election and tell the American people to stuff it, jamming their agenda down our throats anyway. Don’t miss the political drama, although you may need to stock up on dramamine for all the nauseating rhetoric and “motion” sickness that is sure to occur.  This may be the most irresponsibly led Congress in history. There have been two years of runaway spending. Now letting the tax cuts expire is a certain de facto tax increase dramatically affecting income taxes, estate taxes, capital gains and dividends–just what the economy needs. Taxed Enough Already? Relax for the moment, breathe, and have a cup of tea…then buckle up, my friend, because we are in for a wild roller-coaster-of-a-ride!    (Note: My apologies to those who dislike puns and sarcasm. I couldn’t contain myself.)

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