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Health & Fitness

Fiscal Cliff

Non party review /interpretation up 2013 financial economic forcast.


Fiscal cliff or not.

We will all be paying more in 2013, its
already on the tax books.

tax changes for 2013.

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  1. Reduction in amount of tax deductions allowed
  2. Increase in % required for insurance deduction increase from 7 to 15%
  3. Elimination OF 10% TAX bracket
  4. Increase in medicare tax of 0.9%

There are many more proposed, feel free to
find out for yourselves.


Some additional changes will have consequence for high income earners.
Most of the new tax changes will have a consequence on almost everyone.

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Using my best PC tone:
Will the majority of Americans pay more in taxes?  NO.

Removing the filter:
When these folks complete their tax forms they absolutely will be getting less back than last year.

So pay more or get less back.
I guess its semantics.

It’s like paying extra for undercoating,
but getting free floor mats.


You get what you pay for is the old adage.
Right now I don’t like what I pay for in Washington.

My worry is the fiscal cliif coming to Orland Park.
The housing market might be moving, but the prices will take years to recover.
There are many new businesses in Orland, but many seem to close up just as fast.

There are about 4 weeks left, subtracting out the holidays.

And we all know congress will take their Holidays.

Congress has to either:

1. Vote to extend the January budget cuts, possibly another 6 months, “Kick the can down the road”.

2.Actually decide what to cut so it’s not done without them in session.  This is
referred to as “Doing their jobs”.

3. Do Nothing and let the huge January cuts happen.

I'm not against taxes, they need cash to run the county, state and country.
What i am against is "Our" elected folks wasting my money.
Don't forget, it is still OUR money.
We worked for it, we paid it to them..

I wish we could wager on what will actually happen in the next few weeks.
Maybe have a multi colored wheel to place bets.  We should have a chance to profit off the guys for whom everyone has voted into office.

On second thought, if anybody owns a home, has a pension, IRA, retirement account, or bond…you already have your bet on the table.

 

 

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