Bush Tax Cuts

Death Tax Set To Kill Americans

As 2010 begins to tick down and we get closer to the new year–so does the American tax burden. If you haven’t heard yet, the Bush tax cuts along with the moratorium on the Death Tax will expire on December 31, 2010. During an election year when governments out of control spending has been highlighted by so many candidates–this tax will certainly be on the minds of many voters this coming November.

Just to give you an idea of what will happen beginning on January 1, 2011, if your family has an estate valued at more than $1 million dollars you may see a levy of up to 55%. I know, this is some pretty shocking stuff, but it’s our reality! Pretty sad to think that wealthy Americans that die before the end of this year will be dancing in their graves for saving their family members so much money!

A notable American that died this year was New York Yankees owner George Steinbrenner–who has an estate estimated to be over $1 billion dollars. While his family, friends, and many fans were sad to see him go…his death in 2010 saved his estate hundreds of millions of dollars.

Republicans have been talking for years about the negative effects of the tax and spend liberals. In today’s society we are seeing the ramifications of out of control government spending. Instead of tightening their belts in Washington, D.C., they just want more of our hard earned money! Yes, Washington, D.C. wants more of our money so they can pay their bills and spend more of our money…pretty sick I say!

Last month columnists J.D. Longstreet of The Silent Majority wrote this: “…yes, the wealthiest still have money. Maybe not as much as they did before the recession hit us so hard, but they still have an ample supply. But they are not spending it on plant expansions, new operations, purchasing new equipment, building up their inventory, etc., etc. When that money they are sitting on is static, when it is not working, then it is not creating jobs As a result Americans can’t find work.”

This commentary makes my point that we shouldn’t cut off the hand that feeds us. Inherently, big companies who get hammered with taxes and regulations have the benefit of expensive lawyers, accountants, and strategists. The first thing many of these companies do is find out where they can cut in order to minimize the negative impact on their bottom-line. Often this results in downsizing, or in other terms LAYOFFS.

I hope that Congress decides to act before the end of this year to not only preserve the estates of the Americans who have been successful, but keep in place the tax cuts that are allowing companies to employ so many of our citizens. We can’t afford to have government increasing the tax burden–this will only add to our unemployment roles and run business and industry out of our nation. If we truly want to see our economy grow, we must offer incentives to businesses who stay here and hire our people. Hitting them with more taxes and increased regulations will only contribute to our demise!

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Thursday, October 7th, 2010 Government No Comments
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