No doubt about it, wallets will be squeezed more starting next year, based on new rules in the mammoth 2,300-page financial reform legislation, spurred by Sen. Chris Dodd (D., Conn.) and Rep. Barney Frank (D., Mass.), and other money-siphoning measures in the Washington hopper.
While the actions affect all Americans, few print or broadcast outlets have spelled out the various dollar-draining details, leaving it to a non-journalist, businessman Wayne Allyn Root, to explain the nitty-gritty in an easy-to-understand commentary that made print Sunday, observes Grumpy Editor.
Root, a former vice presidential nominee for the Libertarian Party, offers 14 highlights from what he calls, “Obama’s reign of destruction.”
First on his list, Root cites “the biggest income tax increase in the history of America will take effect on Jan. 1.”
Then he gets into increases in the capital gains tax and a hike in taxes on dividends, along with new taxes on income, investments and even tanning bed users.
“Worse,” he adds, “18,000 new IRS agents will be hired to enforce these taxes.”
New rules and regulations, especially for small businesses, are mentioned plus the threat of “a gigantic new national sales tax.”
Root points out a new IRS law (with passage of ObamaCare) “requires business owners to file thousands of new forms each year documenting virtually every expenditure made by their business.”
“And you wonder why there are no jobs?” poses Root. “You wonder why there is no recovery? This is the ‘Teleprompter Depression.’ Every time Obama steps in front of a Teleprompter another thousand businesses die.”
Read the full commentary here.
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