I wish I could wish each of you a Happy 4th of July, but I can’t. Sadly, there’s not much to celebrate- this isn’t the America that I once knew, loved, and defended. Political posturing and liberal ideology now trump what is in the best interest of our country. No longer are politicians motivated to do what’s in the best interest of their constituents, but rather what’s in the best interest of radical groups and unions.
You know that a nation is lost when a President can celebrate unemployment dropping from 9.7% to 9.5% and proclaiming that the economy is improving while ignoring that the dropped was a result of 650,000 citizens quitting looking for work. 125,000 more jobs were lost last month, nearly 10,000,000 (10 million) since 2008. 7.8 million jobs are said to be lost forever- Vice-President Biden admitted that many jobs will be lost forever.
The stock market fell 10% the last quarter- the biggest drop since October of 2002. Small businesses and major corporations are not hiring. Many CEO’s and business owners cite declining profits for not hiring more workers, meanwhile the Left in this country continue to attack profits as the root of evil- the very profits that motivate businesses to hire.
The state of Illinois has stopped paying its bills, because it’s run out of money, and yet the legislature refused to cut spending. The Governor is proposing to borrow $3.5 billion ($3,500,000,000) to cover the state’s generous pension payments. Meanwhile, the state’s unions refuse to renegotiate their contracts with the state. This is liberalism. This is what is causing are failures.
In six months, we are about to get hit with the biggest tax increase in American history and this will not bode well for small businesses looking to survive or the unemployed worker hoping that a job will be created for him/her.
In 2001 and 2003, the GOP Congress enacted several tax cuts for investors, small business owners, and families. These will all expire on January 1, 2011:
Personal income tax rates will rise. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds of small business profits are taxed). The lowest rate will rise from 10 to 15 percent. All the rates in between will also rise. Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates. The full list of marginal rate hikes is below:
- The 10% bracket rises to an expanded 15%
- The 25% bracket rises to 28%
- The 28% bracket rises to 31%
- The 33% bracket rises to 36%
- The 35% bracket rises to 39.6%Higher taxes on marriage and family. The “marriage penalty” (narrower tax brackets for married couples) will return from the first dollar of income. The child tax credit will be cut in half from $1000 to $500 per child. The standard deduction will no longer be doubled for married couples relative to the single level. The dependent care and adoption tax credits will be cut.
The return of the Death Tax. This year, there is no death tax. For those dying on or after January 1 2011, there is a 55 percent top death tax rate on estates over $1 million. A person leaving behind two homes and a retirement account could easily pass along a death tax bill to their loved ones.
Higher tax rates on savers and investors. The capital gains tax will rise from 15 percent this year to 20 percent in 2011. The dividends tax will rise from 15 percent this year to 39.6 percent in 2011. These rates will rise another 3.8 percent in 2013.
It’s a sad day in America when the number 3 most powerful person in the country tells the American people that unemployment checks are the fastest way to create jobs, but somehow that’s what House Speaker Nancy Pelosi believes. In a weird way, I agree. Putting money in the hands of the American people rather than government is the fastest way to create jobs. I guess that’s why the Republicans had proposed removing income taxes for anyone making under $70K and year or $120K for couples rather than passing a $800 billion stimulus bill.
I feel badly for my country. She had the potential to continue to be great. To continue being the beacon of freedom and the economic powerhouse that she once was. Unfortunately, our leaders today apologize for her greatness and explain that we can no longer be that “arrogant” leader that “takes advantage of other countries” and we can longer “impose” our greatness. How I long for the days of Ronald Reagan when being a proud American was honorable and flying the American flag was not frowned upon. How I miss the days when I needn’t be ashamed and could be proud of our greatness. As the Fourth of July approaches, I pray that our nation will find us another Ronald Reagan to lead us out the darkness we have entered.
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