Monday, November 8, 2010

It's Not Tax Cuts - It's a Tax Status-Quo

I am sick and tired and hearing the political pundits call it the "Bush Tax Cuts." It's not about tax cuts, it's about keeping the tax rates where they are today. To be intellectually honest, you have to understand that if Congress does not act, we will see a huge tax increase come January 1st. Don't be fooled into thinking that someone is going to get a tax cut or anyone will get their taxes lowered, if anything is done it simply means that your taxes will not be going up.

I still think that everyone should take the time to call or write to your elected representatives and let them know that they need to act now to keep the tax rates lower. If we don't move on this legislation, the effects to the economy will be terrible. I was speaking with a friend at the gym this morning and he asked me how much he should set aside, I told him that I am more concerned about inflation. Keep an eye on the grocery store shelves and be prepared for a ride on the inflation roller coaster. Can't say that I didn't warn you.

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