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I know I am probably wasting my time writing this note because America has fallen into a stupor that would have made Rasputin proud, but here goes anyway. You think the economy is bad now, just wait and see what awaits you. Here’s the bleak economic picture you can expect under Comrade Chairman Obama.
• The Bush tax cuts will be allowed to end in 2010 resulting in a tax increase for most Americans, certainly most here in L.A. County.
• There will be no cap on social security taxes which are currently capped at $102K – again a tax increase for many, not just those earning more than $250K.
• The two top tax rates will go up to 36 percent and 39.6 percent.
• Capital gains will go to 25 percent which will devastate small businesses, farms, and families seeking to pass on assets to their children, as well as retirees who made money on investments.
• We will have higher taxes than Canada, the UK, and most of the EU.
• Companies will avoid actions with adverse tax implications, like hiring employees, or building new plants, new offices, etc.
• Companies will move assets abroad to the relatively “cheaper” lands of Europe, Canada, and even Australia.
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