Congress Risks Economic Catastrophe

…as it secretly raises taxes – The US Congress yesterday defeated a seven hundred billion rescue passage for America’s financial system even as it let stand the Alternative Minimum Tax, meaning that twenty three million Americans will pay an average of $2,000 more in taxes next year. The tax will be extended to cover more average Americans than ever before. At the same time that our taxes are going up, if some effective rescue plan is not passed, the average small business and average individual is going to find it impossible to do things like renew lines of credit that are essential to running everything from stores to law firms and medical practices. Large corporations with high credit ratings will be first in line for any loans that are available. The cry that the “bailout” benefited only “Wall Street fat cats,” as stated by Congressman Ted Poe (R-TX) on the House floor today, was echoed across America, but the warning that the massive decline in credit is going to hurt average America as it hurts Wall Street went unspoken. At the same time, not a single member of the House, neither Democrat nor Republican, raised any objection to the continuation of the Alternative Minimum Tax, which extends automatically unless repealed. Next year, it will cover twenty three million Americans, up from four million this year.

Art credit: freeimages.co.uk

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