
End Of The Year
As I write this, neither the Senate nor the House have adjourned for the year as various issues are still unresolved. But, hopefully within a few days, the 111th Congress will mercifully come to an end. As I’m sure you know, the tax bill, which I vigorously opposed, passed last week. 35 other Republicans and 112 Democrats joined me in voting “No”. This in spite of immense pressure on Democrats from the President (who was personally making many calls) and on Republicans from our leadership. Your taxes will not go up next year and that part of the bill is good. But, on January 1, 2012, the Alternative Minimum Tax will go up again and your temporary reduction in Social Security tax will end. Then, on January 1, 2013, all the tax rates on everybody will go back up to 2000 levels, including the death tax. So, we will have to have this same fight and same debate again starting in less than 12 months. In the meantime, the federal government is now on track to borrow or print $3.8 TRILLION in the next 24 months, including the "QE2" money printing that the Fed is doing. Let me repeat that. The government will borrow or spend $3.8 trillion in just 24 months… Read More