Thursday, October 21, 2010

A Third Reason Why November Really is "Last Call" Month

A recap:

Reason #1: The coming congressional gridlock.

Reason #2: Another round of quantitative easing.

Drumroll please....

Reason #3: The Bush tax cuts will be allowed to expire (thanks to gridlock), and we'll all (in America anyway) be launched back into Clinton-era tax brackets. Now, if you're a low-income earner (or just have lots of credits and deductions), this shouldn't move your needle too much, but people currently in the 15% bracket or higher will see one hell of an INCREASE starting in 2011.

This is just one more thing going against you after November--you thought 2010 was the year of uncertainty? 2011 is going to top it! Count on higher taxes, more fees, inflation on the retail level, a shaky job market continuing, a beyond-shaky housing market continuing, and Congress trying to raise the debt ceiling (and avoiding setting a budget) so they can continue to spend to their hearts' content.

This is all coming regardless of how you vote in November. Just keep your eyes on the prize--voting out incumbents.


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