No matter who wins this election the truth is that taxes will go up for most working Americans and potentially drastically so for those with children as of January 1st, 2013. And the current talk by both presidential candidates about taxes is only a political smoke screen to woo voters with buzz words and empty promises.
For when the current tax credits expire taxes will rise for working class Americans and that’s not a maybe or a possibly that’s a definite fact!
Remember among the credits expiring are the tax credits for EIC, the Child Care Credit, and the Child Tax Credit to mention only a few. And it’s going to be Congress that will decide the tax and budget issues before this country at that time not the president.
And this is a Congress that will largely be the same Congress that failed to pass a federal budget, failed to reach a compromise on budget reduction, and put off all discussion or voting on any tax legislation until AFTER the election. When that sinks in you realize that whoever becomes president, Obama or Romney, they will have to work with a totally dysfunctional Congress. This current Congress has done absolutely nothing to address even the most basic of our financial issues and shows no signs of changing any time soon now or after the election.
So IMO gridlock will result in the failure of Congress to act. If that happens everyone loses as we will effectively face financial disaster! A financial meltdown unlike anything we’ve experienced since World War II will result For if history is any indication our Congress will again fail to address our budget, tax legislation, or jobs creation in any meaningful way.
Our only hope is that everyone wakes up to the fact that what’s important for the financial future of our country is who’s running for Congress and how we can put pressure on Congress after the elections to truly address our financial mess. And I don’t see either Obama or Romney’s winning the presidency effectively making any difference in our tax and financial problems as Congress has shown that it isn’t interested passing any real effective legislation.
So while the direction of our country in many matters will hinge on who wins the presidency, Obama or Romney, when it comes to our financial quandary neither will have any impact.