They say the income tax is supposed to go back to "normal" come January 1st unless this government, that seems to only have the goal of embarrassing President Obama in national history, does somethin to extend the system in place. That 2% break we have gotten comfortable with is about to vaporize. They say the average family will lose around $80 per month. That may not be a WHOLE lot for some but its enough for majority to feel. That changes your weekly movie theater visits to redbox nights. It makes you think twice about dating that materialistic person who lives two counties away because that gas tank has to make it all week instead of just Monday through Thursday with a second fill up for the weekend. The sad part about this "increase in taxes" is that we kinda need it, as it funds social security. The same social security that they say will run out in 25 - 30 years if we don't do anything about it.
It's a catch 22. If we get this increase in taxes, consumers won't be able to consume as much. As a result, businesses will suffer, which will possibly lead to job loss and a resulting further downward spiral. On the flip side, we can't throw our elderly to the wolves and tell them to fend for themselves. So what do you do? Try your best not to do anything that will run the risk of further slowing the economy or do you say "forget about that 'old folks welfare system'" and possibly let my generation suffer when we reach retirement age? I'm torn. There definitely needs to be a system in place to help the elderly but... if the economy sinks a lot further, the elderly won't have much to work with anyway.
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