For your amusement, I present predictions from before the 2008 election. Not gonna name names, but it's worthwhile to remember how overwrought we can all get in election season.
[Obama] will hammer his agenda through, and people like me will be the anvil. He knows better than anybody there's no tax laws written that the rich can't get around. It's middle class mucks like you and me that are going to pay for bringing up the standard of living for the welfare class.
It will begin with my 401k and my income tax (I'm not going to give him or you the enjoyment of thinking I'm dumb enough to believe that "wealthiest 5%" business. If you work for a living, your wallet is opening up). Here's my predictions of the next 4 years:
-Income tax brackets set at 31%, 33%, 37%, 41% an 50%. You'll hit the middle bracket, 37% at a household income of about $100K. You won't actually hit the first bracket until your houshold income exceeds $60k.
-Tax deferred contributions on 401k and 403b plans will be halted. You will be forced to contribute 5% of your gross income, in taxable income, to the government's new 3% benefit plan. Less likely, but still plausible: Congress will transfer you current 401k savings into these government managed accounts, and you'll have to pay taxes on it (since you contributed it in pre-tax dollars).
-Interest on mortgages will no longer be tax deductible.
-You will see a federal law making gay marriage the law of the land. (Funny, since for the past 8 years, Democrats have claimed it should be decided by the individual states).
-A universal health care system that will prohibit any for-pay care. If America's version of NICE doesn't deem a treatment necessary, it will be illegal to attempt to buy it for yourself.
-And an end to 529 plans. All monies currently stored within will be taxed.
-We will no longer attempt to control traffic across our borders (we'll drop the pretense and just let anyone in).
And that's just what I consider likely. If I really want to indulge in scary stories, I have a whole bunch of other ideas I've heard that Democrats are considering.
Bookmarks