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FBN’s Lou Dobbs on the potential tax hikes and spending cuts in Obama’s second-term.
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Talking about consequences of elections are we don't we get right to it tonight and just show you a few consequences.
Yesterday -- vote tally is.
And the costs thereof cost by the way.
To you to me and our fellow citizens and by the way anybody's under the illusion this just affect spokesman -- over a million dollars a year.
Please understand.
We're going to introduce reality so grab -- hold of your chair you got one nearby.
We're to talk about the consequence and the cost -- quickly.
Toward a new obamacare taxes kick in and in that a three point 89% investment income tax right in behind it.
And this means that.
Well everybody's going to see three point 8% added to.
-- are our capital gains three point 8%.
And even the sale of your house folks if you think we're -- I'm middle class.
Are just wanna be in the middle class and they told me there would benefit it's gonna happen three point 8% on every transaction recordable million dollars.
86 billion dollars in Medicaid payroll tax kicking -- 65 billion individual employer mandate attacks or another twenty billion in medical device taxed.
And the bush tax cuts they're gonna go away the first of the year so hang on that's another -- -- Just about -- Billion dollars.
And grimacing at 30%.
Tax rate on million dollar in comes our is -- 200.
Thousand dollars art is it -- that he this is what we don't know and this is what going to be worked out.
The AMT the -- this taxes it's supposed to be protecting people being (%expletive) up into the into the inflation tax this is -- to hit middle class.
A taxpayers -- gonna effect -- -- -- six million people.
The extended unemployment benefits in the this from the security.
Social Security payroll tax that is another impact then 55 billion dollars as.
Result of sequestration.
Will hit at the end of the year and those cuts will that the difference -- So what we -- looking at is an amazing.
An amazing set of possibilities.
And shaving 55 billion dollars out of the Pentagon budget next year.
A billion and a half jobs are at risk and is the president is so fond of saying.
Elections do have consequences we had our election.
You're just thought of the cuts --
