Monday, October 27, 2008

A lot of damage can be done in a very short time

Remember the election of 1992? Bill Clinton, a relatively unknown Democratic Govenor, was elected president, and inheirited a Democratic Congress in both the house and senate.

And then what happened? In late 1993, the democratic triumferant passed a retroactive tax increase that caused me, and many other Americans great pain.

This is what happened to me. I had an opportunity to take an early retirement incentive, and use the incentive dollars to start my own consulting business. The retirement incentive was paid as a lump sum, using the then in effect withholding guidelines.

I took the money and invested in my new business. Then, along came the retroactive tax increase. This caused an unexpected and significant tax burden which severely damaged my new business.

I tell this story because we are in danger of having this same exact thing happen again. We are possibly going to elect a new democratic president with a possible filabuster-proof democratic congress. We are about to get reamed again. It won't be me this time, but the next generation.

America woke up in 1994 and resoundly defeated the democratic congressional majority, but in those short two years, the damage was done. Don't let this happen again!

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