Let’s face it; the recession has been brutal on all of us. My annual bonus has been stuck in the six figures for the last couple of years. High six figures, but still, it’s hard to maintain three staffed homes on that pittance. Most of us have had to make painful sacrifices. I’ve had to put our Palm Beach home on the market, where it’s languished with nary the whiff of a decent offer. And don’t even get me started on the price of jet fuel. But, as bad as things are, they could be worse.
If Obama wins re-election, our beloved Bush tax cuts will likely expire. You’ll hear our critics cry that eliminating those tax cuts on anyone making over $250,000 will reduce the deficit by about a trillion dollars over the next decade. However, remember, that trillion dollars will be coming out of our pockets! And that would only be the beginning… (more…)