for clarity, I'm not a Republican, Democrat or independent. I actually can't vote in US elections. I'm not a fan of the previous president as I believe he made some significant errors in leadership. I'm also not a fan of the current president as he is bound to make even more terrific errors.
I am just a common sense person that looks at everything going on and have some concerns.
If you are someone that depends on income to make house payments, car payments or buy groceries you need to be concerned. I was reading an article at www.thestreet.com regarding the governments push to tax earnings on revenues outside of the US. The article focused on the impact to GE but the general application is relevant to everyone. And just because it's GE doesn't mean your not affected. Actually you will be more affected than GE and here is why.
Per the article if the law was passed GE would see a "$4.31 billion hit to earnings". Read that again - BILLION!!! Sure the gov't could use all this money to cover more stimulous, or pay for more social welfare programs. But the real impact could be tragic to the American worker and to the US economy.
When a business takes a hit to earnings that means they have less money to re-invest in the business. Re-investment like hiring or securing jobs, product development, philanthropy, production all get cut. They come to a halt in in some cases like jobs - they get cut.
So if you cheer that finally the big "fat cats' will get hit. Don't cheer too loud, because it's small town america that will suffer. Those cities and towns that have the first and second tier suppliers, the support businesses, hair stylists and butchers. Everyone will feel the negative effects of decisions like this.
Beware of the smooth talk, think critically regardless of your political bend. Demand explanations. Demand your leaders to lead and not push their selfish desires upon you.