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Posted by Liberty on February 27, 2009
“In the closing weeks of last year’s election campaign, we wrote that Democrats had in mind the most sweeping expansion of government in decades. Liberals clucked, but it turns out even we’ve been outbid. With yesterday’s fiscal 2010 budget proposal, President Obama is attempting not merely to expand the role of the federal government but to put it in such a dominant position that its power can never be rolled back.”
This WSJ editorial shines some much-needed light on Obama’s budget and verifies what anyone with a brain already understands–tax increases are on the way and not just for the mythical wealthy.
“The falling deficit also assumes the largest tax increase in U.S. history, starting in 2011 with the repeal of the Bush tax rates on incomes higher than $200,000 for individuals and $250,000 for couples. The White House says this will yield upwards of $1 trillion, if you choose to believe that tax rates don’t affect taxpayer behavior.
In the real world, two of every three tax filers who fall into this income category are small business owners or investors, who are certainly capable of finding ways to invest that allow them to declare less taxable income. The real impact of this looming tax increase will be to cast further uncertainty over economic decisions and either slow or postpone the recovery. Ditto for the estimated $646 billion from a new cap-and-trade tax, which no one wants to call a tax but would give the political class vast new leverage over the private economy. (See here.)”
“Democrats will want to rush all of this into law this year while Mr. Obama retains his honeymoon aura and they can blame the recession on George W. Bush. But Americans are only beginning to understand the magnitude of Mr. Obama’s ambitions, and how much of their own income will be required to fulfill them. Republicans have an obligation to insist on a long and considerable debate on all of this, lest Americans discover in a year or two that they live in a very different country.”
This entry was posted on February 27, 2009 at 10:12 am and is filed under Arrogant politicians, Conservatism, Educate yourself, Liberalism, Obama, Socialist economics, Stupid legislation, Taxes. Tagged: Budget, Obama, Redistribution of wealth, Tax increase, Wall Street Journal. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.