Ready for the biggest tax hike in history?
You asked for it America. Now you’re really going to get it. See what Demcocrats mean when they say they want to chart a new direction for America.
The new Democrat ’plan’ approved by the Senate will of course fail to include the Bush tax cuts. Many see what will for surely be the largest tax increase in U.S. history. Enjoy.
(Source: Newsmax)
“Make no mistake: This tax hike is gargantuan,” the Investor’s Business Daily states in an editorial.
“Simply by not making Bush’s tax cuts permanent, taxes will rise by a minimum of $2.8 trillion between now and 2018.”
The IBD says that if the tax cuts are allowed to expire in 2010:
Spending will rise by half a trillion dollars over the next five years. And the Democrats will pay for it by raising taxes by $683 billion — “the biggest such increase ever.” About 48 million married couples — “the heart of the middle class that Democrats say they want to help” — will see an average annual tax increase of $3,007. The tax bill for the elderly will rise $2,181 a year on average. A single parent with two children earning $30,000 a year will see a tax hike of $1,600. A family of four earning $50,000 a year will be hit with a tax increase of 191 percent.
The 2009 budget for the first time ever spends $1 trillion on discretionary items — non-defense, non-entitlement.
“This is a foretaste of future fiscal recklessness under a Barack Obama presidency (he voted for the bill),” the IBD observes.
Noting that the budget would weaken the economy and kill job growth, the IBD concludes: “This is supply-side economics in reverse — creating massive disincentives to work, save and invest, and shrinking the pie.”
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Comment by Tommy Gun on 9 June 2008:
Thank you, America. Thank you for voting for change. Now you got it. It’ll be the only kind of change left.
Comment by marebear on 9 June 2008:
The race has yet to begin. The banter thus far has largely been the Dems’ battle to find a head. Now that Obama has gasped over the finish line, things will only remain vital in the minds of the MSM as they salivate for fodder, until after the August convention. That’s when Blue America will confirm (or not) the Obama run. Following the soon-after Republican convention, things will really heat up, and if MSM is doing its job, we should have in-depth reporting of the issues and the candidates, including REAL MSM EXPOSURE of Obama’s too-many-to-count poor choices in evil associations and less-than-honest political posturing. Hopefully, we will see the economics behind the Dems, including the fiasco with Congress’s meddling in the oil costs, brought into the daylight. If America wants lower and fairer taxes, they need to vote in a Republican Senate and a Republican House of Representatives. And if Black America thinks the Dems are so much better in serving them, they need a history lesson: Martin Luther King was Republican, John F. Kennedy voted AGAINST Civil Rights, and the Republicans have saved social security from the demise of the Democrats over and over and over again. And we’re not elitists or racists….we want more Blacks and more women to strengthen America. As for the environment, the bulk of environmental engineers are also Republican.
Comment by Loozianajay on 9 June 2008:
mearbear,
You assume rather dangerously that people are as smart or informed as you. I mean, you’re attempting to reason with people who faint over the words “Hope” and “Change.” I’m afraid your piece above will fry their emotional little brains.
But as for me, I appreciate the comment.
Comment by Dave on 9 June 2008:
What tax cut? The one my grandchildren will be paying for? We didn’t get a tax cut, we got a tax delay. The national debt right now is over 9.4 trillion dollars and growing. It is currently 65% of the Gross Domestic Product, with the debt rising and the GDP falling. It is time that we start behaving in a manner that is fiscally responsible. We can reduce government spending by ending the war in Iraq and we can increase government revenues by expiring the Bush tax cuts and move in the direction of a balanced budget like the one we had before Bush took office.
Comment by Daniel on 9 June 2008:
Some of you republicans “conservatives” are just unbelievably deluded. Do you think we’ve had a tax cut during Bush’s administration? You would think so right? I mean he has cut all these taxes are you’re paying less… but guess what — government spending is at an all-time high.
Now what does that mean, you ask. Well, where the f*ck does that money come from to support Bush’s extravagant spending? FROM CHINA! And what does that mean for Americans? It means we have to pay decades of interest to China for the money that we borrowed during Bush’s irresponsible credit bonanza. And what does that mean for our future, besides monumental debt?
MORE TAXES! Surprised? In order to pay off massive debt, tax rates will be forced UP! Not due to any action by democrats, but by the fiscal actions of republicans for the past decade. So when you’re paying high taxes and your spending cash dwindles down to nothing, ask yourself really who is to blame? The high taxes that are issued during democrat’s power, or the republicans who caused the high taxes in the first place?
Take your head out of your ass for a moment and you’ll be able to find the answer.
Comment by Julie on 9 June 2008:
I will assume that you Daniel, can only be a obama supporter, because to you and your master everything is somebody elses fault.
Comment by Clark on 10 June 2008:
It’s true though. War in Iraq = somebody else’s mess to clean up
Bush has got to be the worst Prez in the history of the U.S. No matter who wins the next election, somebody is going to have to find creative/innovative ways to clean up his mess, be it Obama or McCain. While Bush is relaxing at his ranch on his government pension with secret service in tow, either a well-meaning group of Republicans or Democrats is going to get the 3rd degree because they have to tell hard-working Americans that its time to pony up and pay for his selfish agenda.
Comment by nhkat on 10 June 2008:
Something to think about:
1. Obama’s Global Poverty Act = .7 of our GNP this will increase the US aid to other countries by 65 Billion, making our total gift 845 Billion. It doesn’t matter that our own economy is a mess, and our own people are hurting. http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=56405
2. Obama will increase social security taxes.
3. Obama will double the capital gains tax.
4. Obama will increase the personal income tax. (He voted for higher taxes 94 times in the US senate, including the 2009 Democratic Budget that increased taxes starting with people who make
31,850 per year)
Comment by A F Ticker on 10 June 2008:
One can spot the uninformed leftist immediately by their constant railing that China owns our debt. If they were informed and anywhere near as intelligent as they claim to be they would know that actually it is Japan who owns more of America’s debt than anyone else. China’s share is rising but there are 8 other countries combined who own more than China.
The wealth gap between the U.S. and other countries — even those with huge, rapidly growing economies like China — is still big. That means our credit with the rest of the world should be good for years — if not decades — to come.
Time for the Obamazombies to become informed and not listen to “just words”.