by: Les Carpenter
Rational Nation USA
Liberty -vs- Tyranny
Since 1980 total Federal Tax increases have totaled 3.3% of GDP. If President Obama is reelected the possibility of a huge 3.5% Federal Tax increase in quite likely. Impact on the business sector, our economy, and the middle class in particular will be staggering...
AEI - All the 2001 and 2003 Bush tax cuts.
It would have been the Mother of All Tax Hikes, a $3 trillion tax increase during shaky economic times. It would have broken a campaign promise not to raise taxes on middle-income Americans.
President Obama was shockingly close to embracing such a plan back in 2009. And if he’s reelected in 2012, Obama may well reconsider the idea and let all the Bush tax cuts expire as they are scheduled to do in 2013.
At least, that’s the story—and prediction—told by journalist Noam Scheiber in his new book, The Escape Artists: How Obama’s Team Fumbled the Recovery.
Short version: In the fall of 2009, Obama’s chief congressional lobbyist Phil Schiliro cooked up a plan to extend the middle-class Bush tax cuts for two years while letting the upper-income tax cuts expire on schedule. If Congress couldn’t devise a way to pay for the $2.3 trillion extension of the middle-class cuts, they would expire in 2015. Schiliro easily sold White House budget director Peter Orszag on the idea. “[Orszag] believed the only practical way to balance the budget was to repeal all the Bush tax cuts, not just the upper-income variety.”
We are indeed likely to see the biggest single tax grab by the Feds in the last 43 years if our Hope and Change Guru of Collectivist Statist Thought, President Obama, is re-elected to the Oval Office. He will oversee the implementation of a massive attack on our liberties, and a suffocating attack on our business sector and the economy.
Unfortunately the alternative to Obama, Obama Light Mittens Romney, may turn out to be not much different if elected; and only sightly better. Flip - Flop.
Cross Posted at Rational Nation USA