You know the plan to give your family tax breaks by raising taxes on some other family of no consequence… well, it seems perhaps Obama might reconsider. From the WSJ. All emphases mine.
The good news is that Barack Obama said on ABC Sunday that he might not go through with his plans to increase taxes.
The bad news is that the economy has to be mired in recession to avoid the largest tax increase in the nation’s history.
Okay, so we can avoid Obama’s wallet pillaging… but only if our wallets have already been despoiled. That doesn’t sound like hope… or change I can believe in.
Even individuals staring down the barrel of Mr. Obama’s tax increases should not wish for an economic recession to give them a reprieve. The relevant point is that it was early last year, when the “Bush economy” was still humming, that Senator Obama first proposed pushing taxes sharply upward on “the wealthy,” while giving what he calls “tax cuts” (actually they are credits, not rate reductions) to “the middle class.”
You mean that horrible, awful, Great Depression-esque economy the Obama campaign and its surrogates keep telling us about?
At the time, Mr. Obama was the long shot in the Democratic Presidential sweepstakes, and it made some political sense to reassure the party’s intensely liberal primary voters with class-war boilerplate on taxes.
Under ObamaTax 1.0, he would have repealed all the Bush tax cuts, lifted the cap on wages subject to the payroll tax, put the top marginal rate up to 39.8% and raised the rate on capital gains and dividends to at least 25% from 15% now. The official campaign line was that tax rates really don’t matter to economic growth.
Tax rates don’t matter to economic growth, huh? Then why is it that if the economy is not growing by the time Obama takes office (we’re still not in a recession), then Obama can’t see himself jacking your taxes? Could it be that at least one of his 3 zillion advisors might have mentioned that raising taxes is the best way to kill an economy in distress?
But, hey, don’t worry. It doesn’t matter, since Obama won’t raise taxes on YOU… just that other guy.
Filed under: Democrats, Idiocy, Obama, Politics | Tagged: Election 2008, Obama, Obama's Tax Plan
Ron Paul and I agree on this one, disband the IRS and stop taxing the hell out of the people. Dammit, we fought the revolution because we didn’t like paying taxes. We should go back to taxing interstate commerce and imports. This free trade stuff is bullshit.
Yes!