Posted on 06/09/2008 3:59:17 PM PDT by Free ThinkerNY
The spending plan approved by the Senate last week fails to extend President Bush’s tax cuts — and could lead to the largest tax increase in U.S. history.
“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.
(Excerpt) Read more at newsmax.com ...
Do the Democrats actually want the revenue, or is this a distance-and-direction urination contest?
If so, the Democrats are definitely facing into the wind.
Are the Feds going to pass out red arm bands every tax season?
They've been saying "Bush's tax cuts for the rich" for so many years now they're going to have a hard time explaining why letting them expire will mainly hurt the middle class.
Geez a few trillion here and a few trillion there starts to add up to real money. And big tax increases for those of us who pay taxes.
I can’t wait to see what President Obama wants to do to deal with trillions of unfunded liabilities in the Social Security system.
Some of us are old enough to see what an incompetent boob can do as POTUS by experiencing Jimma' Carter.
Obama would be no different.
All talk and no substance.
Time to fight back against the Democrats. They’re spending other people’s money to get elected
You can always at least double the numbers for ANYTHING that is being speculated cost wise with the government.
Senate Democrats Want Trillions in New Taxes
.
This news isn’t supposed to come out till after the election, although for some it wouldn’t matter, they’ll vote Democrat and believe it’s Republicans responsible for making their pay-checks smaller...
That is all they have ever done. In the recent past, it has been the duty of Republicans to point this out, but since they have adopted the same habits, their words tend to ring a bit hollow.
Of course, he spends gobs of time preparing his own taxes every year, inexplicably looking for every loophole he can find to keep from paying too much.
Think President Obama would publicly blame the U.S. citizens for the country's suddenly VERY large problems?
Yes.
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