Skip to comments.Tax hikes to drive a second collapse?
Posted on 10/05/2010 2:25:21 PM PDT by RobinMasters
Congress left Washington without addressing the massive tax hikes that will come at the end of the year as the tax-rate reductions of 2001 and 2003 expire. Absent action on Capitol Hill, those increases will take $4 trillion out of the economy over the next ten years and even if the lower tax bracket reductions get extended, $700 billion of capital will get redirected from the private sector to Washington. How will that impact economic growth in the US? Peter Ferrara argues that it will create not just a double-dip recession, but a second economic collapse one worse than what we experienced in 2008.
In his new treatise published by Encounter for its Broadsides collection, Broadside No. 17: President Obamas Tax Piracy, Ferrara notes that Barack Obama has chosen the opposite strategy in economic policy from both John Kennedy and Ronald Reagan, especially the latter. Reagan cut taxes, especially on capital gains and dividends, and broke down regulatory hurdles. Obama wants not only to raise taxes on those who have the most capital, he wants to make it harder for them to use it as well, quoting a similar analysis by Arthur Laffer:
(Excerpt) Read more at hotair.com ...
Does the child tax credit get sliced in half or not? If there is one thing to make the poorer people scream.
Time to Go Galt, fellow taxpayers
They can force us to pay but they can’t force us to work or to invest.
Talking about this in our household. Sounds like our federal income taxes will be going up in the range of $600 per month. Plus the increase in health insurance premiums. And increases in local taxes. We had been hoping to buy a car and/or have some home improvements done next year. We will not have the money to do this if the so-called Bush tax cuts expire.
You gotta put up the graph of the 1937 stock market and the 2010 market tracks...
They can't force us to pay if we have a TAX REVOLT!
And by God it's coming! It's time to draw the line in the sand and refuse to file, refuse to pay and refuse to put up with their sh!t anymore!
SCREW THEM!! SEE TAGLINE!
Congress left Washington without addressing the massive tax hikes that will come at the end of the year as the tax-rate reductions of 2001 and 2003 expire. Absent action on Capitol Hill, those increases will take $4 trillion out of the economy over the next ten yearsJob one for the Pubbie majority in both houses -- a single bill that sweeps the entire overspending Obama agenda into the dustbin of history, and making the tax "cuts" permanent. Thanks RobinMasters.
Ping for later sobbing...
Tax cuts without spending cuts are useless. One of the biggest failures of the Bush administration and a Repub Congress was its unwillingness to live within its means.
Thanks for the link, it’s well worth reading.
The article must be good- it has a subsection entitled, “The Plague of Left-Wing Propaganda”.
Our health insurance is going to go up next year (I have to switch to my husbands plan,(my company is changing to crap coverage - that will cost me a lot out of pocket) and it charges a lot for family coverage, I have no idea how much our taxes are going to go up but I’m really worried about how much less we will have coming in next year....it’s already pretty tight now...10 years ago we were on top of the world....today, just trying to keep swimming.