Your Tax Future

Newsmax.com posts a very enlightening article about what we can expect if the Democrats get their way with taxes in the coming few years:

Talk may be cheap, but the cost to keep promises made by Democratic candidates could top $700 billion and push individual tax rates above 50 percent for the first time since the 1986 Reagan tax reform, fiscal experts warn.

In fact, a Democratic sweep in 2008 could push America’s tax burden up to 7th highest in the developed world, up from 21st place, according to researchers at the nonpartisan Tax Foundation.

Here's the nutshell of what will happen if Democrats win the White House and Congress:

- the Bush tax cuts (which have provided $188 billion in relief per year) will be allowed to expire
- tax rates would be increased on pretty much everyone
- individual tax rates would likely go over 50% for the first time since 1986
- a recession could be triggered

All the Democrats are proposing massive new tax hikes for programs like universal health care, college tuition, and energy policy. The total cost of the additional taxes would be at least $700 billion over four years! Even the Democrats are calling their plans the 'mother of all tax reforms'!

There is simply no excuse for this issue not to be a winner for Republicans. Americans need to understand what will happen to their own pocketbook if Democrats run things; if a Republican candidate can correctly communicate that message, it will be a slam dunk.

There's my two cents.