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.
- The 2009 budget for the first time ever spends $1 trillion on discretionary items — non-defense, non-entitlement.
"This is a foretaste of future fiscal recklessness under a Barack Obama presidency (he voted for the bill)," the IBD observes. Noting that the budget would weaken the economy and kill job growth, the IBD concludes: "This is supply-side economics in reverse — creating massive disincentives to work, save and invest, and shrinking the pie."
Let me highlight a couple points that I think need to be repeated. The Democrats have every intention of allowing Bush's tax cuts to expire - they've already approved a budget that includes the expirations. Second, even if McCain becomes President, they may have large enough majorities in Congress to override his veto. This is why this election matters so much, even beyond the presidential race - Congress is the key to the next four years. Third, this will hit your pocketbook!
If you are...
...a married couple, you will pay over $3,000 a year more in taxes!
...elderly, you will pay almost $2,200 a year more in taxes!
...a single parent with two kids, you will pay $1,600 a year more in taxes!
Families of four making $50,000 will pay almost 200% more in taxes!
This is the clearly stated promise of the Democrat party. Don't think this won't be all, either...this is simply the opening of the floodgates. Much, much more will follow. Keep in mind that these increases are simply due to letting Bush's tax cuts expire. Obama and the Dems are also planning trillions in new taxes!
If you want to stop this, it starts now. First, educate yourself by reading this blog and many of the other websites I reference on here. Second, talk to those around you - friends, family, co-workers, etc. These are concrete numbers, so use 'em. It's one thing to make the abstract statement that Dems will raise taxes; it's quite another to explicitly show how you'll actually pay thousands of dollars more to our corrupt, bloated, useless government every year. Third, contact your Senators and Representative now and tell them this is an issue you care about and will vote on. Finally, follow through: vote for people at all levels (local, state, and federal) who pledge not to raise taxes.
It will take a grass-roots level movement of people telling the truth about Democrat taxation and its effects on our economy to stop it.
Get busy.
There's my two cents.
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