Sunday, August 1, 2010
The economy is in the dumper. Unemployment is at record highs, consumer confidence at a record low, and the nation is despondent. But to extinguish any final flicker of hope, the Democrats are preparing to raise taxes.
The so-called "Bush Tax Cuts" are scheduled to expire soon...and the Democrats have been making the rounds of the chat shows (and feeding press releases to the mainstream media) suggesting that the only people who will be affected are the filthy, despicable "evil rich" who steal $250,000 a year or more from the noble proletariat.
This is, of course, a lie.
If the Bush Tax Cuts are allowed to expire, the tax rate for the lowest tier of taxpayers will be raised 50%, costing 88 million taxpayers an average increase of $503 next year. Another 31 million taxpaying families will lose half of their child care credits, and 35 million married couples will pay an average of $595 for the renewed "marriage penalty."
To avoid punishing families who are already suffering, Barack Obama has made some unconvincing noises about leaving their tax cuts in place, while putting punitive tax increases on those nasty rich people.
The problem, as economists point out, is that those "rich people" tend to do two very important things with their money: buy the goods and services that keep the economy going, and create the businesses and jobs that are our nation's lifeblood. In fact, most of the people in that $250,000 bracket aren't "evil rich" people at all...they're small business owners, already on the brink, who will be pushed into the abyss by a Democratic tax increase.
Which, as we've seen again and again, is not an unintended consequence. It is the goal of the radical left, and specifically the Obama administration, to destroy our nation's economy so that something they believe to be "better" can be built from the smoldering ruins.
Much the way there will soon be a beautiful new mosque where the capitalist's World Trade Center used to be.