Many liberals believe that the expiration of the Bush tax cuts this December will drive Republicans to the negotiating table. Don’t bet on it. Instead, expect Republicans to invoke H.L. Mencken who once said, “Democracy is the theory that the common people know what they want, and deserve to get it good and hard.”
In other words, if the American people choose Obama and his call for higher taxes this November, Republicans will let them experience it this January. In addition to the expiring Bush tax cuts, which will inflict a $165 billion tax hike on all working Americans, payroll taxes are set to go up by $125 billion, estate taxes by $13 billion and business taxes by $20 billion. The Alternative Minimum Tax patch will also expire, costing taxpayers another $118 billion, as will $21 billion in Obama stimulus tax cuts. Another $23 billion in new Obamacare taxes will also kick in.
All told, under current law, taxes will rise by $494 billion next year. The Congressional Budget Office predicts that if these tax hikes are implemented, along with $100 billion in spending cuts that Obama signed into law as part of last August’s debt deal, our economy will shrink and unemployment will rise to 9.1 percent.
And Obama’s second term will only go downhill from there.
More.
Comment Policy: The Editors reserve the right to delete any comments which in their sole discretion are deemed false or misleading, profane, pornographic, defamatory, harassment, name calling, libelous, threatening, or otherwise inappropriate. Additionally, the Editors reserve the right to ban any registered poster who, in their sole discretion, violates the terms of use. Do not post any information about yourself reasonably construed as private or confidential. Conservatives4Palin and its contributors are not liable if users allow others to contact them offsite.