Friday, April 03, 2009

Your Coming Tax Hike

I don't think there are that many people who stupidly believed Barack Obama when he said he would only raise taxes on those making $250,000 or more. Just visit your local gas station. Notice any hike in gasoline prices? That's because of new taxes from the Porkapalooza.

And that's not all. Other energy taxes will go into effect if the spendoholics of the Democratic party have their way. And I'm not even including cap-and-trade, which will cripple the economy.

An interesting piece in the Wall Street Journal today notes that income taxes will rise on people much below $250k to pay for Obama's outrageous spending spree.

But it also turns out that Mr. Obama's massive additional debt implies a tax hike, if paid today, of well over $100,000 for people with incomes of $150,000, far below Mr. Obama's tax-hike cut-off of $250,000 (over $130,000 in ten years and over $16,000 a year if paid annually over the following ten years). In other words, a middle-aged two-career couple in New York or California could get a future tax bill as big as their mortgage.

I'm sure Democrats will try to mask their tax hikes. Maybe they'll just peel off certain people making between $100,000 and $250,000. After all, that's the way Democrat "fairness" works: it's ok to burden some greatly if (a) there are only a few to complain and (b) they make a lot of money. As Amanda Marcotte shows, liberals don't accept that government doesn't create wealth or jobs; the private sector does. But your tax hikes are coming, whether it's on your 1040 or not.