Our federal taxes are too high. But watch out! There is danger in an effort to make taxes higher, if President Barack Obama and liberals in Congress think they can get away with it.
They may not try to get Congress to vote for an outright increase in taxes. What they will do is try to let earlier tax cuts under the Bush administration “expire.”
The effect would be higher taxes for some earners, adversely affecting the economy, hurting everyone.
Since it would be very politically unpopular to raise taxes on most of our people, the scheme will be to raise taxes on “just the taxpayers in the higher income brackets,” to “soak the rich.” Who is much concerned about “them”?
Those wanting to raise taxes are talking about hitting “only” individuals earning $200,000 or more and families earning $250,000 or more. (Though some want to hit the middle class, too. See next editorial.)