When George W. Bush was president, he and Congress cut taxes for everyone. But now President Barack Obama wants to go in the opposite and wrong direction: He wants to raise taxes – in the midst of an economic crisis!
It should be obvious that we should not permit a tax increase now on anyone!
But you know the familiar demagogic cry: “Tax the rich!”
While it is unfair to “tax the rich” at unreasonably higher rates, it also would depress the economy for everyone to raises taxes on anyone.
But even if “fairness” doesn’t appeal to you, just look: If Congress does not act to make existing tax relief permanent by the end of this year, people earning $40,000 to $50,000 a year will pay more taxes next year: $923 more!
Another example is those earning $50,000 to $75,000 a year. Inaction by Congress would force people in that bracket to pay $1,126 more!
Obama and his fellow Democrats in Washington say they want to shield those middle-class Americans from tax hikes, but they want the already-too-high tax rates on individuals earning $200,000 and on married couples earning more than $250,000 to go even higher. Many of those individuals and couples are not really “the rich” but are small-business owners who create jobs.
What will happen if Obama and Democrats in Congress raise taxes? Taking more money out of the pockets of our earners would depress living standards for many and make the recession worse for all.
Surprisingly, but fortunately, some Democrats in Congress see that raising taxes in recession would be bad for everyone. Will there be a combination of enough Democrats and Republicans to stop Obama’s tax-increase plan? We hope so!
Obviously, the problem in the federal government today is not that our people are “taxed too little” but that government is “spending too much.”
The American people – through Congress – should tell Obama that this time of recession is certainly not a proper time to raise taxes on anyone.