This is the absolute worst thing to do in a recession.
ABC News: The budget proposal released Monday would extend Obama’s signature Making Work Pay tax credit — $400 for individuals, $800 for a couple filing jointly — through 2011. But it would also impose nearly $1 trillion in higher taxes on couples making more than $250,000 and individuals making more than $200,000 by not renewing tax cuts enacted under former President George W. Bush. Obama would extend Bush-era tax cuts for families and individuals making less.
Obama revived numerous proposals for business tax increases that didn’t fare well in Congress last year, including a scaled-down plan to increase taxes on U.S. companies with major overseas operations, and plans to increase taxes on oil and gas companies.
In all, Obama would increase taxes on some businesses and wealthy individuals by a total of about $1.4 trillion over the next decade, while cutting taxes for middle-class workers and other businesses by about $330 billion. The bottom line: Tax receipts would increase by about $1.1 trillion over the next decade.
Don’t believe these tax increases will bring in more revenue. In fact, the opposite will happen. There will be less production, less investment, less jobs – the economy will shrink while the government expands.
When conservatives and liberals agree that Obama’s spending is going to kill the economy, you know things are bad.
Via memeorandum
Obama would extend Bush-era tax cuts for families and individuals making less.
What!? I’ve had Dem politician after Dem politician say time and again that Bush’s tax cuts were ‘tax cuts for the rich’! They never mentioned the part about ‘families and individuals making less’…….interesting…
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