Today the Senate voted along party lines to approve a new budget plan that purports to cut spending and taxes for the middle class, but in reality represents one of the largest tax increases in American history because they will let the Bush tax cuts expire. As the article points out here, a family of 4 who makes $50,000 will see a tax increase of 191%. Scared yet? What about a single parent of 2 who makes $30,000, surely they will see a tax decrease right? Nope, how about an increase of only $1,600 per year. Here is some more of the same article:
This is supply-side economics in reverse — creating massive disincentives to work, save and invest, and shrinking the pie. This is the economy that Obama and his friends in charge of Congress will bring. No doubt it represents change. But as John McCain keeps asking, is it the right kind of change?
I have no doubt Bush will probably sign this disaster of a tax hike, but if he had any guts he would veto it. What does he have to loose, he’s already getting the boot in less then a year any way. He might as well go out giving the finger to the Dems one last time. Oh, and to all of you Obamabots out there, doesn’t this worry you at all? I know you love to complain about tax cuts for the rich, but how about insanely large tax raises for the poor/middle class? Of course, we all know that if you want free health care and free Cadillacs and free Air Jordans, someone has to pay for it. You thought it was going to be those wealthy tycoons like that guy from the Monopoly game board who would fit the bill for your Utopian paradise of free crap. Of course, it turns out that it was going to be you all along.