Capital Commerce

Obama's Tax Cuts and Tax Hikes

By James Pethokoukis

Posted: April 15, 2009

President Obama was talking up his record as a tax cutter earlier today. Hard to believe, then, that the Washington consensus is that taxes are going up for everybody in the future. I mean, take your pick -- income taxes, business taxes, investment taxes, energy taxes and healthcare taxes. Tax wonks are salivating over different ways they can raise revenue to pay for Obamacare. A value-added tax? A carbon tax. Not hearing much about that today.

Biden"s $250

Joe Biden is entitled to his Social Security benefits. But why is a man who earns more than $250K entitled to a $250 stimulus gift just because he receives Social security benefits while another worker earning $75K is not entitled to the $400 rebate given on FICA payments? Inequities abound when the government starts handing out money.

george milton of DC @ Apr 20, 2009 13:51:37 PM

taxes

100% of estates have to pay someone to fill out tax forms even though only 2% pay taxes. Replace estate taxes with inheritance tax. One line on 1040. Hefty exemption then 15% on the rest. No need to figure cost basis etc.

Taxes are to high on those who pay taxes. Marginal rates in nyc will soon be over 50% even if FICA is not raised. Why would anyone work extra? We know high rates result in less revenue. Less work. Less compliance.

Fica, by the way, is only regressive if you die young. Or if you believe the poor will not receive benefits.

If so, vote for private accounts.

If Clinton tax rates furthered growth, why not impose them on all, not just 2% of americans.

The Obama tax plans are merely politically useful ploys, not a means to raise revenue for spending plans. And these spending plans are not investments. One does not solve the economic burden of health care by spending trillions on health care.

george milton of DC @ Apr 18, 2009 01:49:26 AM

Taxing

The "protestors" are being mischaracterized by the intentionaly misleading Pethokokus. The issue is the reckless spending that results in all the clever taxing. We have theorists, with socialist agenda lead naive journalists by the nose

David Mazepink of CA @ Apr 17, 2009 10:24:17 AM

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Capital Commerce

Capital Commerce

U.S. News business reporter Matthew Bandyk examines the issues, people, and debates that shape the nexus of political and economic life in the nation's capital.

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