Buried in the Friday Afternoon News “Dump”, Democrats Plan Largest Tax Increase in US History
Those dirty rotten Democrats led by Pelosi and Read almost slipped this one by us. Late Friday afternoon at 4:14pm EST, House Ways & Means Committee Chariman Charles (“Tax Cheater”) Rangle announced that House Democrats will increase income taxes by $540 BILLION dollars over a 10 year period to pay for Obama’s health care plan.
As we’ve come to expect with this Administration, releasing this type of news on a late Friday afternoon is a typical public relations tactic used by those politicians who want to limit news coverage of items they nonetheless need to release.
In addition to increasing taxes, House Democrats plan on creating a “Surtax” on any individual or small business making more than $200,000 a year. So much for Obama’s answer to “Joe The Plumber” during the 2008 Campaign.
The “Surtax” House Democrats are planning on implementing would further increase the income tax rate for people and small businesses paying taxes in the top income brackets (i.e. above $200,000.)
On Saturday morning, the Washington Post published a report on its Web site about the planned tax increase, under the headline—“Democrats Agree on Tax Hike to Fund Health Care.”
“Beginning in 2011, the plan would target all income over $350,000 a year for families and $280,000 a year for individuals, Democratic sources said,” the Post reported. “The surtax would start at 1 percent, rise to around 1.5 percent for families earning more than $500,000, then step up again, to around 3 percent, for families earning more than $1 million, Democrats said.”
The Post did note that this tax increase would come on top of tax increases that the Democrats were already planning by allowing the Bush tax cuts to expire.
Under Obama’s tax-increase plan, individuals making $200,000 or more would be subject to the new 36% rate. The income “surtax” House Democrats now plan would come on top of Obama’s tax increases.
The top federal tax rate currently stands at 35 percent, but Democrats have vowed to raise it to 39.6 percent next year, when cuts enacted during the Bush administration expire, reported the Post. Combined with other federal tax adjustments, the surtax could leave most taxpayers with annual incomes more than $350,000 facing top federal rates of at least 45 percent, said Robert Carroll, a senior fellow at the nonprofit Tax Foundation.”
This is the “mandate” the Democrats think they won in 2008 – to increase taxes and kill more jobs in an economy that’s already shedding 500,000+ jobs a month for the last 7 months running!
Tar, Rope and Feathers are optional, of course.