Will Obama move to hike taxes (on middle class) when he has “more flexibility” should he win reelection?
Yesterday in speaking to Russian President Dmitri Medvedev, President Obama said that after his “election” he’d “have more flexibility” on missile defense, but Jennifer Rubin wonders if he’d also have more flexibility on other issues as well:
. . . is there anyone who thinks Obama, should he get a second term, wouldn’t run wild with policies and positions that the majority of the electorate oppose? Otherwise, he’d roll them out now, of course.
Over at the Enterprise Blog, James Pethokoukis asks a similar question, “Just what would President Barack Obama do in a second term if had maximum ‘flexibility’?”
Well, a new budget proposal from liberal House Democrats suggests what Obama’s “dream agenda” might be.
. . . .
Officially, the CPC calls the plan “The Budget for All” — and it’s all wrong. Sure, the proposal would theoretically cut the deficit from $1.1 trillion (7.0% of GDP) in 2012 to $180 billion (or 0.7% of GDP) in 2022. But the CPC would accomplish this feat entirely through massive and economy-crippling tax increases.
. . . .
The “Budget for All” contains just about every sort of tax increase imaginable. . . . The plan also contains a bank tax and a financial transaction tax. [So, it's not good when banks charges fees on such transactions to pay for their costs, but it is okay when the federal government taxes those very transactions?]
But it’s not just the wealthy and bankers who would get pinched. These Democrats would also raise income taxes on the broad middle. The CPC plan would “allow the 28% and 25% brackets to sunset once the economy is on solid footing, in 2017 and 2019, respectively.” That means higher taxes on families making over $70,000 a year — a big, fat, middle-class tax hike. And some of those families would also be paying more for energy thanks to the carbon tax that’s also in the CPC plan.
Read the whole thing. (Via Powerline picks.) Given what the president said to his Russian counterpart — and his record in his first term (remember that “net spending cut” he promised in the campaign), we know we have to take his rhetoric with a grain of salt.
Hey may now be dismissing the notion of a middle class tax cut, but who knows what he has up his sleeve his second term?
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