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The Largest Tax Hike In American History

budget.house.gov — I won't comment or summarize. Read the facts for yourself.

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mattowan 1 year 162 days ago

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moracity, on 10/12/2007, -6/+14The document speaks for itself. I don't know why Democrats loved to punish people. The budget would balance if the government would quit spending money. When you or I need more money, we can't just go mug someone off the street or demand a raise from our employer. Why do we let the government do this to us?

Punish Everyone:
Increase in Marginal Rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $182 billion

Punish People with Kids:
Reduction of Child Tax Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $27 billion

Punish people who get married:
Increase in Marriage Penalty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $13 billion

Punish people who die (and their families):
Increase in Death Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $91 billion

Punish Investment back into the US economy:
Increase in Capital Gains and Dividends Tax Rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $32.5 billion

Wonder what this is?
Other Tax Increases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $47 billion
- Boshow, on 10/12/2007, -3/+3I would consider myself a democrat, but at the same time, I am very fiscally conservative. I don't agree with the tax increase, but at the same time, why would you expect that the government would follow a proposed budget when it has never happened before. ***** happens and we always find a way to pay for it. We just have to recoup some money that Bush is spending like a preteen with a credit card. Just be glad we live in a country with such clout that we can consistantly run a deficit without having to pay for it. If we were any other country (save for the U.K. and China), we'd be in a recession and hyperinflasion so fast it would make your head spin.
  
  BTW: The death tax is only targeted at the wealthy and comprises only 2% of Federal Tax Revenue only about 30 Billion.
  http://en.wikipedia.org/wiki/US_Taxes#Other_taxes
- neave, on 10/12/2007, -2/+6The US national debt is nearly 9 trillion dollars. Look at those zeros -- $9,000,000,000,000 -- http://www.brillig.com/debt_clock/
  
  Hey, somebody's gotta pay for it.
- teadrinker, on 10/12/2007, -2/+5@Boshow:
  
  "I would consider myself a democrat, but at the same time, I am very fiscally conservative."
  In that case, you are neither. You are a libertarian (although not necessarily a "L"ibertarian). But you should still check out Libertarians and Ron Paul to see if they match your world view than the democrats/liberals.
  
  As for always finding a way to pay it...if we do not find a way to pay for it, then inflation will.
- Enchantrem, on 10/12/2007, -0/+1@teadrinker:
  
  I don't pretend to be an economist.. so please explain to me how inflation doesn't affect debt as much as income?
- americanuck, on 10/12/2007, -4/+1its not so bad when you replace "punish" with "opportunity to improve America".
  
  I guess it depends how you look at it.
  
  In both cases, someone is spin spin spinning!
- gsadler82, on 10/12/2007, -3/+1Of course, let's believe everything that comes from the White House...
  
  Punish Everyone:
  Somebody has to pay for the war . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $182 billion
  
  Punish People with Kids:
  Let's slow down the population, and save on welfare. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $27 billion
  
  Punish people who get married:
  Married couples receive other financial benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $13 billion
  
  Punish people who die (and their families):
  Punish? It's free money. You pay taxes on gambling winnings don't you?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $91 billion
  
  Punish Investment back into the US economy:
  This mainly affects the rich anyway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $32.5 billion
  
  Wonder what this is?
  Those are probably the taxes the white house doesn't want you to know about. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $47 billion
- jeffiek, on 10/12/2007, -1/+4@enchantrem
  
  First, keep the concept of money (an abstraction) separate from the value it represents. Now examine the sequence of events involved in printing money. Bear in mind this is a highly simplified explaination. The actual mechanics of printing money, and the full impact varies with the countriy's banking system,the makup of the debt holders, and the rate at which they print money.
  
  The US government has 9 trillion in debt. It prints 9 trillion and gives it to the debt holders. Poof! The government debt dissappears. However, the real value of the goods and services hasn't changed. As the money ripples through the economy, prices must rise to reflect this (same goods + more dollars = higher prices). The complexity enters when you start to examine the path to the new "inflated" value.
  
  The only clear result is that the last person in line for the adjustment is the worker. The "raises" to cope with inflation occur _after_ the prices have risen. They're too late, the worker has already lost "real" income. The secret is in the _sequence_ of events.
  
  This only works when the rate of printing money is relatively low. At low rates, it's imperceptible to the everyday man. At high rates of printing the secret is out, the worker realizes what's going on, the scam falls apart and hyperinflation results.
NoDo, on 10/12/2007, -14/+3big government republicans and big government democrats, at least if we had ellected Gore or Kerry we would be spending the money on something useful
- mattowan, on 10/12/2007, -5/+11Like what? Expanding per failing union teacher spending in the public schools, or on making people believe that humans are causing climate change even though other planets are experiencing the same change.
- RuffRidr, on 10/12/2007, -4/+11Don't forget medical and other benefits for people who are not even citizens of this country. You and I should have to pay for that you know!
- ramiro, on 10/12/2007, -4/+8@nodo:
  
  Man, you're dumb!
shootdashit, on 10/12/2007, -3/+9same ol' patterns. republican spends, democrats raise taxes.
mightydavefish, on 10/12/2007, -10/+2Super.
You know, if it weren't for Iraq we wouldn't need to do this.
And if it weren't for the Bush administration totally ***** up our economy.
We need to bring in more money, because the Bush/GOP administration has ruined us financially. We are in debt to a point it will take us DECADES to pay it back even if we apply ALL of these tax increases to our debt.
- RuffRidr, on 10/12/2007, -2/+9Here's another story currently on Digg. It is aptly titled Young Democrats Just Don't Get It:
  
  http://digg.com/political_opinion/Young_Democrats_Just_Don_t_Get_It
  
  From the article:
  "Here is the projected spending by all levels of government on the five biggest government programs for 2007:
  Government Pensions: $875 billion
  Government Health Care: $850 billion
  Government Education: $750 billion
  National Defense: $650 billion
  Government Welfare: $425 billion "
  
  So ya, that National Defense number is pretty large, but it is dwarfed in comparison to all of the other socialist programs that the American citizens have forced upon them.
mrmcbastard, on 10/12/2007, -0/+7If you don't like high taxes or big government, you should vote Libertarian.
- mattowan, on 10/12/2007, -6/+3Vote Libertarian? And open our borders wider than they already are? Pass.
- Enchantrem, on 10/12/2007, -4/+3@mattowan:
  
  Don't you know? Government is an innately evil institution which can do NO good, certainly not serve the public trust or promote the general welfare or any of that *****. We don't use roads, don't benefit from a national defense force, and most certainly none of us had an education. So what do we need government for? Vote Libertarian, get all this dead weight out of my pocketbook, so i can buy more booze and movies!
- jeffiek, on 10/12/2007, -1/+6@mattowan
  "Vote Libertarian? And open our borders wider than they already are? Pass."
  
  Could you please name the elected Libertarians that opened the borders as wide as they are? Could you please state how they could possibly get any wider?
  
  Go ahead, keep blaming the people that don't cause problems and elect the ones that do.
DrJ00, on 10/12/2007, -6/+2Gotta love the spin machine. You post a Republican Caucus PDF that's basically a talking points run down spin of the situation. How many of these 'tax raises' are repeals of the republican congress' temporary tax cuts? You know things that will expire without being renewed. How many, Hmm?

Cut taxes so we can build more debt, then cry about it when they are repealed to fix the mess you cause. Great job Repubs! Kick up the demagoguery one more time!
- Aeaus, on 10/12/2007, -5/+1What the hell? Everybody knows the solution to a debt is to start annother war, Iran looks like a tempting target. Much better of an idea then raising Taxes to eliminate the problem.
  
  Oh, Digging a PDF makes baby jesus cry.
Afreyt, on 10/12/2007, -1/+1Republican talking points, blaming Democrats for fixing the mess they made. Dugg down. Inaccurate.

Biggest tax increase, ever? Well that makes sense, after the biggest deficit ever. What did you think money was? Paper? No, its a promise of goods and services rendered. The rendering cometh.
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The Largest Tax Hike In American History

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