Tax hikes coming


Memo to Americans:

In the not-too-distant future, you're going to get whacked with massive federal tax increases -- and it doesn't matter whether you're "rich" or not.

On Tuesday, the second-ranking House Democrat admitted that his party eventually will seek to raise taxes in order to deal with the nation's mounting debt.

"Raising revenue is part of the deficit solution, too," said House Majority Leader Steny Hoyer, D-Md.

This is what the president -- who vowed not to raise taxes on any household that makes less than $250,000 per year, then broke his pledge within months of taking office -- doesn't want you to hear.

But the issue is coming to a head. The Bush tax cuts are set to expire at the end of the year, and if Congress does nothing, virtually every wage earner -- from rich to poor -- will be forced to turn over more of his own money to Washington. Mr. Obama wants to permanently extend those facets of the Bush tax cuts that applied to the middle class, but Rep. Hoyer says that probably won't happen.

Even if Congress passes a temporary extension, "We need to have a serious discussion about their implications for our fiscal outlook, including whether we can afford to permanently extend them," Rep. Hoyer said.

All this has Democrats petrified about being cast as tax raisers in the upcoming November elections, but that's their own fault. Notice that Rep. Hoyer made no mention of spending cuts. The fact is that before Congress even considers imposing higher taxes on the struggling private sector, it must demonstrate some modicum of spending restraint -- and that's anathema to the special-interest pleaders who dominate the modern Democratic Party.

"It's now official," Senate Republican Leader Mitch McConnell said Tuesday. "Top Democrats on Capitol Hill are starting to signal their intention to raise taxes on the middle class."

And if you didn't see this one coming, we have some beachfront property in Gabbs that might interest you.

 

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