Jeanne Sahidi of CNNMoney.com tells us about yet another way Obama and the Democrats are considering taxing the middle-class:
No one is suggesting raising taxes or creating new ones before the economy stabilizes.
But Paul Volcker, the former chairman of the Federal Reserve who heads President Obama’s tax reform panel, is advocating a little advance planning.
When it comes to getting control of the country’s debt burden, “I think if we can’t do it on the cost side, we’ve got to go on the revenue side. And it’s too early to do it, but it’s not too early to begin wondering,” Volcker said Wednesday in an televised interview with PBS’ Charlie Rose. “You’ve got talk about some tax that hits consumption,” said Volcker. “Value-added is one.”
Add this to the tax on Americans who fail to carry health insurance, the tax on Americans who purchase sweet drinks and bad foods and the tax on medical device purchases and you have a tidy package of creative revenue sources that will allow the President to claim that he kept his campaign promise not to raise income taxes on the middle-class.
I expect President Obama’s justification for this smoke-and-mirrors game to go something like this:
I never said I wouldn’t raise taxes on the middle-class, I just said I wouldn’t raise income taxes on them.
Related Posts:
- Taxing the Rich to Reduce the Deficits: Is it Enough?
- Obama Will Raise Taxes on the Middle-Class, Financial Times Says
- Obama Floats Trial Balloon of Middle-Class Tax Hikes, Balloon Bursts
10 responses so far ↓
1 Gregg // Oct 4, 2009 at 9:48 am
I am outraged! I had no idea the problem was this bad. These people are nothing but filthy beggars!!! And, now it’s time to start paying for their health-care. Give me a break. I’d rather be mugged, there’s more dignity in it.
We need a new political party in this country, the two we’ve got are nothing but robbing everyone. The republicans are stealing from the middle class and giving to the rich and the democrats are buying votes with our money by allowing this bunch of freeloaders to get a free ride.
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