Wednesday, April 13, 2011

The liberals' plan: Gut defense and tax, tax, tax - Washington Examiner

"How can such fiscal miracles be accomplished? By tax increases that would make even some top Democrats gasp. Perhaps the most extraordinary is the caucus plan to raise the Social Security tax to cover nearly all of a taxpayer's income. Right now, the tax is imposed on the first $106,000 of earnings. For people who make more than that, the caucus would tax a full 90 percent of income -- no matter how high it goes. The caucus would raise the Social Security tax that employers pay as well. The caucus would create three new individual tax brackets for the highest incomes, topping out at 47 percent. It would also raise the capital gains tax, the estate tax and corporate taxes. It would create something called a 'financial crisis responsibility fee' and a 'financial speculation tax.' And of course it would repeal the Bush tax cuts. As if anyone needed reminding, the 'People's Budget' is proof that the liberal idea of budget balancing is tax, tax, tax."

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