Are You Ready For The Tax Hike The Democrats Are Cooking?
Because it’s about to be served up, hot and tasty, on Thursday. That’s right, just 15 days into the new Congress and already the Dems are reaching for our wallets.
On Thursday, the House of Representatives will vote on legislation to increase taxes for the first time since 1993. It took just 15 days of new found power for the Democrats to raise taxes. The first vote of the 110th Congress removed the 3/5 supermajority to raise taxes. The following day was a vote to enact a new rule requiring offsetting tax increases for every tax cut.
So it was only a matter of time before the first actual vote to raise taxes came up.
Right. But the Democrats did pass that Paygo thing requiring that any cut in taxes be compensated for with a hike in another sort of tax, so I guess we’re supposed to applaud them for their budgeting prowess. Or something.
Anyway, I wonder what happened around 1993 that put us in this current tax hike drought? Any guesses out there?
The significance of this should not be underestimated as Thursday’s vote is the first step in reversing what could be considered the best run for American taxpayers since the creation of the income tax. Using the Treasury Department study by Jerry Tempalski we count the longest run between legislation being enacted into law with a net tax increase occurring from 1952 through 1966. The 15-year period is slightly longer than the current 13-year period but it is our hope President Bush will veto these tax increases through 2008.
You can say what you want about the President, but nobody can take the massive tax relief he gave Americans in his first term away from him. Let’s hope he holds the line on our current level of taxation by using his veto to keep the Democrats away from our wallets. Outside of Iraq, it could be the most important thing he does with his time in office from here on out.
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