That light at the end of the tunnel is an oncoming train

May 10, 2009

And it’s called the "High Taxes Express:"

The Obama administration will propose $60 billion in new tax increases over 10 years on wealthy estates, businesses and others to make up for shortfalls in its fund to pay for an expensive overhaul of the health-care system.

The measures go beyond plans the White House has announced in the past few weeks. Officials said that upon further analysis they realized that they had overestimated savings and tax increases proposed in February to help pay the bill.

And that’s just the start. There’s no way Obama can pay for all his programs without jacking up taxes, and it won’t on just "the rich," believe me. Even if the wealthy were taxed at 100%, it wouldn’t be enough to pay for what he wants: he must extend taxes to the middle classes and small businesses, probably by expanding the definition of rich to the point that it has no meaning. You can bet "wealthy estates" will soon include the small businesses and family farms that parents might want to pass on to their children, who will then have to sell the business or farm to pay the taxes.

Tell me again how that can possibly be good for the economy?

Oh, and as Gaius at Blue Crab Boulevard points out, that last paragraph shows Team Obama must have slept through math class…. Sleepy

LINKS: Meanwhile, the wealthy liberals who backed Obama are just starting to realize they may have elected someone for whom class warfare is more than rhetoric. As Fausta puts it, No shi*t, Sherlock!