A vote for Obama is a vote for an immediate $500 billion tax hike.
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So now what?
This scheduled tidal wave of tax hikes does not require any vote by Congress. The president does not need to sign anything. It will just happen.
Some hope for a “compromise,” but that’s not likely before the November election. Democrats are campaigning for additional taxes on the rich to pay for Obama’s debt buildup.
This has not worked very well, as the “Buffett Rule,” a 30 percent tax on incomes over $1 million, would raise only $47 billion in the next decade, during which time Obama’s debt is projected to grow by $6.8 trillion. Average voters are reminded only that Obama will be back to get the missing $6.795 trillion from the middle class. (Again, trickle-down taxation: Democrats talk about taxing the rich and then end up taxing the middle class.)
For their part, Republicans know their fingerprints on a tax “compromise” that meets Obama’s demand of at least $1.5 trillion in “new revenue” would cost the GOP the Senate, the presidency, and probably the House. Speaker John Boehner and Senate Minority Leader Mitch McConnell will not allow that to happen.
Official Washington is having a pretend conversation about how a “grand bargain” might be struck during the lame duck. This is to fill newspaper columns and justify ridiculous salaries for K Street lobbyists. The reality is that the November election will strengthen one party or the other: the Republicans, who will control the Senate and/or presidency; or the Democrats, who will have a re-elected president and have no need to maintain a pretense of moderation. Whatever happens on Election Day, neither party will be able to have its way until after January. And then the winning party will.
THE REPUBLICAN STRATEGY is to vote before November to extend all the disappearing tax cuts for one or two years, which would allow (hopefully) a Republican House, Senate, and president to enact tax reform in 2013. Democrats cannot block this legislation in the House, but they can and will stop it in the Senate. Nothing will pass.
Democrats will claim they want to permanently extend many of the Bush tax cuts for everyone except the rich. This might have worked as an argument, except that in 2009 and 2010, Obama, Reid, and Pelosi woke up each day and did no such thing. Why should voters believe that the president truly wants to permanently continue any of them, given that when he had the power and control he chose to extend none?
All this leads to a single point of focus: Tuesday, November 6, 2012.
Smart politicians have perfected the art of separating tax hikes from Election Day with as much distance as possible. This is why tax day, April 15, lies far from the first Tuesday after the first Monday of November.
But the Democrats have made a big mistake. This one time, Election Day sits only 56 days from a $500 billion tax hike, and the only way to stop it is to re-elect a Republican majority in the House of Representatives, add at least four Republicans to the Senate, and install Mitt Romney in the White House. Then, through reconciliation, the House and Senate can extend the lapsing tax cuts for one year, enough time to pass a real revenue-neutral, Reagan-style tax reform, like the one outlined by Rep. Paul Ryan, which drops the personal and corporate income tax rates to 25 percent.
A vote for Obama is a vote for an immediate $500 billion tax hike and the long term continuation of Obama’s downward path toward the fate of Europe.
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
Was the President done in by the economy, or by the politics of the economy?