Higher Taxes for Everyone!

theCL  2009-10-06  Economic, Taxes

The economy continues to crumble, the national debt is unsustainable, and American taxpayers are strapped ... So what do the Democrats have up their sleeve now?

More Taxes!

Higher taxes in health care bill

Congressional tax experts say Senate health care legislation would impose $29 billion more in taxes on health care industries than originally thought.

The Joint Committee on Taxation says drug companies, medical device manufacturers and insurers would pay $121 billion over 10 years as a result of taxes in the Senate Finance Committee bill.

Nevermind that as far as the dollar is concerned, the writings on the wall.

UN calls for new reserve currency

The United Nations called on Tuesday for a new global reserve currency to end dollar supremacy which has allowed the United States the "privilege" of building a huge trade deficit.

"Important progress in managing imbalances can be made by reducing the reserve currency country?s 'privilege' to run external deficits in order to provide international liquidity," UN undersecretary-general for economic and social affairs, Sha Zukang, said.

China had called in March for a new dominant world reserve currency instead of the dollar, in a system within the framework of the Washington-based IMF.

Like I said, nevermind that, because Barack Obama and Nancy Pelosi have a special treat for you!

Speaker Pelosi Hints at Massive Tax Hike

Speaker Nancy Pelosi joined a growing liberal chorus calling for a massive tax hike through the implementation of a value added tax (VAT). A VAT is similar to a national sales tax. Businesses would pay it at each stage of the production process and consumers at the cash register. European countries have had VATs for years.

It's almost like they're destroying the economy on purpose.

Headed for a 'VAT' of higher taxes (emphasis added)

When Obama took office, the deficit stood at $1.2 trillion -- then a record. But he was determined to pursue his agenda, so he and Congress doubled down and exploded the deficit by passing a $787 billion stimulus and a $410 billion spending increase. Then President Obama proposed, and Congress adopted, a budget that will increase the national debt by $7.5 trillion over 10 years. As a result, this year's deficit will likely hit $2 trillion, almost double what it was when President Obama took office. And deficits from 2010 through 2019 will average just under $1 trillion.

This out-of-control spending has led us to a point where the backers of bigger government consider higher taxes on all Americans unavoidable. In a cruel irony for taxpayers, this might have been the plan all along: to increase spending so much and so fast that massive tax hikes became almost inevitable. This plan to "glut the beast" stands in stark contrast to the "starve the beast" approach favored by President Reagan.

If it becomes law, the VAT promises to be a whopper of a tax hike. Some have suggested a VAT rate set to raise $1.3 trillion each year. That would raise the taxes of each household in the U.S. by $10,700 annually on average. All that money, taken from families and businesses and given to a spendthrift president and Congress, would seriously harm the economy. A VAT levied on top of all the income, payroll and other taxes we already pay would mean less money for families to buy goods and services, or to save and invest for rainy days and retirement.

Businesses would have less money to expand operations, add new jobs and raise wages. Economic growth, and the jobs and wages that come with it, would suffer.

There's trouble ahead folks. Real trouble ahead.