Obama Budget Seeks $1.1 Trillion in Tax Hikes
WASHINGTON -- While President Barack Obama is proposing to cut some taxes for companies that hire workers, his budget would raise a host of other taxes on businesses and wealthy individuals.
The budget proposal released Monday would extend Obama's signature Making Work Pay tax credit -- $400 for individuals, $800 for a couple filing jointly -- through 2011. But it would also impose nearly $1 trillion in higher taxes on couples making more than $250,000 and individuals making more than $200,000 by not renewing tax cuts enacted under former President George W. Bush. Obama would extend Bush-era tax cuts for families and individuals making less. [Click to read story]
Imposing more taxes on "wealthy" couples will mean:
(1) Less investment in businesses. Therefore, more unemployment.
(2) Not hiring as many housekeepers, drivers, lawns people. Therefore, more unemployment.
(3) Not spending as much for goods. Therefore, more unemployment.
On the other hand, with all these new taxes, the government can afford to put more people on unemployment and welfare.
Sounds like a great idea all the way around!
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