The Heritage Foundation has sent out a mailing in which they make the following claims about the consequences for you and me when the Bush tax cuts are allowed to expire in January. I have no link for this, but according to what they say:
When the cuts expire it will be the equivalent of a $2.4 trillion tax increase on families, seniors and businesses.
One hundred million families will face an average tax increase of $1716 per year.
Seventeen million seniors will see their taxes rise an average of $2034.
Small business owners will be socked with an average increase of $3637.
Set aside Mr. Obama's promise that he would not raise taxes on those with incomes less than $250,000 a year. Few believed he was telling us the truth when he made that promise anyway. The question now is, what effect will this additional financial burden have on poverty levels and the average standard of living in this country? The former will necessarily rise and the latter will perforce decline.
Where does this money go? Well, in 2009 $19.6 billion went for frivolous "pork" projects that rewarded special interest groups. Much of it also goes to pay for the administration's stimulus programs that have been such a colossal failure in creating jobs, and, of course, a bloated federal bureaucracy takes their cut.
If you complain that you're being bled dry by our congressional phlebotomists, that you won't be able to manage on what you have left over, then you're told that you're not being patriotic, or that you're just callous, mean-spirited and unwilling to help the less fortunate. Besides, the country voted for hope and change, and, by golly, the Obama administration is going to give it to us. So shut up, stop complaining, fork it over, and have a nice day.RLC