Major Tax Hike on the Way

Here's the headline: "Obama's First Budget Seeks To Trim Deficit". How nice. We wouldn't want to put the words "higher taxes" in a headline about Obama, now would we?

Obama is planning to raise taxes on the "wealthy" and businesses. Apparently Obama has forgotten that we are in a recession. The administration has announced a White House summit on "fiscal responsibility." I wonder if Obama has to stop himself from laughing out loud when he says that phrase, considering he just signed the most fiscally irresponsible bill in our nation's history.  

Serious investors (i.e. those making over $250,000) will see their capital gains tax raised from 15-20% - that should really help the stock market, which has already dropped 10% in the month since Obama took office. Capital gains taxes reduce the incentive to invest. Investing is already a scary prospect - now investors have another huge reason to sit on their money, instead of using it to create jobs. Obama plans to raise total taxation by 19%. Considering the times we are in, this is economic malpractice.

As I've noted many times on this blog - taxes on corporations and small businesses hurt everyone - they don't just punish big bad business and people dressed like the Monopoly Man. Those taxes are passed down to you and I in the form of higher prices. Higher prices mean decreased demand for those goods and services, which means the companies have to lay more people off - maybe even you. 

If Obama really cared about the deficit, he wouldn't have signed a bill loaded with hundreds of billions in pork projects for Democrats in the House and Senate. This is all part of a plan to advance his health care agenda which will further erode our economy, reduce economic freedom, and introduce us to government-rationed health care.