Tags: obama | tax | hike

Obama Tax Hike on the Way

Tuesday, 30 Jun 2009 07:42 PM

 

Share:
A    A   |
   Email Us   |
   Print   |
   Forward Article  |
  Copy Shortlink

President George H.W. Bush lost the presidency because he broke his 1988 campaign pledge: "Read my lips: no new taxes." Now President Obama is as blatantly poised to disregard his most fundamental campaign promise: "If you make less than $250,000 your taxes will not go up. Not one dime."

In our new book "Catastrophe," we write about the breadth of Obama's planned tax hikes and the heights to which he will drive taxes. To pay for his healthcare catastrophe, Obama will likely make all health insurance premiums, paid by employers, taxable to the employees.

Editor's Note: Get Dick Morris' book, "Catastrophe." Go Here Now.

So if your income is $50,000 and your employer pays $10,000 in health insurance premiums for you, your taxable income will be $60,000. In effect, this means that most taxpayers will have to pay more than a third of their incomes to the federal government.

And Obama's "cap-and-trade" legislation is the exact same as Al Gore's BTU tax which was the centerpiece of Clinton's 1993 tax program. Eventually, Clinton replaced it with a flat 5 cent gasoline tax. But the idea of taxing utility bills to drive down electricity use is as old as the Clinton administration. But Obama can't call it a tax because that would break his pledge. So he calls it cap and trade instead.

Finally, it is obvious that Obama will be unable to restore financial solvency to Social Security and Medicare without big hikes in the payroll tax, coming in 2011!

It is ultimately these tax increases which will drive Obama's congressional majority from office in the 2010 elections.

His stimulus package, raising the deficit damaged the recovery by raising interest rates. Now he will complete the catastrophe by raising taxes. Together, these tax hikes and interest rate increases will choke off any recovery the business cycle would naturally catalyze.

From now on, its Obama's recession.

© Dick Morris & Eileen McGann

Share:
   Email Us   |
   Print   |
   Forward Article  |
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Dick Morris: Democrats Conspiring to Rig Electoral College, Law Passed in 9 States So Far

Tuesday, 15 Apr 2014 09:26 AM

A plan, now stealthily making its way through state legislatures with astonishing speed, would junk the Electoral Colleg . . .

Dodd-Frank Act Has Not Reformed Wall Street

Tuesday, 09 Aug 2011 14:53 PM

July 21 marked the anniversary of the passing of the Dodd Frank Wall Street Reform and Consumer Protection act. Unfortun . . .

Obama's Legacy: Stagflation

Friday, 04 Mar 2011 16:49 PM

Obama's failure to support America's allies in the Middle East and his dithering endorsement of chaos in the region will . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved