Reply |The Patriot Post no-reply@patriotpost.us to me
show details 11:16 AM (1 hour ago)
Images are not displayed.
Display images below - Always display images from no-reply@patriotpost.us
Read this on the Web at
http://patriotpost.us/edition/2011/09/14/chronicle/ Chronicle
September 14, 2011
The Foundation
"An unlimited power to tax involves, necessarily, a power to destroy; because there is a limit beyond which no institution and no property can bear taxation."
--John Marshall
Editorial Exegesis
"President Obama unveiled part two of his American Jobs Act on Monday, and it turns out to be another permanent increase in taxes to pay for more spending and another temporary tax cut. No surprise there. What might surprise Americans, however, is how the President is setting up the U.S. economy for one of the biggest tax increases in history in 2013. Mr. Obama said last week that he wants $240 billion in new tax incentives for workers and small business, but the catch is that all of these tax breaks would expire at the end of next year. To pay for all this, White House budget director Jack Lew also proposed $467 billion in new taxes that would begin a mere 16 months from now. The tax list includes limiting deductions for those earning more than $200,000 ($250,000 for couples), limiting tax breaks for oil and gas companies, and a tax increase on carried interest earned by private equity firms. These tax increases would not be temporary. What this means is that millions of small-business owners had better enjoy the next 16 months, because come January 2013 they are going to get hit with a giant tax bill. ... For the White House, the policy calendar is dictated above all by the political necessities of the 2012 election. Mr. Obama will take his chances on 2013 if he can cajole the private economy to create enough new jobs over the next year to win re-election, even if those jobs and growth are temporary. Business owners and workers who would prefer to prosper beyond Election Day aren't likely to share Mr. Obama's enthusiasm once they see the great tax cliff approaching. Look out below."
--The Wall Street Journal
What do you think of Obama's proposed tax hikes?
Upright
"When President Obama outlined his $450 billion jobs plan in a speech before Congress last week, he promised it would all be 'paid for,' and assured us he would present another plan outlining how he planned to do so. ... So much for the 'balanced approach' Obama was so fond of during the debt ceiling debate. The administration will cover the cost of the spending in its new jobs proposal solely by increasing taxes. ... Sound familiar? Recall this line from Obama's speech last week: 'This isn't political grandstanding. This isn't class warfare. This is simple math.' Republicans chuckled when he said that. And now the administration has shown why their laughter was warranted."
--National Review's Andrew Stiles
