March 03, 2009

Obama's Trillion-Dollar Tax Hike

"As the Dow keeps dropping," The Wall Street Journal notes today ('The Obama Economy'), "the President is running out of people to blame." After only five weeks in office,
it's become clear that Mr. Obama's policies are slowing, if not stopping, what would otherwise be the normal process of economic recovery. From punishing business to squandering scarce national public resources, Team Obama is creating more uncertainty and less confidence -- and thus a longer period of recession or subpar growth. ... The market has notably plunged since Mr. Obama introduced his budget last week, and that should be no surprise. The document was a declaration of hostility toward capitalists across the economy.
The hostility is especially evident in Obama's trillion-dollar tax increase. As our friends at Americans for Tax Reform point out, Obama's budget "raises taxes on the family energy bill, small businesses, family farms, your retirement nest egg, housing, charitable contributions, and nearly all large U.S. employers."