Sunday, July 25, 2010

Ben [Bernanke] Sees
Taxes Swamping Economy

by Terry Keenan - July 24th, 2010 - New York Post

Why are well-off consumers turning so thrifty this summer? While the [New York] Times grasped for an answer, citing the recent stock market sell-off and general consumer malaise, it ignored the elephant in the room -- the looming tax hikes that have some calling 2011 "The Year of the Tax Increase."

With the very same consumers who drive more than 30 percent of retail sales facing income-tax rates approaching 50 percent here, it's little wonder that they are cutting back.

The biggest tax hike in a generation is less than six months away. Millions of small business owners will be hit by the tax increases as well, adding to the pool of buyers who are putting the brakes on spending.

I have been working for close to a week on an article about the coming tax increases that have already been passed by the Obama regime. It is amazing. All of them hit the middle class. They have been insidiously hidden in bill after bill after bill passed by the Democrats in the last two years. All were delayed to hide the political effect. Yet all are coming due soon. Right now everyone is focused on the expiration of the so-called Bush-tax-cuts. And they are a major component of the coming tax tsunami. Yet in reality, even if these cuts are extended, next year is going to be the start of a constant surge in taxes that will rapidly drive tax rates above the rates that nearly destroyed our economy under Carter.

Those who have money are finding ways to hide it from the Democrat tax machine. In the process they are proving once again that Democrats are too stupid to ever expect the "unintended consequences" of their socialist practices. These "unintended consequences" always doom them to destroying American wealth and jobs.


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