Thursday, April 10, 2008
Taxes - Looks like they're coming: Big Time!
It's your money and it's your vote!
Use it wisely...
Use it wisely...
John F. Cogan and R. Glenn Hubbard report in the Wall Street Journal:
"...we stand on the verge of a very large tax increase, one that will occur unless the next Congress and president agree to rescind it. Letting the Bush tax cuts expire will drive the personal income tax burden up by 25% – to its highest point relative to GDP in history.
This would be the largest increase in personal income taxes since World War II. It would be more than twice as large as President Lyndon Johnson's surcharge to finance the war in Vietnam and the war on poverty. It would be more than twice the combined personal income tax increases under Presidents George H. W. Bush and Bill Clinton. The increase would push total federal government revenues relative to GDP to 20%."
