President Obama's Imaginary Tax Cuts

Obama's Imaginary Tax Cuts
by Richard W. Rahn

Richard W. Rahn is a senior fellow at the Cato Institute and chairman of the Institute for Global Economic Growth.
Added to cato.org on October 26, 2010

This article appeared in The Washington Times on October 26, 2010.

How many times have you heard the president and the congressional Democrats say Americans who make less than $200,000 a year have not had, and will not have, any of their taxes increased? Unfortunately, it is not true, and it is likely to become a whole lot worse.

The 111th Congress has already enacted $352 billion in net tax increases and may, in the upcoming lame-duck session, enact the largest tax increases in history, which will hit every man, woman and child — as well as every business in America.

...

The bottom line is that the exiting Congress may continue to be irresponsible by not doing what is necessary to avoid a huge tax increase in January. Such a tax increase will almost certainly cause a double-dip recession and market chaos. Take heed.

- rest at www.cato.org/pub_display.php?pub_id=12508