"Mother of all Tax Hikes" Goes Hollywood on Halloween
As if they hadn't scared us enough, now the Democraps, under the direction of Rep. Charlie Rangel, have unveiled the "mother of all tax hikes."
The basics of the package are simple: This is the largest individual income tax increase in history. Democrats are trying to lock Congress into a system which would raise taxes by $3.5 trillion over ten years.
Watch the movie trailer.
A bill like this will hurt our nation’s competitiveness and cost us American jobs. The Rangel bill is the first step down a road none of us want to follow.
Call your Congressman today!
$3.5 Trillion in 10 years, Hell, Bush jacked us with $5Trillion in Deficit Spending Tax Increases in only 6.5 years. The kicker is that with the Bush Charge and Spend Tax increases there is a $600Billion Interest charge EVERY YEAR until its paid off.
So, let's do the math, starting now [and ignoring the interest generated in the past few years] AND cutting the rate in HALF in case of treasury rate cuts. Bush's Charge and Spend $5Trillion Tax Increase becomes, [after that same 10 years of the Rangle $3.5Trillion] a whopping $8,954,000,000,000!!!
So to be clear, The $5Trillion Deficit Run up by Bush in his budgets, suplementals, executive signing orders and failure to veto ANY spending by the Republican Congress for SIX years is going to COST $8.954TRILLION unless monies are paid to reduce the NATIONAL DEBT. This will run the NATIONAL DEBT, based SOLELY on the $5T up to $14Trillion by the year 2018.
To be more clear Bush will have been responsible for nearly $NINE TRILLION in NATIONAL DEBT - Double all the other Presidents combined!
That $3.5 Trillion [less than 10% over current budgets] over 10 years doesn't seem to much now does it?