Tax Hikes For All!

From Tim Andrews on Monday, July 6, 2009 4:37 PM

David Boaz from the Cato Institute has written up a great summary of all the tax hikes proposed by President Obama and his Administration.

They include:

Raise the top income tax rates from their current 33 percent and 35 percent rates to 36 percent and 39.6 percent in 2011
Limit itemized deductions for people paying high rates
Increase capital gains and dividend taxes by 33 percent for people paying high income tax rates
Impose a value-added tax (VAT) on all goods and services
Raise the Social Security tax by lifting the cap
Raise a variety of business taxes by $353 billion over 10 years, including repeal of LIFO rules, restoring Superfund taxes, seven tax increases on energy companies, and more
Tax employer-provided health benefits
Implement a cap-and-trade system for emissions permits, the functional equivalent of a massive new tax
Tax drivers on their mileage

And many, many more. As David Boaz notes, "together they illustrate the mindset of an administration and a Congress determined to extract as much money as they can from Americans rather than cut back on expenditures, which have doubled in about eight-and-a-half years."

Check out the full list at Cato@Liberty .

(Photo Credit: Herzogbr)

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Tax Hikes For All!

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