The number 2 Democrat in the House, Steny Hoyer, is being quoted by The Hill as saying that the lower tax rates currently enjoyed by the middle class may have to rise. So there you have it. Obama campaigned on there being no tax increases of any kind on people making less than $250,000 per year. He broke that promise when he raised taxes in the Obamacare bill (among other places), but he lied and claimed that his promise only applied to income taxes. the vidoetapes of his statements show him to be a liar, but the media did not bother to point that out for the most part. Now, however, we are seeing the first wave of Obamacrats floating the idea that maybe income taxes on the middle class also must rise. After all, someone has to pay for all that money that got sent to public employee unions for raises and better benefits during a recession.
The article in the Hill also quotes Hoyer as saying that the House would not act unless the Senate did so first. The House does not want a repeat of cap and trade where the Obamacrats passed a bill that would destroy millions of American jobs and drive the cost of living higher for everyone, only to see the Senate back away and refuse even to vote on the bill. This time, the senate has to go first. My guess is that the Senate will do nothing and there will be a monumental tax increase for all Americans in 2011. Obama will proclaim that when he said no tax increases for the middle class of any type he really meant no INCOME tax increases for the middle class other than the massive increase that was already scheduled to take effect in 2011. In other words: more and more lies.
The chairman of the president's council of economic advisors recently published an article in which she pointed out the tax increases are "highly contractive" in effect. In plain English she is saying that the impending tax increase will slow economic growth and maybe tip us back into recession. They will stop job growth and maybe lead to more job losses. They will make the lives of everyday Americans harder and will lead to more people losing their homes and their livelihoods. but Obama is still prepared to go ahead with this all to be able to send goodies to his supporters. Shame on him for doing that. Shame on us for electing him.
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In addition to the fact that Obama's promise clearly went way beyond income tax, it is indisputable that he already raised income taxes on the middle class. One obvious example is the increase in the amount of medical expenses needed before the excess can be deducted. Now, a 50K adjusted gross income means that the first $3750 of medical expenses are not deductible, 7.5% of AGI. Under the new law, the 7.5% has increased to 10%. That same 50K AGI for a middle class person who incurred 6K in medical expenses can only deduct $1K, as 10% of his AGI, or 5K, can't be deducted (compared to $2250 that could be deducted in 2010). A $1250 deduction has been taken away from him. There is no way to spin that as not being an increase in income taxes that will hit many middle class taxpayers.
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