Obama Economic Logic Akin to Madness...
by: Les Carpenter Rational Nation USA Liberty -vs- Tyranny Since 1980 total Federal Tax increases have totaled 3.3% of GDP. If President Obama is reelected the possibility of a huge 3.5% Federal Tax increase in quite likely. Impact on the business sector, our economy, and the middle class in particular will be staggering. AEI - All the 2001 and 2003 Bush tax cuts. Gone. It would have been the Mother of All Tax Hikes, a $3 trillion tax increase during shaky economic times. It would have broken a campaign promise not to raise taxes on middle-income Americans. President Obama was shockingly close to embracing such a plan back in 2009. And if he’s reelected in 2012, Obama may well reconsider the idea and let all the Bush tax cuts expire as they are scheduled to do in 2013. At least, that’s the story—and prediction—told by journalist Noam Scheiber in his new book, The Escape Artists: How Obama’s Team Fumbled the Recovery. Short version: In the fall of 2009, Obama’s chie...