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The Obama Tax and Spend Threat to Economic Recovery

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Posted on July 14 2010 12:15 pm
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Remember President Barack Obama’s promise to the American people not to raise taxes? Forget about it. While the President has already raised taxes on cigarettes and tanning beds, none of that compares to what could happen in January. If you earn income, your taxes are about to go up. If Congress does not act to preserve current law, even the lowest 10 percent bracket will rise to 15 percent. Throw in tax hikes on capital gains, dividends and other tax code fixes, and the American economy is staring straight down the barrel of $3.2 trillion tax hike over the next ten years.

It doesn’t take a genius to realize that raising taxes by $3.2 trillion dollars would be an economic recovery killer. Even Sen. Evan Bayh (D-IN) admitted to CNBC yesterday: “We don’t need to raise taxes now.”

Read the whole thing.

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