
 |
|
June 17, 2013
June 12, 2013
Stephanie Hanes: Little girls or little women? The Disney princess effect
Fred Weir: In tweak to US, Russia would 'consider' asylum for Snowden
June 10, 2013
The Kosher Gourmet by Anjali Prasertong: A tart filling so good it might not make it to the crust
June 5, 2013
John Rosemond: Mom, Dad: Talk More and listen less
Kristen Chick: Egypt court sentences 43 pro-democracy workers to prison
June 3, 2013
Molly Hennessy-Fiske: Military judge to consider letting Fort Hood shooting defendant represent himself
May 29, 2013
Andrew Connelly and Helene Bienvenu: The Little Synagogue that Refused to Die
May 24, 2013
Rabbi Tzvi Hersh Weinreb: When I didn't so 'humbly disagree'
May 22, 2013
John Thorne:
They launched the 'Arab Spring' but now yearn for the good old days of a strongman
May 20, 2013
Richard A. Serrano: Is Meir Kahane's assassin now a changed man?
Melissa Healy: Genetic copies of living people from embryos no longer science fiction
Jewz in the Newz by Nate Bloom : Jews Inducted into Rock Hall of Fame; Anton Yelchin co-stars in New "Trek" film; Kutcher (but not Kunis) visits Israel; Jewish TV Star Praises Jewish Rap Star
The Kosher Gourmet by Cathy Pollak: WARNING: This WALNUT CAKE WITH PRALINE FROSTING, perfect for afternoon coffee, is addicting
|
| |
Jewish World Review
Oct. 25, 2007
/ 13 Mar-Cheshvan
The Dems' hidden tax plans
By
Dick Morris & Eileen Mc Gann
| 
|
|
|
|
http://www.JewishWorldReview.com |
It's easy to see the disguises that the Democratic Party is planning to don for Halloween. Not this year, but in 2009, after they have elected Hillary as president and as many as 58 Democratic senators. (Possible takeaways in Minnesota, New Hampshire, Maine, Oregon, Virginia, Nebr aska, Colorado and New Mexico.)
While we can only speculate on the taxes they are planning to increase "everything" would be a safe bet it is becoming clear how they will dress the tax increases up to make the radical change they will, in fact, represent seem moderate and reasonable, even necessary to protect the "middle class."
Put the pieces together:
Why are the Democrats adopting a one-year patch for the Alternative Minimum Tax (AMT) rather than a long-term fix?
And why are liberal leaders like Sen. Charles Schumer (D-N.Y.) opposing closing the loophole that protects private equity hedge funds? And why is Ways and Means Committee Chairman Charles Rangel (D-N.Y.) pushing for a broad-based fix closing capital gains treatment for all partnerships, not just for hedge funds, even though he must realize that such broad-based reform can't pass?
And why did Senate Majority Leader Harry Reid (D-Nev.) and other Democratic leaders hail the action of the Budget Committee as representing a tax cut when all it did was to include in its long-range plans the renewal of some, but scarcely all, of the Bush tax cuts that will sunset in the next four years?
The answer is that the party is concocting an elaborate costume with which to disguise its coming mammoth tax increases.
Once the Democrats firmly control both ends of Pennsylvania Avenue, they will probably:
Raise the top bracket on the income tax back up to 40 percent from its current 35 percent.
Increase the Capital Gains Tax from its current 15 percent to 30 percent or, perhaps, eliminate it entirely and tax these gains as ordinary income (at 40 percent).
Double, triple or perhaps eliminate the ceiling on FICA taxes so that instead of taxing only the first $99,000 of income, the levy covers a much higher portion of earned income.
Repeal much of the rollback in estate taxes passed by Bush.
The combined effect of these increases will be horrific, and will probably trigger a recession. As Election Day 2008 nears, it is easy to anticipate massive sell-offs of stocks and real estate in anticipation of a Democratic increase in capital gains rates.
So, to induce America to swallow their tax poison, the Democrats understand the need to camouflage their intentions and hide the m in the rhetoric of middle-class tax cuts.
So here's what they'll do. They will bill their tax increases as a middle-class tax cut by including in the calculation the Bush middle-class tax cuts, which they will not permit to sunset, and also by taking credit for a long-term fix of the AMT. Together, the sums "saved" by these "tax cuts" will be gigantic, at least on paper, and will permit them to call their revenue-raising leviathan a tax reduction. Of course, no actual middle-class human being will see his or her taxes cut. The Bush tax cuts will just continue and the theoretical harm of the AMT will be averted.
Then they will repeal the carried interest exemption on all partnerships (real estate and energy as well as private equity) and will hold up the massive and obscene earnings of hedge fund managers and their unjustifiable tax preferences as the poster child for their tax increases. They will feature Blackstone and its billion-dollar executives as the targets of their tax increases.
All of this camouflage will fool enough people to get the votes in a Democratic Congress to pass their tax program. But once the increases start being felt on tax day, it will be a different story. But, by then, it will be too late. Halloween will be every day.
Every weekday JewishWorldReview.com publishes what many in in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.
JWR contributor Dick Morris is author, most recently, of "Outrage: How Illegal Immigration, the United Nations, Congressional Ripoffs, Student Loan Overcharges, Tobacco Companies, Trade Protection, and Drug Companies Are Ripping Us Off . . . And". (Click HERE to purchase. Sales help fund JWR.) Comment by clicking here.
Dick Morris Archives
© 2007, Dick Morris
| |

Arnold Ahlert
Mitch Albom
Jay Ambrose
Michael Barone
Barrywood
Lori Borgman
Stratfor Briefing
Mona Charen
Linda Chavez
Richard Z. Chesnoff
Ann Coulter
Greg Crosby
Larry Elder
Suzanne Fields
Christine Flowers
Peter Funt
Frank J. Gaffney
Bernie Goldberg
Jonah Goldberg
Julia Gorin
Jonathan Gurwitz
Paul Greenberg
Argus Hamilton
Victor Davis Hanson
Betsy Hart
Ron Hart
Nat Hentoff
A. Barton Hinkle
Jeff Jacoby
Paul Johnson
John Kass
Jack Kelly
Ch. Krauthammer
David Limbaugh
Kathryn Lopez
Rich Lowry
Michelle Malkin
Jackie Mason
Ann McFeatters
Dale McFeatters
Dana Milbank
Jeanne Moos
Dick Morris
Jim Mullen
Deroy Murdock
Judge A. Napolitano
Bill O'Reilly
Clarence Page
Kathleen Parker
Star Parker
Dennis Prager
Wesley Pruden
Tom Purcell
Sharon Randall
Michael Reagan
Robert Robb
Cokie & Steve Roberts
Heather Robinson
Debra J. Saunders
Martin Schram
Greg Schwem
Culture Shlock
David Shribman
Roger Simon
Lenore Skenazy
Michael Smerconish
Thomas Sowell
Mark Steyn
John Stossel
Cal Thomas
Dan Thomasson
Bob Tyrrell
Diana West
Dave Weinbaum
George Will
Walter Williams
Byron York
Cathy Young
Mort Zuckerman

Eric Allie
Robert Arial
Chuck Asay
Baloo
Nate Beeler
Lisa Benson
Chip Bok
Dry Bones
John Branch
Daryl Cagle
Patrick Chappatte
John Cole
Paul Combs
J. D. Crowe
John Darkow
Bill Day
John Deering
Sean Delonas
Brian Duffy
Everything's Relative
Randall Enos
Mallard Fillmore
David Fitzsimmons
Glenn Foden
Jake Fuller
Bob Gorrel
Walt Handelsman
Joe Heller
David Hitch
Jerry Holbert
David Horsey
Lee Judge
Steve Kelley
Mike Keefe
Jeff Koterba
Dick Locher
Chan Lowe
Jimmy Margulies
Gary McCoy
Rick McKee
Jack Ohman
Jeff Parker
Milt Priggee
Michael Ramirez
Rob Rogers
Steve Sack
Bill Schorr
Drew Sheneman
Kevin Siers
David Ray Skinner
Jeff Stahler
Scott Stantis
Danna Summers
Gary Varvel
Kirk Walters
Christopher Weyant
Larry Wright
Dan Wasserman
Adam Zyglis

Tech Q&A
Mr. Know-It-All
Ask Doctor K
Richard Lederer
Frugal Living
On Nutrition
Bookmark These
Bruce Williams
|