On January 1, the largest tax increase ever will befall American taxpayers. That is, unless Congressional Democrats and Obama stop their nonsense about taxing the rich. According to the private-sector-hating Democrats, the rich need to pay more in taxes. Never mind the fact that they already pay more in taxes now than they did in the nineties. Never mind that the bottom 40 percent of taxpayers receive a net subsidy from the IRS. Never mind that raising taxes on ANYONE would cripple the already fragile economic recovery.
Republicans realize the the rich already pay more than their fair share of taxes. They don’t want ANYONE to face a tax increase at a time like this.
Democrats argue that extending the current rates will add $700 billion to the deficit. Suddenly, the Dems are deficit hawks.