Ready for your MASSIVE tax increases?

"What tax increases?", you might ask.....

THESE tax increases, says Dick Morris.

Noteworthy:

"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 them 
in the rhetoric of middle-class tax cuts."

Of course, the recession could come early, perhaps first quarter 08,
if they're successful in scaring consumers and market managers into
believing that the "sub prime" meltdown is worse than it actually is.

That sort of tactic is a favorite little trick of Dems/Lefties/"Progressives"
when it suits their agenda. 

UPDATE 6:36 pm



It's already begun.



Excerpt:

"By arguing that preventing this tax increase
requires us to raise taxes elsewhere, Democrats
are trying to lock Congress into a system where
we are guaranteed to raise taxes by $3.5 trillion
over ten years.  
That’s right. $3.5 trillion. The baseline that the
Democrats are using for “paygo” includes
revenue from an “un-patched” AMT and from the
tax increases that occur when the 2001 and 2003
tax laws expire after 2010.  Together they total
$3.5 trillion over ten years.  If we play by
the Democrats “paygo” rules, that is the
size of the tax increase we are imposing on the
American people.  That will hurt our nation’s
competitiveness and cost us American jobs.  The
Rangel bill is the first step down a road none of
us want to follow, and I urge you to
oppose it strongly."