In 1886, President Grover Cleveland stated, “When more of the people’s sustenance is exacted through the form of taxation than is necessary to meet the just obligations of government and expenses of its economical administration, such exaction becomes ruthless extortion and a violation of the fundamental principles of a free government.”
Unfortunately, the American people elected a president who has never run a business, never met a payroll and never earned a profit, yet is opposing the extension of the Bush tax cuts.
Without that extension, a record-shattering $921 billion tax increase will occur that will increase taxes at practically every level. In addition, the marriage penalty will return and dependent deductions will be reduced from $1,000 to $500 per dependent.
At a time when private enterprise is struggling, President Barack Obama and the Democrats want to shackle economic growth by instituting a major tax increase. As always Mr. Obama’s answer is another garbled message that employs class warfare as his catalyst for change rather than genuine leadership.
The Obama administration have created a “hostile environment for investment and job creation.” The massive stimulus plans have proved to be abject failures in helping the economy because they violate common sense.
The real answer to economic growth and real jobs is in private enterprise not government bailouts. The failure to extend all of the Bush tax cut will likely push the U.S. into a double-dip recession. Will the Democrats and Mr. Obama still attempt to blame President George W. Bush?