Obama s Stimulus Has Spread the Wealth Around : Are Tax Hikes Next? heritage.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from heritage.org Daily Mail and Mail on Sunday newspapers.
Abstract: Since 1996, Congress after Congress has voted to lighten the tax burden on Americans. The current Congress will decide this fall whether to continue this policy or to significantly raise personal income taxes. President Obama has advanced a plan that reverses the long-standing successful policy: The President and his supporters are calling for tax increases, primarily on upper-income taxpayers and businesses including small businesses, the primary job creators in the country.
Since the passage of the 2001 and 2003 tax cuts, critics haveclaimed incessantly that they disproportionately benefited the richwhile burdening the poor. Now that the data is in, these claimshave been shown to be unquestionably false.
Congress recently passed the fiscal year 2010 budget resolution,which includes several provisions that will significantly raisetaxes and hurt economic recovery.