“Happy” Tax Day [out of date]
Good morning, and welcome to Tax Day.
For about 45% of all Americans, today has very little meaning because they do not pay federal income taxes. For the rest, today’s date serves as a constant reminder to the immense cost and complicated nature of our federal government. And, with mounting debt, many are predicting that cost and burden will only increase, especially for middle class families and small businesses.
Not only has President Obama pledged to raise taxes, his signature legislative achievement – Obamacare – is chock full of increases. As The Heritage Foundation’s Brian Riedl notes, the 2001 and 2003 tax cuts are not the driving force behind today’s deficits; and ironically, rapidly increasing entitlement spending (oh, and Obamacare!) will cause nearly 100% of rising long-term deficits.
President Obama will be trying to sell his budget and tax increase plan to the American people this week. At the same time, he’ll be defending his prized spending priorities and attacking conservatives for offering a viable plan to put America back on the right track.