Here Come The Tax Hikes

Raising taxes during a recession (depression) has proven to be bad economic policy. This is the beginning of what will be a nasty class warfare.-Lou

By Lori Montgomery and Ceci ConnollyWashington Post Staff Writers

......Obama also seeks to increase tax collections, primarily by making good on his promise to eliminate the temporary tax cuts enacted in 2001 and 2003 for wealthy taxpayers, whom Obama defined during the campaign as those earning more than $250,000 a year. Those tax breaks would be permitted to expire on schedule for the 2011 tax year, when the top tax rate would rise from 35 percent to more than 39 percent.

Obama also proposes to maintain the tax on estates worth more than $3.5 million, instead of letting it expire next year. And he proposes "a fairly aggressive effort on tax enforcement" that would target tax havens and corporate loopholes, among other provisions, the official said.

Read Article Here:

http://www.washingtonpost.com/wp-dyn/content/article/2009/02/21/AR2009022100911_pf.html