There’s a plan afoot to hike your taxes after the November election. Who woulda thunk it?
According to Americans for Tax Reform, President Obama has already signed 21 tax hikes into law that hammer middle class and low income taxpayers. Included are a massive tax hike on tobacco, ObamaCare individual mandate surtaxes, ObamaCare employer mandate taxes, ObamaCare taxes on indoor tanning, and something called the “economic substance doctrine” that empowers the IRS to remove tax deductions from the code without the consent of Congress. Americans are already overtaxed.
Now there is widespread fear that some Republicans may go wobbly on holding the line against tax increases. Instead, they might agree to raise taxes now in exchange for promises of future spending cuts—cuts that probably will never happen. What animates these fears is word that former Republican Senator Alan Simpson and Erskine Bowles, President Clinton’s former Chief of Staff, a huddling with Republican and Democratic lawmakers to revive the 2010 Simpson-Bowles tax-hiking plan.
Not all Republicans will be tempted. But if enough fall for the false argument that we need a Grand Bargain of tax hikes and spending cuts to reduce debt caused by over-spending in the first place, then Americans will wind up paying more for a government that already spends way too much.
According to Reuters, Bowles and Simpson are “working with a bipartisan group of 47 Senators and as many House members to frame a compromise on $7 trillion in looming fiscal decisions.” Bowles was quoted as saying “I believe this group will come together during the lame duck.” They are planning this attack on your wallet after the November elections so that you, the taxpayer, have no opportunity to express your displeasure at the polls.