The December Surprise
The December surprise will be to propose an offsetting tax increase on the middle class to make the Bush tax cuts permanent, such as a Value Added Tax (VAT), which House Speaker Nancy Pelosi and other top Democrats have already endorsed.
By Peter Ferrara at American Spectator
EXCERPTS:
President Obama himself gave a veiled indication Monday that the Democrats may, in fact, be planning a “December surprise” for voters, after the election.
What Obama is suggesting here is that extending the middle class tax cuts needs to be offset in some way. In other words, allowing the middle class to keep trillions of its own money needs to be “paid for.”
The December surprise will be to propose an offsetting tax increase on the middle class to make the Bush tax cuts permanent, such as a Value Added Tax (VAT), which House Speaker Nancy Pelosi and other top Democrats have already endorsed. That, the Democrats will say, is the serious, responsible approach, relying on the report of the Debt Commission to back them up.
So much for President Obama’s deceptive call for tax cuts for middle class families. This is the “December Surprise” that Democrats are planning for voters.
To restore another economic boom, the Pledge to America should have proposed cuts in the internationally uncompetitive 35% federal corporate tax rate, reducing it to 15% in return for closing loopholes. A 30% cut in individual income tax rates would lower the top 35% rate to 25%, likely without much in loss of revenue. Even better would be an optional flat tax of 15%.
No other country double taxes the foreign earnings of their corporations as President Obama proposes to do to American companies. Such a policy would just transform American companies with foreign businesses overseas into foreign companies with overseas businesses in America, killing still more American jobs in the process.
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