Nearly $1 Trillion Net Tax Hike Proposed in Fiscal Commission’s ‘Tax Reform’ Plan

November 12, 2010 06:17


Over the next 10 years, Americans could see a net federal tax hike of $961 billion if the draft recommendations of the National Commission on Fiscal Responsibility and Reform are enacted.

No one should be surprised at this. The goal of this commission since it was introduced by Obama was to give cover for a tax INCREASE to soften the continuing demands for exorbitant federal spending. In July Co-Chairman Bowles said “We can’t grow our way out of this. We could have decades of double-digit growth and not grow our way out of this enormous debt problem.” His premise has always been to find new taxes not new growth. ~ Editor

By Fred Lucas 11-12-2010 at CNSNews.com

EXCERPTS:

This proposed tax hike would include those earning below $250,000, the people that President Barack Obama has repeatedly pledged would not see a tax hike.

The draft of the National Commission’s report from co-chairmen Erskine Bowles, a Democrat, and Alan Simpson, a Republican, talks about “lower rates” and “comprehensive tax reform.” But the lower rates in question do not offset the tax deductions and tax credits that are eliminated under the plan. Thus there would be a net tax increase.

The hikes would encompass increased gasoline taxes, a change in the tax brackets and an automatic tax hike when the budget is not balanced.

FULL STORY



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