From the Oven to the Frying Pan
Just when you thought it couldn’t get any worse after the House of Delegates early morning tax grab this weekend, I received this note from our friends at the Maryland Tax Payer’s Association:
Dear Maryland Taxpayer Advocate:As if the impending Maryland tax hikes and a wobbly stock market were not enough, the Democratic Leadership in the US House of Representatives is planning to pass a national prosperity-killing measure called the Rangel tax bill. The bill is costed on the assumption that the Bush tax cuts of 2001 and 2003 will not be renewed. Click here to go to your Congressional District in Maryland (or elsewhere) to see the hit your family’s budget will take should the Rangel tax bill be enacted.
For chapter and verse on the Rangel tax bill and its consequences to our future, read this Heritage memo: The End of Pro-Growth Tax Policy: How the Rangel Tax Bill Could Affect the U.S. Economy. Says the Heritage analysis:
“Standing behind this bill is a massive shift in tax policy thinking—from enhancing broad economic activity to broadly expanding federal revenues.”
Go here to see the Administration’s veto warning on the flawed AMT “patch” the Democratic leadership pushed through the U. S. House of Representatives yesterday.
Representative Roscoe Bartlett explains: “Today, I voted no on a bad bill because it provides for temporary tax relief in exchange for permanent new taxes. House Democrat leaders pushed through a proposed permanent tax increase of 130 percent for a temporary one-year fix of the Alternative Minimum Tax (AMT). Democrat leaders’ delay of a real resolution to the AMT problem will cause as many as 50 million Americans to face delays in receiving tax refunds next year. More than 20 million Americans also face tax increases averaging $2,000.”
See page 6 of the pdf to see the hit Maryland households will take. Don’t forget to add the hit from the O’Malley tax grab on top of that, once our masters in Annapolis decide they feel like telling us what the cost will be.
Wave temporary “tax relief” as a bait and switch tactic that masks heavier long-term tax burdens, sounds familiar doesn’t it. At least O’Malley was not as brazen to propose earmarks to name an entire library and new office after himself at taxpayer expense (give him time). Charlie Rangel wasn’t so humble. See below.