Starting on Jan. 1, 2011, President Obama’s economic recovery policy will begin the implementation of comprehensive, across-the-board tax rate increases for every major federal tax, along with some completely new taxes. Yet Obama and Congressional Democrats seek even more tax increases.
In this insightful Broadside, Peter Ferrara shows that while President Reagan’s tax policies created a 25-year economic boom, the Obama tax tsunami will sink the economy further if it is not stopped. It will produce a double-dip recession in 2011 , if not a full economic crash. President Obama’s tax policies are effectively tax piracy, and they are more likely to lose revenue and leave bigger federal deficits and debt for the country.