ON JANUARY 1, 2013, JUST 56 DAYS after the November 6 presidential election, a series of temporary tax cuts will lapse, and rates will automatically and immediately “snap back” to where they once were, in some cases more than a decade ago. These increases will add $500 billion to the nation’s tax burden in 2013, and, over the next decade, will take $5 trillion out of the economy and ship it to Washington.
the “Buffett Rule,” a 30 percent tax on incomes over $1 million, would raise only $47 billion in the next decade, during which time Obama’s debt is projected to grow by $6.8 trillion. Average voters are reminded only that Obama will be back to get the missing $6.795 trillion from the middle class. (Again, trickle-down taxation: Democrats talk about taxing the rich and then end up taxing the middle class.)