Tuesday, February 12, 2008

The Obama Tax

It's ugly:

This would be the largest tax increase in U.S. history, more than $1.3 trillion in new taxes over the first ten years alone, with significant consequences for taxpayers and the American economy. As bad as that would be in the aggregate, it would be even worse for individual workers. Some 9.2 million Americans would see their taxes increased.

Obama's tax increase would saddle the United States with the highest marginal tax rate in the world — higher even than countries like Sweden. Studies based on the WEFA macroeconomic model, a metric developed by economists at the Wharton School of Business and employed widely by Fortune 500 companies, suggest that they would cost the United States as much as $136 billion in lost economic growth over the next 10 years, and as many as 1.1 million lost jobs.

If only we had another choice...