Tuesday, November 21, 2006


Is George Bush ready to go along with the Democrats on a tax increase? Lawrence Lindsey of The American Enterprise Institute certainly thinks so. In this article entitled "Compromised" Lindsey suggests that Bush may be signalling his willingness to go along with Democrats on a tax increase. A huge tax increase. In fact, the tax increase would bring the tax level on the evil, wicked, wretched, nasty, filthy rich to a level not seen since the Carter Administration .. if then.

Here's the rumor: Bush is going to go along with a Democrat plan to eliminate the earnings cap on Social Security taxes. This would only affect people who make over $100,000 a year. The greatest impact would be on those who's income is measured in seven figures. Lindsey writes that the new effective tax rate for entrepreneurs would go up by more than 10 percent. Then, in 2011, it would go up another 4.3%. That's almost a 15% tax increase over five years.

More on this later .. but I just though I would fire a shot across your bow now. Better read the article and grab your wallets.

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