October 24, 2006
First, Minority Leader Nancy Pelosi has promised that election of a Democratic House would insure "a rollback of the [Bush] tax cuts." Rep. Charles Rangel of New York, who would be chairman of the Ways and Means Committee, would make sure no tax cut extension bill would ever get to the floor. He voted against the 2001 and 2003 Bush tax cuts and the bill that later extended the tax cuts until 2010 (as did all but seven of the 205 Democratic House members). In September Mr. Rangel said that he "cannot think of one" Bush tax cut he would agree to renew.
Investors Business Daily recently pointed out that since the Bush tax cuts took effect in 2003, "the economy has added $1.26 trillion in real output, $14.4 trillion in net wealth and 5.8 million new jobs." But that progress doesn't seem to matter to the liberals, whose primary goal is to raise income tax rates. "Taxing the rich" will be the leading economic argument of a 2007 Democratic House, and a rollback tax bill of some kind will reach the floor.
Second, President Bush will not be able to re-energize his effort for individually owned Social Security accounts, for "preventing the privatization of social security" is in the Democratic National Committee's "6-Point Plan for 2006." Democrats don't trust people to own or invest their own retirement funds--better to let a wise government do that, for as socialist Noam Chomsky says, "putting people in charge of their own assets breaks down the solidarity that comes from doing something together." And since Congress gets to spend Social Security tax receipts that aren't needed to pay benefits, letting people invest their payments in their own retirement accounts would be a costly revenue reduction that the new, bigger-spending Congress won't allow to happen.
Via Instapundit. Yikes. Read the remaining points. Double yikes.
Posted by: Francis W. Porretto at October 24, 2006 12:41 PM (PzL/5)
Posted by: Sarah at October 24, 2006 04:58 PM (7Wklx)
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