Conservatively Speaking
State Senator Mary Lazich (R-New Berlin) represents parts of four counties: Milwaukee, Waukesha, Racine, and Walworth. Her Senate District 28 includes New Berlin, Franklin, Greendale, Hales Corners, Muskego, Waterford, Big Bend, the town of Vernon and parts of Greenfield, East Troy, and Mukwonago. Senator Lazich has been in the Legislature for more than a decade. She considers herself a tireless crusader for lower taxes, reduced spending and smaller government.
Socking it to the wealthy comes up woefully short
The Heritage Foundation has been carefully analyzing the impact of President Obama’s tax and spending proposals. The President claims he will raise taxes, and the increases will only be imposed on the wealthy.
The implication is clear. President Obama hopes most Americans will have a knee-jerk reaction that the wealthy can afford higher taxes, so why not? The Heritage Foundation says because spending is so out of whack, the president’s plan does not come close to fixing the economy:
“Obama’s current tax hike plan would raise the top two income tax rates from 33 and 35 percent to 36 and 39.6 percent, respectively. This tax hike will take effect on January 1, 2011, if he has his way and will slow the already badly struggling economy. This will keep unemployed Americans out of work longer and suppress the wages of those fortunate enough to retain their jobs. In fact, the higher tax rates Obama calls for will destroy an average of 800,000 jobs per year by the end of the decade and lower incomes by $720 billion over that same period. Over the next 10 years, the Obama tax hikes will take almost $700 billion from taxpayers. That is only 8 percent of the nearly $9 trillion President Obama’s budget adds in debt over that same period.”
The Heritage Foundations reaches the proper conclusion:
“Low tax revenues are not the cause of the debt explosion; spending is. If President Obama and Congress committed to spending reductions, the deficit could be lowered to more acceptable levels without raising taxes a dime.”
Read more here.
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