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your-looming-tax-hikeWashington Times:

Every American’s paycheck will be smaller on Jan. 1 — the only question is by how much. The payroll-tax break put in place two years ago will expire Dec. 31, and no one in Washington wants to extend it again. On top of this, all income tax rates will rise unless Congress and President Obama act.

A newly discovered audio recording explains why Mr. Obama prefers the current state of affairs. “I actually believe in redistribution,” he said in 1998 at Loyola University. It’s perfectly consistent for a redistributionist to want to raise rates for the upper-income brackets and small businesses in order to bestow greater entitlements on the growing segment of society that pays no income tax.

“I know some believe that government should take from some to give to the others. I think the president makes it clear in the tape that was released today that that’s what he believes,” Mitt Romney told Fox News Channel’s Neil Cavuto on Tuesday. “Free people pursuing free enterprise is the only way we’ll create a strong and growing middle class and the only way we’ll help people out of poverty.”

If elected, Mr. Romney promises to work to enact legislation retroactively maintaining current tax rates for next year, persuade Congress to overhaul the system to eliminate loopholes and deductions, and then lower everyone’s rates by 20 percent.



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Published: Sept. 21, 2012 Updated: Sept. 23, 2012 9:00 a.m.

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Mark Landsbaum: The good, the bad and the ugly about tax plans in the presidential campaign

By MARK LANDSBAUM / Register columnist

There are three options for fixing the federal tax code; two of them are proposed, one pretty much is ignored. Call them the good, the bad and the ugly.

Yes, there are good taxes. More on that later. Unfortunately, the other two options get more attention in the presidential campaign.

President Barack Obama's plan is bad. It would heap on more of what makes the tax code so pernicious – higher taxes on a select group of Americans, variously identified as the "rich," the "wealthiest" and other euphemisms meant to convey the idea that there are some people who earn too much more money than other people earn, therefore it should be taken from them disproportionately by an all-wise government. This is punitive, envy-inspired and, even from the government's perspective, shortsighted.

"An economy constrained by high tax rates will never produce enough revenue to balance the budget, just as it will never create enough jobs or enough profits," Democratic President John F. Kennedy observed a half-century ago. Today, more than half the federal government's income-tax revenue is taken from the richest 3 percent of Americans, reminiscent of Kennedy's era, when the top tax rate was a mind-boggling 91 percent. The rate was slashed to 70 percent during JFK's administration and to 28 percent under President Ronald Reagan in the 1980s. As a result, tax receipts soared, demonstrating that high rates drive income into creative tax-sheltering strategies, while lower rates end up with more taxes paid into the Treasury. Scissors-32x32.pnghttp://www.ocregister.com/opinion/tax-372400-government-obama.html

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