OT: Google it...

We got lots and lots and lots of reader feedback about this story, and have issued the following advisory:

ADVISORY: Backdoor taxes story

The Feb 1 story headlined ?Backdoor taxes to hit middle class? is wrong and has been withdrawn. The story said lower-income families will pay more under tax provisions scheduled to expire Dec 31. The Obama administration?s budget calls for the extension of those tax provisions for households earning less than $250,000. There will be no substitute story.

GBU Editor

No mention of the Obama administration asking for the story withdrawal?

It IS true by the way, because Obama is allowing all of the Bush tax cuts to expire. Those cuts applied to incomes as low as $30K per year.

Plus Obama gave everyone a dandy $8 more take-home per week, by lowering withholding... some people are going to have to pay more when they file... deservedly, they probably voted for Obama ;-) ...Jim Thompson

it seems you got your first wish.

Today I saw a report where a Congressman was questioning an Obama administration guy and he was talking about the money repayed on TARP loans as if it is already earmarked for further spending.

The Congressman pointed out that the exact wording of the LAW that was passed said that when the money is repaid it is supposed to reduce the debt.

The Obama administration is taking it for granted that that law will be changed.

Taxman RX - Obama sings the beatles song Taxman

( Slight modifications from the original beatles song )

Let me tell you how it will be; There's one for you, nineteen for me. I am the taxman, taxman, taxman I am the taxman, taxman, taxman.

Should five per cent appear too small, Be happy I don't tax em all. I am the taxman, taxman, taxman I am the taxman, taxman, taxman.

If you drive a car, - I will tax Main street; If you try to sit, - Listen now - I will tax your seat; If you get too cold, - I will tax the heat; If you take a walk, - I will tax your feet.

I am the taxman, taxman, taxman I am the taxman, taxman, taxman.

One of the unique and wonderful things about America has always been our self reliance, our rugged individualism, our fierce defense of freedom and our healthy skepticism of government

Don't ask me what I want it for, (ah-ah, mister Wilson) If you don't want to pay some more. (ah-ah, mister heath) I am the taxman, taxman, taxman I am the taxman, taxman, taxman.

Now my advice to those who die, Declare the pennies on your eyes. I am the taxman, taxman, taxman I am the taxman, taxman, taxman.

And you're working for nobody but me.

Taxman!

If Obana is smart, he'll have the legislation to extend thes tax breaks scheduled to be heard in Congress just after all the debate on the healthcare proposals is completed.

Lets see how long the GOP Senators care to drag out that fillibuster.

Well, now you know the money Bush has given away has to come from somewhere. Why blame Obama for being honest?

PH > If Obama is smart, he'll have the legislation to PH > extend the tax breaks scheduled to be heard PH > in Congress just after all the debate on the PH > healthcare proposals is completed. PH >

PH > Lets see how long the GOP Senators PH > care to drag out that fillibuster.

You would expect no political repercussions if Obama arranged things that way?

Now you know why China owns the USA.

don

I have no problem at all with the ignorant paying more taxes. ...Jim Thompson

a) Mr. Obama's giving away money at something like 15-20x Mr. Bush's rate. In 1 year he's already (roughly) doubled Bush's 8.

b) The deficit's a lot larger than people think (the published numbers are not the numbers). Eventually everyone will figure it out and be horrified. Meanwhile, he's not being honest about it. (Assuming he understands it. I'm not sure he does.)

-- Cheers, James Arthur

Ultimately we'll all have to pay more tax.

Gross federal revenue is about $2.1T. The President's budget is advertised as $3.8T. Even if you believe his projections--which you shouldn't--the difference has to come from somewhere.

(People always quote the deficit as ~20% of GDP. Why? The government doesn't own the GDP--its share is but a fraction of that.

The deficit should be put as "% of revenue". Done that way, we're spending twice our income, annually.)

-- Cheers, James Arthur

I'd expect the 'Party of No' to find any way they can to throw a wrench into the process. So, if I were Obama, I'd just write them off as a lost cause.