Buyer's Remorse

If this budget is Mr. Obama's first clear demonstration of his long-term governing priorities, then it's hard not to conclude that this spending boom is deliberate. It is an effort to put in place programs and spending commitments that will require vast new tax increases and give the political class a claim on far more private American wealth.

 - Wall Street Journal, 02/03/10

I keep wondering when all the folks who actually voted for "Hope and Change" start to get nervous and have a bad case of buyer's remorse.

The budget came out on Monday.  It's scary.  It makes me physically nervous and anxious when I think about it for longer than 2.1 seconds. Are you nauseated yet?

Do you remember this promise from the Obama Campaign:

"Under my plan, no family making less than $250,000 a year will see any form of tax increase - not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes." (Sept 08 Town Hall meeting in Dover)

Well, not that anyone's surprised, but taxes are going up.  WAY UP.  The only way to support Obama's spending plans is to increase taxes. He's going back on his word (again).

There are some great articles (linked below) talking about what the budget really means.  It basically means we will pay more...whether you make above $250k or not.  Here are some snippets:

Say goodbye to the Charitable Donation Deduction (people will STOP giving!).

Say goodbye to your marginal tax rate; it's going up.

Say goodbye to your investment earnings...the Capital Gains tax rate is almost DOUBLING!

Say hello to the Death Tax. [Sidenote: I heard a great discussion on the Michael Medved show a few weeks ago about this.  It literally blew me mind. The Federal Government believes they deserve a double dip on your earnings.  Once you die, they want to tax your entire estate AGAIN...and to the tune of 55%.  This WILL get its own post.]

Say goodbye to the College and Tuition Tax Credit....(This is $4k) GONE!

Say goodbye to the State-Sales Tax Deduction...GONE!  (this is a big one for my fellow Washingtonians)

People. Listen Up. Stay informed.  Talk to your friends.  Get the word out.

You are about to empty your pockets and hand over your hard-earned cash-o-lah to the government.

Sources and Goooood Material:
http://online.wsj.com/article/SB10001424052748704107204575039671922399114.html
http://thehill.com/homenews/administration/79161-presidents-budget-seeks-an-end-to-tax-break-for-the-middle-class
http://www.rushlimbaugh.com/home/daily/site_020210/content/01125106.guest.html
http://stossel.blogs.foxbusiness.com/2010/01/20/obamas-broken-promises/
http://blog.heritage.org/2010/02/01/morning-bell-the-obama-budget-higher-taxes-higher-spending-and-more-debt/