This will be the largest tax increase in HISTORY. Hang on to your hats. Things are going to get very rough. Say goodbye to Jobs. I wonder what the strategy is when the administration slashes common sense things like: The child tax credit will be cut in half from $1000 to $500 per child. The AMT will ensnare over 28... million families, up from 4 million last year. The standard deduction will no longer be doubled for married couples relative to the single level. Small business expensing will be slashed and 50% expensing will disappear. Everyone is about to see their taxes go up a great deal. Even the Earned Income Tax Credit for poor people is on the table. This is not good policy. But we voted this in and now we have to live with it.
Worse, Obama has laid a trap that the Republicans are walking right in to.
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