Sunday, July 24, 2011

Tax Reform to Generate Additional Revenue

Watch this ABC interview with Treasury Secretary Geithner from this morning and count how many times he uses the Orwellian euphemism for tax increase.

"Tax reform to generate additional revenue."

America, that is called a TAX INCREASE.

Think only millionaires and billionaires are going to be taxed?  Think again.  One of those nasty tax loopholes of the rich that may be reformed away is the ordinary mortgage interest deduction.

Here is one tax almost certainly on the table.  TWO new taxes on airline tickets.  $27.50 new taxes per ticket on the OUTRAGEOUS number of taxes you already pay.

On a typical airline ticket of $300, how much is just tax?  Just guess....

$63.  That is a 21% sales tax when you want to fly.  Get ready to cough up some more dough when you want to travel because the government has decided that the best way to control excessive spending is to give the government more tax money to spend.

Oh, I'm sorry.  Do tax reform to generate additional revenue.