Don't Think Higher Taxes are in YOUR Obama Future??

Brian S. Wesbury and Robert Stein on Forbes.com this week offer a clear reason why ALL of us had better hold on to our wallets when we hear President Obama talk about taxes.

Here is an interesting set of facts. If the government increased the top tax rate from the current rate of 35% to 100% (yes, that's right 100%), it would only collect an extra $400 billion this year. In other words, confiscating all the income that is currently taxed at 35% would not raise enough revenue to cover any of the annual deficits projected in the next 10 years. There is no way that tax hikes on the rich alone can pay for proposed spending in the current budget.

Over one trillion dollars of defecits per year for the next 10 years (CBO estimates), and Obama hasn't laid out all of what he wants to spend yet ... or all of what he thinks he will need to spend to get us out of this recession. So if he takes ALL of the rich people's money (and we know he won't), he will still need a lot more from you and me! The tsunami is coming people ... and it ain't global warming that will cause it ... it's the Democrats spending YOUR money!