If re-elected, President Obama and Vice President Joseph R. Biden Jr.will raise taxes on small business in order to sustain the ginormous federal government they have built. The White House duo have done nothing to avert “Taxmaggedon,” the massive tax hike scheduled to go into effect on Jan. 1. Worse, the administration’s congressional allies are preparing to push Mr. Obama even further should he win a second term.
The No. 3 Democrat in the Senate, Chuck Schumer, said Tuesday that he intends to eliminate tax deductions and credits without lowering the top two marginal tax rates. The New York Democrat thinks it’s more important that Uncle Sam pocket the extra cash that would be generated.