"YOU WILL NOT SEE ANY OF your taxes increase one single dime." Remember that line from President Obama's campaign?
The president may very well not want to increase taxes on the middle class to pay for his expansive and expensive programs and to curb the deficit. We're sure he would like to keep his promise. That would be politically expedient.
But it appears that, as we've expected for some time, given the fact that no one in Congress wants to cut anything that might cost a vote, he'll have no choice but to renege on his pledge.
Recently, Treasury Secretary Timothy Geithner and White House economist Larry Summers, speaking on TV, laid the groundwork for new taxes for the middle class.
Economic analysts have known for some time that the huge and still rapidly growing federal deficit is going to make those early ideals disappear.
While the administration would like for the rich to pay for its plans, the president has forgotten that, with the current economy, there aren't as many rich people as there used to be.
And, as always, it will fall back to the middle class to pay for the increase in federal spending.
Get ready.




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