There They Go Again
No matter how bad the economic conditions, no matter how much additional money is needed in circulation, no matter the need for stimulus that actually works, some people are just bound and determined to raise taxes:
House Democrats’ version of the $825 billion recession rescue package would end billions of dollars in tax breaks the Bush administration quietly gave to banks last fall.
Already almost exclusive beneficiaries of a $700 billion Wall Street bailout, banks are largely left out of the House stimulus package that President-elect Barack Obama wants passed quickly through Congress. Those getting financial bailout money wouldn’t even be eligible for one of the main business tax breaks aimed at priming the economic pump.
There is absolutely no reason whatsoever to raise taxes on anyone given the current state of the economy. But try telling our new Overlords that. Class warfare trumps economic necessity every time with a certain political political party, doesn’t it?