Note: This post has been moved to the top because the size of the proposed tax increase ($900 billion) needs some visibility.
Dan Clifton says that “repealing tax cuts” that have been in place for 4 years is really a tax increase — one that, if allowed, will be the largest in history.
Someone else has been saying that sticking with the “repealing” language has been weak for some time — at least as far back as December 2005 (near the end of the post).
But unlike the current situation, where revenues have ballooned for three years and continue to in the current fiscal year, the tax increases the current congressional majority so desires won’t achieve the revenue increases promised.
UPDATE: Thankfully, the Club for Growth is all over this.
UPDATE 2: The Club for Growth (same link as first update) and others are claiming that the proposed tax increase amounts to roughly $900 billion — almost FOUR TIMES the size of the despised 1993 Clinton Administration tax increase. Even considering inflation, the proposed tax increases are about 2.5 as big as 1993′s.