The Republican 700 Billion Tax Increase of 2008

last glimmer in miami
Originally uploaded by eschipul

We are witnessing the biggest tax increase in American history.

The President is advocating a 700 Billion tax increase to be under the control of Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke. Rushing in fact. Urgent.

Let me repeat that – the biggest tax increase in history is being pushed forward by George Bush in the form of a 700 Billion bailout of wall street.

The blame for this 700 Billion tax increase is left clearly at the feet of Phil Gram, an Aggie, like me. Which is embarrassing. But facts are facts, and as we say in Aggieland “an Aggie does not lie, cheat, or steal or tolerate those who do.”   That said, Phil did not act alone. But his lone actions could have prevented this.

So while I don’t understand all of the subtleties of the current
situation, what I *do* know is that NO politician wants to be known for
a tax increase. So they borrow and leave it for another politician to
take the blame.

My point is that while the iron is hot, while desperate measures are needed, the CURRENT POLITICIANS are completely 100% accountable for this tax increase.
Sure they don’t believe in balancing the budget anymore, but make no
mistake, we need to give a pass to any future politician who raises
taxes to cover this commitment from the current lot.

So in this case, the Republicans are championing the biggest tax
increase in history. And the Democrats are walking behind them saying “yes sir.” Both parties clearly walking away from their base with a “hey, we gotta do it” mentality with no long term solutions.

Indeed, here we are. Here’s to new taxes, tonight is kind of special.