In the Washington Post piece, the following tax changes are going to occur at the beginning of next year:
- The current income tax rates will increase as the rates set in 2001 and 2003 will expire.
- The current payroll tax rate will increase as Obama's Social Security-gutting rate expires.
- The marriage penalty for joint filers will spring back to life.
- The value of the child credit will drop from $1,000 to $500.
- The rate everyone pays on the first $8,700 of wages will jump from 10 percent to 15 percent.
But what the GOP needs to say, and say it with facts and passion, is that Obama has already raised taxes on everybody, including working Americans and the poor. Here is a comprehensive list:
- Gas prices have increased dramatically, at a far greater rate than than any "cuts" Obama put in. This is a tax since it is the fault of Obama's so-called "energy policy" that has caused this increase.
- The price of food has increased. This is mostly due to the increased costs of transporting goods thanks to the increase in gas prices.
- With the increased gas prices, the cost of everything else goes up too. This is entirely Obama's fault.
- Thanks to Obamacare, everyone's health insurance premiums have increased; mine have gone up around 20% since the law was passed. Considering the Obama regime just made contraceptives "free" to consumers, premiums will go up again next year. And if he is re-elected, expect his abortion executive order to be rescinded and these will also be "free", and premiums will increase again.
- Thanks to Dodd-Frank, the cost of banking has increased as banks, financial companies, and the credit card companies pass on their new costs to all of us.
- The two-month payroll tax rate extension, which Republicans stupidly agreed to, is being "paid" for by having Fannie and Freddie slap a surcharge (Sec. 401) over the next ten years on all new and refinanced mortgages, to be paid to the Treasury (in Sec. 402, the FHA has a charge as well for loans it underwrites); note how the money isn't going to Social Security.
- Tobacco taxes following the SCHIP expansion; this was originally vetoed by President Bush, but was one of the first things Obama signed into law.
There is a reason the SEC has decided to go after Fannie Mae and Freddie Mac first and foremost among all the banks and financial institutions involved in the 2008 crash; Fannie and Freddie are mostly to blame for the economic meltdown, especially since they are the key institutions involved in mortgage securitization and advancing an administration's HUD (housing) policy, one of its functions. Over the last 20 years, Fannie Mae has been caught cooking its books in order to show greater profits than they'd received; this in turn led Obama 2008 campaign economic advisers and former Fannie Mae CEOs Jim Johnson and Franklin Raines to be "awarded" millions of dollars in bonuses, along with another former Fannie employee, Obama's fellow Democrat Jamie Gorelick. As noted by the SEC, both Fannie and Freddie did so again prior to the meltdown, deliberately misleading investors on how much they had tied up in securitizing subprime loans and demanding that assets bundled with these subprime loans be rated much higher than they were. As defaults started coming in, a cascade effect came into being, all leading back to the crappy assets Fannie and Freddie had been bundling and selling. Both had been public-private enterprises with massive ties to the federal government, and were taken over completely by the government in September, 2008.
Instead of truly reforming them, all Democrats have done is replace the original oversight agency, the OFHEO, with a new one, the FHFA, which was done under President Bush. Hundreds of billions of taxpayer dollars have been flushed down these toilets; yet, the Obama regime has done nothing with either, except to make sure the failed executives that lead the two continue to get bonuses. The phony financial "reform" law, Dodd-Frank, deliberately ignored including Fannie and Freddie as part of its package. And while the taxpayer dollars continue falling into the abyss to support them, the regime has decided to give Fannie and Freddie the green light to expand its authority:
The IBD piece even has Obama admitting these policies aren't working, but he keeps increasing their involvement. But that doesn't stop him from expanding Fannie's and Freddie's power.
- Helping underwater borrowers through the administration's Home Affordable Refinancing Program, or HARP.
- Converting foreclosed properties held by the agencies into rental units.
- Reducing loan principal for struggling homeowners in an effort to widen the reach of the administration's main foreclosure prevention program — the Home Affordable Modification Program, or HAMP.
So there you have it. The Democrat money laundering operations Fannie Mae and Freddie Mac caused the financial meltdown of this country. While it did happen while Bush was President, Obama has done everything but fix (or liquidate) them, giving them even more authority. Contrary to statements made by the regime and it's sycophants in the media, Obama and the Democrats have raised taxes on all working and poor Americans at least seven times since he's been in office. Beginning next year, another seven tax increases on all Americans (eight if you include how the tax on the "rich" will be passed down to the rest of us) go into effect. None of Obama's gimmicks has brought in a single job as the number of Americans in the workforce keeps decreasing and the economy is stuck in stagflation mode. Then there are the deficits and debt which keep going up with alarming regularity.
This is the message everyone in the GOP has to be shouting every minute of every day. While it's possible for the four Republican Presidential candidates to make this case, it will be hardest for Newt Gingrich and Mitt Romney to do so considering Gingrich's involvement with Fannie Mae and Romney's continued defense of Romneycare. Of them, Rick Santorum has the best chance to destroy Obama on these items and on foreign policy (Ron Paul can too, but I believe his foreign policy issues will ultimately kill his nomination). The same can be said by GOPers in Congress against their Democrat opponents in this election. The U.S. can't afford Democrats in a majority in Congress or as President.
Cross-posted at RedState.