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Get ready for the big honking tax increase

May 15, 2009

President Obama says our budget deficits are unsustainable:

“We can’t keep on just borrowing from China,” Obama said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque. “We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt.”

If you think that means he's going to spend less, you haven't been paying attention.

Get ready for a big honking tax increase - through "cap-and-trade," maybe through a "value-added tax," and maybe an income tax surtax. Just to get us through the emergency, of course.

Or, maybe he's playing the same game he did during the campaign, sounding fiscally responsible while spending like a Russian hacker with a bad coke habit who's just penetrated the IRS cash management system.

More here.

Update: here's somebody else who smells a tax increase.

Tags: cap-and-trade.Obama Tax Policy.VAT.