Dems finally getting around to what they do best...Confiscate Wealth

[dude1394]

Taxes, taxes, taxes. Oh they must be so happy....They finally get to do what they've been itching to do for 8 years now. Record revenues and they believe they need to raise taxes. Idiots.
http://online.wsj.com/article/SB1185...outlooks&apl=y

With a new Democratic majority, the agenda on Capitol Hill has shifted abruptly this year, and no more so than on taxes. For a decade the focus in Congress was which taxes to cut. Now everywhere you look someone running the Congress, or running for President, is proposing to raise taxes on some industry or group of Americans. ...

It's all the more remarkable given that federal tax revenues as a share of GDP are currently above their modern historical level. The latest budget estimate is that fiscal 2007 revenues will reach 18.8% of GDP, compared to the 40-year historical average of 18.3%. Tax revenues this year are rising by nearly 8%, following increases of 11.8% in 2006 and 14.6% in 2005. The budget deficit is down to 1.5% of GDP, and falling. But apparently Democrats still think Americans are undertaxed.

# The Senate will increase tobacco taxes, almost doubling the taxes on a pack of cigarettes and potentially adding as much as $10 to the cost of a cigar

# Higher withholding taxes on subsidiaries of foreign companies

# New taxes on oil leases in the Gulf of Mexico

# A "tax surcharge" of 4.3% for income over $500,000, effectively creating a new top marginal rate of 39.3% -- a level last seen in the Carter administration