Tax Increases in Congress: One Possible Response

By August 9, 2007Taxation

On July 1, the Wall Street Journal’s opinion page provided a scorecard for the taxpayer, a roster — we imagine an incomplete one — of all the tax increases Congress is pursuing this year. A lengthy and expensive list.

So it seems worth highlighting at one passage in particular from President Bush’s remarks yesterday to reporters:

Now, look, I recognize the Democrats control the Congress, and with it, the power of the purse. I also have some power, and it’s called the veto. And I have the votes in Congress to sustain vetoes, and therefore, I will use the veto to keep your taxes low and to keep federal spending under control.

We suggest you start with the House energy bill’s $16 billion in tax increases, Mr. President, although the farm bill’s $7.5 billion tax on foreign investment is another worthy target. Then there’s the ….

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