What the hell’s going on at NYT? First, they do a piece on Andrew Breitbart. Then they warn the world that Taxmageddon will crush the world in 2013, beginning with the USA.
Here’s how Business Insider summarized the David Leohardt article:
Basically, with no changes to current law, taxes will rise for everyone, and after tax, inflation-adjusted income for the average American will drop to 1998 levels.
Read more: http://www.businessinsider.com/nyt-here-comes-taxmageddon-2012-4#ixzz1s9RHtbZC
It’s largest tax increase in the history of Western Civilization, and it will happen if Congress doesn’t stop it. We could be looking at a 5 percent drop in GDP in 2013 alone.
Taxmageddon is the result of decades of borrowing to feed the entitlement monster. Only real entitlement reform will solve it.
The After Party will be at Crowne Plaza Grille at the Crowne Plaza Hotel in Clayton on Thursday, April 19 at 7:00 pm. Join us. Bring a friend.
BTW, David Leonhardt’s strategy for heading off Taxmageddon is electing Mitt Romney president. Imagine that.
Last week, the Illinois legislature passed a massive income tax increase on individuals and businesses. Overall, it represents about a 67 percent income tax increase.
In response, neighboring states of Wisconsin and Indiana have wisely mounted massive campaigns to suck businesses and people out of Illinois. Even New Jersey’s fabulous governor, Chris Christie, plans to fish the Land o’ Lincoln for some business transplants.
One state bordering Illinois has been notoriously silent. Missouri Governor Jay Nixon has done nothing to steal business and residents away from Illinois.
Is Nixon being lazy? Or is he just being a good Democrat?
While we’re at it, why isn’t St. Louis Mayor Francis Slay beating the bushes on the East Side? The city needs business and people desperately, but Slay has been as silent as Nixon.
Look, people, I realize that we have a lot of friends in Illinois. My wife is from GC. Most of her family lives in Madison County. But businesses and workers are going to flee to the state. Illinois dropped from the 23rd best tax state to the 36th in one step. With Democrats in charge of the legislature and the governorship, this increase is only the beginning. Illinois taxes will rise until the people in Illinois elect tax cutting budget hawks.
In the meantime, Jay Nixon has an obligation to put Missouri’s economy ahead of Democrat party loyalties. Missouri needs to follow the leads of Indiana, Wisconsin, and New Jersey by campaigning for fleeing Illinois businesses and people.
*UPDATE* Over on United for Missouri, Emily Iles explains the extraordinary dangers to Illinois’ economy this tax hike poses.