March 25 (Bloomberg) -- President Barack Obama plans to name a task force to review and overhaul the U.S. tax code, a spokesman for the Office of Management and Budget said today.It's clear that Obama has decided the maximum amount any family should earn is $250,000, and if you manage to exceed that, your achievement is to be punished with confiscatory tax rates. And although there won't be a tax increase for the people under $250,000 in 2009 & 2010, there will be in 2011 because Obama plans to allow the Bush tax cuts to expire, thus creating one of the largest tax increases in history.
Obama will ask the Economic Recovery Advisory Board, led by former Federal Reserve Board Chairman Paul Volcker, for a top- to-bottom review of the 96-year-old law in an effort to “rebalance the federal tax code,” spokesman Tom Gavin said in an interview.
“The goal is a tax system that works better for the American people,” Gavin said. “The president’s going to ask the board that they find ways to simplify the tax code, protect progressivity in the revenue base, close tax loopholes and find ways to reduce tax evasion and that they reduce corporate welfare.” ...
Restrictions
Obama plans to ask Volcker, Goolsbee and the panel for a package of recommendations to be on his desk Dec. 4. That would leave enough time for decisions to be made and included as proposals in the White House budget for fiscal 2011, to be submitted to Congress in February 2010.
There will be two restrictions imposed on the tax review task force, Gavin said. There should be no increase in taxes on families earning less than $250,000 per year, and taxes should not be increased in 2009 or 2010, he said.
Don't worry, we're all gonna get hosed. With the out-of-control debt and spending Obama has proposed (or already done), there won't possibly be enough money coming in to the treasury to pay the bills and further tax hikes will have to follow.
Either that or national bankruptcy.
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