They sure were. I especially think the worst part of the tax rates returning to what they were in 2002 is that the estate tax is going to hit those with 1 million to 3 million pretty hard. That really is not a ton of money today. The one thing that is a bit weird about saying we are going to be hit with the highest tax increase ever is if we are going back to 2002 rates how is that possible? I mean most of us have had numerous raises since then. I mean when my paychecks added the tax cuts, it was not this huge windfall. I mean it was 100 bucks or so. Does this mean that my taxes go up 100 dollars in 2011?
Yep, you reminded of another Democrat mental deficit, long term planning, one of their economist pointed that out, once, this would have been almost 3 years into Pelosi’s Speakership;
Transcript of Pelosi, House Democratic Leaders, and Economists’ Press Conference Following Economic Forum 10/21/2009
http://www.speaker.gov/newsroom/pressreleases?id=1414
Alan Blinder “So for that reason, despite the fact that we’re looking at an absolutely horrendous long-term fiscal outlook”
No, it’s a RATE increase. If you make more now than in 2002, your tax increase will be more than $100.