Congress and Big Labor Collaborate to Raise Taxes

Curtis Dubay / November 18, 2009

The AFL-CIO, in concert with some Congressional leaders, has proposed yet another tax hike to fund Washington’s ongoing explosion of spending. This latest collaboration between Big Labor and Big Government would be a 0.25 percent tax on all stock trades. Given the budding deficit pressures another tax hike proposal is hardly surprising, but, curiously enough, this new tax would target the pensions of the AFL-CIO’s own members.

Congressional leaders have decided to divide their attention for the rest of the year between a hostile (to patients) takeover of the health care system and feigning concern over rising unemployment. Their new focus on reversing job losses is a tacit admission that the stimulus plan passed in February has failed and that high unemployment rates are likely to persist well into 2011 and beyond.

But any potential job creation bills will likely cost billions of dollars. And Congressional leaders recognize the public is tired of over-spending and growing deficits. To pacify these concerns they plan to pay for their latest dubious effort to spur job creation with the new financial transactions tax.
(more…)