President Obama's tax plan not good news for Montana

via Montana Policy Institute - link to full article

If enacted this fall by Congress, the tax plan would prompt Montana to lose an average of 2,291 jobs annually from 2011 to 2020, lose $6,642 in disposable personal income and see individual income taxes increase by $1.1 billion, according to the Heritage Foundation’s Center for Data Analysis. SOURCE

Taxes. I think most people with any background in economics are aware that raising taxes during a recession is a phenomenally bad idea. The authors of this report over at the Heritage Foundation mentioned this, but member of the Democratic Party aren't listening. This administration seems to care nothing for The Laffer Curve, and doesn't want to realize that when you raise taxes on the rich, revenue will go down. I am not a huge Ronald Reagan fan, but his tax cuts in the early eighties proved this.

These data show that after the high marginal tax rates of 1981 were cut, tax payments and the share of the tax burden borne by the top 1 percent climbed sharply. For example, in 1981 the top 1 percent paid 17.6 percent of all personal income taxes, but by 1988 their share had jumped to 27.5 percent, a 10 percentage point increase. SOURCE

Lets hope that someone close to the White House figures out that hiding tax increases in the form of healthcare and other such hidden taxes will only push us deeper into the abyss. I don't think he will be getting any sane advice from his economic advisors on this matter.