Federal Fat Cats
To Democratic officeholders (and, alas, Bush-Rove-Hastert Republicans) greed is good when it flows from Washington, D.C.


Deroy Murdock

‘I did not run for office to be helping out a bunch of, you know, fat-cat bankers on Wall Street,” President Obama told CBS’s 60 Minutes. He also has decried the “arrogance and greed” and “excess greed, excess compensation” of America’s business executives.

Top Democrats like Obama constantly denounce private avarice. But when the fat cats are feds, not financiers, they go silent. To leading Democrats, government greed is good.

Just as Wall Street and corporate America relentlessly pursue profits, Congress and federal bureaucrats possess a ravenous hunger for tax dollars to fuel lavish spending schemes, underwrite generous public salaries and benefits, and seize increasing power. Post–Bush-Rove Republicans should condemn government greed non-stop until November 2 — and then excise this cancer.

These days, the wallets of many American taxpayers feel like helium balloons. Yet Washington always wants more.

Despite the votes of unanimous Republicans and 39 rebellious Democrats, Speaker Nancy Pelosi’s far-left House of Representatives ran home on September 29 to campaign for reelection without renewing the 2001 and 2003 tax cuts. A Democrat-led lame-duck congressional session may vote to tax “the rich” — specifically, individuals who earn north of $200,000 annually and married couples who make above $250,000. If so, the top tax rate would rise from 35 percent to 39.6 percent. Remember: These disgusting plutocrats are expected to pay higher taxes and simultaneously hire jobless people and, thus, lower the unemployment rate closer to the 7.4 percent that Obama inherited.

Furthermore, the capital-gains tax could jump from 15 percent to 20 percent (rising to 23.8 percent in 2013, thanks to Obamacare), and the dividend tax could soar from 15 percent to 39.6 percent. This also would snatch growth capital from the productive sector.

The death tax — now dead — could be resurrected at 55 percent on estates exceeding $1 million. Any American who prefers to die without enduring a Democrat-led grave robbery has until New Year’s Eve to stop breathing.

The National Taxpayers Union estimates that if key Democrats prevail, they would slam this sickly economy with at least $678 billion in higher taxes. “These tax-rate hikes won’t just hit Wall Street reptiles or madcap heiresses,” says NTU’s executive vice president, Peter Sepp. “They’ll throw a haymaker at the wallets of urban professionals, small-business owners, doctors, would-be entrepreneurs, and others who just might help the economy get back on its feet. Even a Keynesian ought to understand this. After all, as our recent statement from 313 economists supporting extension of all the tax cuts noted, ‘Households earning more than $210,000 account for one of every three dollars in consumer outlays.’”