Newspaper: Taxes will go up under Obama

The Wall Street Journal, citing none other than Sen. Joe Biden, editorializes today that the middle class will be hammered if Barack Obama wins the White House.

From a WSJ editorial:

Just as Bill Clinton promised a "middle-class tax cut" in 1992 only to raise taxes on the middle class in 1993, Mr. Obama will quickly find that his tax-revenue math doesn't add up. Add in the demands on Capitol Hill to spend more and to offset the Alternative Minimum Tax, and our bet is that even $150,000 would soon prove to be a moving tax target. Remember when the AMT was only supposed to hit 21 millionaires? Next year, without relief, it could hit 26 million taxpayers. Tax increases always hit the middle class because that's where the money is.

Read the full editorial at the newspaper's Web site.