Read My Lips: New taxes

Is it just me, or does this feel like a NY street con? A shell game.

While Bush is indeed cutting certain taxes, he's simply imposing new ones in other places. It's a joke.

Eliminating the deductability of state and local taxes is going to raise taxes on dozens of millions of people, most notably in the blue states of NY and CA. The good news is that the Republican mayors and governors of these states are going to get fucked.

Money quote:

"New York City is the economic engine of our country and we already send $11.5 billion more to Washington annually than we get back," Mr. Bloomberg said in a written statement. "This would amount to another federal tax on our citizens and I will fight it tooth and nail."