Investors Business Daily explains what would happen if Obama allows the Bush tax cuts to expire. (H/T Ponder With Us)

Excerpt:

Professor Michael Graetz of Columbia University recently estimated in the Wall Street Journal that letting the tax cuts expire will cost the U.S. economy $10 billion a month in added withholding from paychecks.

Goldman Sachs economist Alec Phillips estimates letting the Bush cuts expire could slash “nearly 10 percentage points” from disposable income growth in the first quarter of next year, and nearly two percentage points from GDP in the first half.

With GDP now at a tad above $14 trillion, the impact could be $280 billion or more in the first six months alone.

In short, the higher taxes could very well push us back into recession — at a time when the economy is struggling under 9.6% unemployment with little if any private-sector job growth.

What’s most worrisome is what it will do to the working taxpayer. His or her take-home pay is about to fall, leaving noticeably less to spend and save.

A married couple without children and an annual income of $80,000 would have an added $221 taken from their paycheck every two weeks, the Bloomberg report says, quoting the H&R Block Tax Institute. That jumps to $558 for couples bringing in $240,000.

Data from the Tax Policy Center show even those with modest family incomes would take a hit. For example, a couple with income of $60,000 and four children can expect to pay $130 more every two weeks to Uncle Sam. It doesn’t get much better for those who make just $40,000. They’ll find about $108 more withheld every other week.

Obama likes to spread the wealth around. You don’t mind, do you? He knows so much better than you do how to spread your money around.