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Friday, November 30, 2012

Details of President Obama's $1.6 Trillion Tax Increase Plan

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Bull. The CBO assumes that taxpayers won't take steps to adjust or defer their taxable incomes, and it simply applies a higher percentage to some phoney projected growth. And, the spending cuts of Obama??!!! Pray tell what else is on the table besides gutting the military?

All about Taxes
Democrats and the media have ignored the rest of the fiscal-cliff debate.

How many times have we heard that the only thing standing in the way of a grand bargain to reduce our growing national debt is Republican intransigence on taxes? If Republicans would only agree to dump Grover Norquist, Democrats will agree to cut spending and reform entitlements. Then, we can all join hands and sing Kumbaya as we usher in a new era of compromise and fiscal responsibility.

Except that now that Republicans have agreed to raise taxes, er, revenue, as part of an agreement to avoid the looming fiscal cliff, liberals appear to have decided that there really isn’t a need to cut spending after all. ...


Posted by: Woody | Nov 30, 2012 3:25:58 PM

Hmmm. Looking at the fine print, Obama thinks he can get $1.4 trillion of the $1.6 trillion net tax increase from "upper-income filers" and "high-income households." There ain't enough rich folks to cough up that much dough. Middle class, beware. And the notion that Obama can get another $1.5 trillion by reforming the "international tax system" is a fantasy that assumes multinational companies will sit idly by, and not adjust their operations to meet a new tax threat, and further assumes that such tax policy would not injure our stance in foreign trade -- but, oops, I forgot that effective foreign trade policy ceased after 2008.

Posted by: Jake | Nov 30, 2012 9:11:55 PM