Skip to comments.Latest Fiscal Abyss Band-aid: Increase Taxes on $400k and Above, Cut $1.22T in Spending
Posted on 12/17/2012 6:57:47 PM PST by whitedog57
The latest band-aid on the fiscal abyss is: 1) Raise $1.2 trillion in taxes, 2) increase tax rates on household making $400,000 and above and 3) cuts $1.22 trillion in government spending. Over ten years, of course.
I say band-aid because it raises only $120 billion per year (12% of current deficit) while cutting l$122 billion in spending per year (also about 12% of the deficit). That is a measly 24% of the deficit each year over ten years.
Once again, they simply cant reduce the trillion dollar deficits through income taxes. It must be done through spending cuts. And simply offsetting spending cuts with income tax increases leaves us stuck running in place.
If this is the last proposal to avoid the fiscal cliff, we should all start singing Jackson Brownes Running on empty.
(Excerpt) Read more at confoundedinterest.wordpress.com ...
This is not a serious plan.
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