"Obama Debt Commission Calls for $1 Trillion in Net Tax Hikes" (Obama Wants Americans in Debt.)

ATR ^ | 11/10/10 | Ryan Ellis

[Andrea19]

• ...By its own admission (page 11), the report calls for a ten-year net tax hike of $961 billion, nearly a $1 trillion tax increase over the decade.

• The stated goal of the report is to raise the long-standing historical level of federal revenues from its average of 18 percent of GDP to 21 percent of GDP. According to President Obama’s own Office of Management and Budget, federal revenues have never been this high, and their data pre-dates World War II.

• The report deceptively calls their net tax hikes “spending in the tax code.” There is no such thing, unless you assume the government has a right to all your money, and when they cut your taxes this is the same thing as “spending money on you.”

• Additionally, the report calls for a tax hike “trigger” to take effect if Congress fails to enact comprehensive tax reform. This “trigger” would take the form of a 10 percent reduction in the mortgage interest deduction, charitable contribution deductions, the exclusion for employer-provided health insurance, and a host of other tax deductions and credits. This haircut would grow over time, eventually leading to untold trillions of dollars in tax hikes...

Read more: http://www.atr.org/obama-debt-commission-calls-forbr-trillion-a5647#ixzz14ujfJIAv

[Andrea19]

"Everything has to be on the table," really means, everything in taxpayers' wallets.

Help promote Conservative activism at Digg & at Reddit & in Delicious & Stumbleupon

[ClearCase_guy]

They will come for the 401(k)’s.

[DownInFlames]

Open revolt is just around the corner.

[scooby321]

DOA. The world is cutting spending

[blueplum]

how about we start by reducing the government workforce by 50%?

[Calm_Cool_and_Elected]

ping

[Andrea19]

The one part of international law the Progressives probably don’t like.

[Andrea19]

Sounds good. Do you mean just the Federal level, or Federal & state governments?

[bkepley]

I agree with the Dems on one thing tax the rich first and big. They’re the ones who are supporting the Dems. Now if they stop doing that I’ll change my mind.

[trappedincanuckistan]

bahahahaha i knew it! i read another thread that said osamabama’s debt commission called for tax cuts!

[AngelesCrestHighway]

Well Mr. Obowma, Since you refuse to notice what happened around the country in the elections on Nov. 2nd we’ll just have to do it again in two years.....You’re on borrowed time Sucka!

[beaversmom]

Have they raised the penalty for cashing out an old 401K?

[Andrea19]

No doubt we can count on the president to fight for big government with signing statements, executive orders, and agency regulations. It will be an interesting two years...

[ilgipper]

It is a damn good thing for us that the GOP is taking over the congress before this can become reality.

On the other hand, the Dems placing any aspect of this in place would have assured us of a 2012 ‘wave’ that would have dwarfed last week’s events.

[ari-freedom]

ummm no.

[beaversmom]

I’m just afraid we don’t have two years in this country to wait. He can do a lot of damage in that two years and we are already on the precipice. The man is on overdrive now to send us into the crapper.

[Diogenesis]

Umberto Calvini:
"The government bankers want to control the debt,
And whoever controls the debt, controls everything.
This is the essence of the banking industry,
to make us all slaves to debt."

[bkepley]

Tax the rich who contribute to Dems?

[Andrea19]

Good one; I appreciate the reference.

[kabar]

The panel recommends freezing federal spending and reduce the federal work force by 10%.