“Senate Democrats have drafted a sweeping debt-reduction plan that would slice $4 trillion from projected borrowing over the next decade without touching the expensive health and retirement programs targeted by President Obama.
Instead, Senate Democrats are proposing to stabilize borrowing through sharp cuts at the Pentagon and other government agencies, as well as $2 trillion in new taxes, primarily on families earning more than $1 million year, according to a copy of the plan obtained by The Washington Post.”
Read the rest here.
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Man, and they say the GOP is like a broken record. When will these clowns understand that it’s just those people making over $1mm who have the greatest resources at hand to avoid paying increased income taxes?
CAPITAL IS MOBILE, FOOLS!
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Jake, I cannot fathom how the Democrats think they can go on with business as usual. I do not believe they can do simple math.
Follow this example:
“And that is Club 1: the million-dollar-a-year club. Not the millionaires’ club — lots of the people earning $1 million in any given year do not have $1 million in assets — but, still, a million a year, even in rapidly depreciating U.S. dollars, is not too shabby. But the trouble for liberals is, Club 1 is really, really exclusive: Only 0.2 percent of U.S. households have incomes that high, meaning that there’s only about 200,000 of them. And like Club 250K, Club 1 is bottom-heavy: There are a lot more $1 million men than there are $6 million men. And there are a whole heck of a lot more $6 million men than there are $60 million men.
You want to tax Club 1 to get rid of the deficit, you have to hit each of those 200,000 households with an average tax hike — not an average tax bill, but tax increase — of $6 million. And a lot of those Club 1 households don’t have $6 million in income to start with, much less $6 million left after the taxes they’re already paying.
Capital is sensitive — it just wants to be loved! — and it will go where the love is, where it can be fruitful and multiply. Setting trillions of dollars’ worth of it ablaze on the altar of Washington’s self-importance every year is not going to get it done, and there simply aren’t enough rich people for us to pillage or enough loot to make it all work. We have finally, as the lady predicted, run out of other people’s money.”
http://www.nationalreview.com/articles/262045/there-aren-t-enough-millionaires-kevin-d-williamson?page=1
What’s wrong with 50% cuts for 50% new income to reduce the deficit … sounds pretty fair considering that the extension of the Bush tax cuts (that you conservatives had to have for the economy’s sake) has been a joke so far in creating new jobs … what, those extended cuts become to mobile when it comes to hiring … same ole song and dance … no evidence that tax cuts for the wealthy have ever created jobs. Own up!
Moron, the tax cuts created jobs back in 2003, when they were enacted, just as planned.
The 2010 deal was NOT a tax cut, it was stopping a tax increase. Tax increases COST jobs.
Jezer, is it just innumeracy, or is their a cognitive dissonance problem??
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When the threat to not extend the cuts was out there all you lemming GOPPERS were spewing the same irrational bs about job creation … the great GOP lie. The extension has done nothing to stimulate job growth. All it’s done is provide more “mobile capital” to go offshore … call a spade a spade cause you aren’t holding your breath waiting for jobs from tax cuts any longer are you?
I think entitlements will need to be cut, unless the USA wishes to degrade the military “big stick”.
My opinion is leave taxes alone, cut expenses.
http://www.washingtonpost.com/wp-srv/special/politics/budget-2010/