Quantum Windbag
Gold Member
- May 9, 2010
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Raise taxes $62 billion, spend $68 billion to celebrate.
Corporate Welfare In ?Fiscal Cliff? Deal More Than New Income Tax Revenue | FDL News Desk
Tell me again we don't have a spending problem.
While President Obama pretended raising taxes on those earning $250,000 $450,000 a year and making the rest of the Bush tax cuts permanent was some kind of achievement in fiscal discipline, he spent more than the revenue those taxes will bring in giving welfare to some of the richest corporations in the world.
The Joint Committee On Taxation estimates the Corporate Welfare or tax extenders included in the bill will cost $68 billion in 2013. The tax increases on those making over $450,000 are projected to raise $620 billion over 10 years meaning in 2013 the restored rate on $450,000 and up will raise roughly $62 billion. So the deal is at best a wash if not a net loss due to the Corporate Welfare inserted into the deal.
The only significant increase in revenues from the fiscal cliff deal will come from raising the payroll tax on middle class workers.
Corporate Welfare In ?Fiscal Cliff? Deal More Than New Income Tax Revenue | FDL News Desk
Tell me again we don't have a spending problem.