Wehrwolfen
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- May 22, 2012
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The Return Of The Tax-And-Spend Democrats To D.C.
11/30/2012
Fiscal Cliff:
President Obama promised to move the country forward, but his so-called deficit-cutting plan looks a lot like good old fashioned tax-and-spend liberal politics to us.
It was just a month ago that Obama campaigned on what he said was a record of cutting taxes for the middle class and small businesses, while promising a "balanced" deficit-reduction plan that he specifically said would rely on $2.50 in spending cuts for every $1 in tax hikes. All he wanted, Obama said, was that the rich pay "a little bit more."
But when he finally got around to presenting that plan to Congress, it turned into a massive $1.6 trillion tax increase most of which will hit small businesses and $600 billion of which the White House hasn't specified.
And he's combined that with no spending cuts at all.
In fact, Obama wants to put off for a year the $1.2 trillion in spending cuts he'd already agreed to, and add $50 billion in new stimulus spending to the pot today. Plus, he wants to permanently raise the debt ceiling.
All on the promise that sometime next year he'll get around to talking about how to maybe shave $400 billion from entitlement programs in the distant future.
We've seen this game many times before. Democrats always pocket the taxes, and then somehow forget about all those pledges to cut spending. Worse, Obama is just whetting the Democrats' taxing and spending appetites. Even before Obama has managed to win any actual concessions from Republicans on his job-killing tax rate hikes on the "rich," Democrats are starting to talk up other taxes they'd like to boost.
Bloomberg reported shortly after the election that Obama might consider a new tax on carbon emissions to "help cut the U.S. budget deficit."
Since Obama's spending plans far outstrip the money he could possibly raise from the wealthy, the thinking goes, he'll soon need to find a permanent source of higher revenues. And what better place to go than to tax all those nasty, greenhouse-causing carbon emissions?
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The Return Of The Tax-And-Spend Liberal Democrats To Washington - Investors.com