Latest Fiscal Abyss Band-aid: Increase Taxes on $400k and Above, Cut $1.22T in Spending

Confounded Interest ^ | 12/17/2012 | Anthony B. Sanders

[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 can’t 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 Browne’s “Running on empty.”

[whitedog57]

What a joke. Raise taxes on the rich and cut spending by the same amount. No progress on deficit or debt.

[oldbrowser]

So in ten years we are going to cover the amount we are overspending in one year. At the end of ten years we will have increased the national debt by 9 trillion dollars.

$9,000,000,000,000.00

This is not a serious plan.