Skip to comments.Obama Won't Tell You About Impending Taxes And Cuts
Posted on 05/15/2012 4:45:59 PM PDT by Kaslin
Budget: Congressional Democrats plan massive tax increases and crippling defense cuts after November. Why not now? Because the voters would realize the Obama presidency has set the stage for fiscal catastrophe.
'The way to deal with sequestration is put revenues on the table." That is third-ranking Senate Democrat Charles Schumer of New York's coded way of telling congressional Republicans that if you want to prevent the budgetary devastation of the U.S. military, you'll have to break your promises to voters and agree to major tax hikes.
After the presidential and congressional elections this November, a lame-duck Congress will address an impending fiscal calamity.
Without action, the Bush tax cuts once again are set to expire at the end of the year and some $110 billion in indiscriminate, across-the-board spending cuts will take place automatically. House Speaker John Boehner is already wisely demanding "cuts and reforms greater than" any debt limit increase.
Heritage Foundation senior fellow and former Treasury Department tax economist J.D. Foster recently warned that on New Year's Day, "some $494 billion in tax hikes will crash down on America's taxpayers and economy" not just the expiration of the 2001 and 2003 tax cuts that gave us a boom and cut unemployment to under 5%, but "a jump in the payroll tax rate," "the return of the death tax," " a bigger, badder" Alternative Minimum Tax, and the tax hikes for ObamaCare.
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Agreed. But that won’t prevent the lame duck session from November to the end of December.
The RATS will be pissed big time because they lost the election and their power. They will go on a rampage, I’m sure. And we’ll all be poorer for it.
I bet they are already planning their short lived revenge. It won’t be pretty.
I’m afraid this time they kicked the can off a cliff and down into a bottomless pit. It’s gone forever. This winter may see the end of this nation. I seriously don’t believe either party can save U.S. and they both know it. I hope I’m wrong.
Yet we have a significant contingent here on FR trying in every way possible to destroy Romney instead of Obama.
The GOP won’t even let sequestration happen like they negotiated for in the budget deal.
Any spending cuts that happen will be not close to enough.
The Republican were utter stooges to fall for this ruse. You could see it coming a 100 miles away. Disgusting!!
I bet they are already planning their short lived revenge. It wont be pretty.
So long as the House stands strong, the 'Rats are powerless to do anything beyond Executive Order mischief.
“So long as the House stands strong, the ‘Rats are powerless to do anything beyond Executive Order mischief.”
When is the House going to stand strong?
So far as legislation is concerned, I don't recall any objectionable legislation passing the House during the past two years. Do you?
If we're talking items of negotiation by the leadership -- e.g., debt limits -- that's a different matter, of course.
But, as a whole, the House has stood strong.
I am afraid you may be right; I have been watching this for some time and do believe the course of the US has been set on self destruct for some time now and sorry to say once set in motion it becomes irreversible. The majority of humans will not change their habits or behavior unless they are forced to do so and for things to turn around it may take some awe inspiring event, perhaps something of biblical proportions or sorry to say even a war. In my life I have been always sure of two things and they were DEATH and TAXES and more recently I have added a third and this is my conviction THAT THINGS CAN NOT CONTINUE THEY WAY THEY ARE. Even if Romney is elected, not because many people like him, but because many despise Obama and what he stands for, there is no way for him to undo all the wrongs which are already in place. Sooner than later something will give or blow up. All I am convinced of is that there is a tremendous change in the offing and it may not be to every ones liking.
Per the Constitution the power of the purse resides in the House. The House can change the direction of spending if it chooses to stand strong.