Posted on 01/03/2013 7:53:05 AM PST by Kaslin
The worst part of the fiscal cliff deal isn't the specifics -- though they do stink. It's being reminded again how utterly detached Washington is from reality.
The question, now that we've finally hiked taxes on the rich (and doesn't everyone feel better knowing that life is that much fairer?), is: How are we going to continue paying for the government we've been promised? As it turns out, raising tax rates on the "wealthy," the most pressing issue of the Obama Age, amounts to a mere $62 billion of new revenue.
To put it in perspective, the deficit spending this year alone was more than $1 trillion. So the fiscal deal will supposedly bring in $620 billion in new revenue over the next decade, which is less than any year's worth of debt under President Barack Obama. If redirecting resources from private-sector investments to green energy subsidies feels like a victory, congratulations.
But if you're not a class warrior, a Hollywood studio, a maker of electric motorcycles, a booze producer from Puerto Rico, an algae grower or NASCAR -- all of which are subsidized in the bill -- you're out of luck. For the rest of you, there are higher taxes. The expiration of the payroll tax holiday means that Washington will continue to pretend Social Security and Medicare are "paid for," and according to the Tax Policy Center, 77 percent of you will see your taxes rise an average of $1,635 per year.
The "American Taxpayer Relief Act of 2012," indeed.
For all of you, there is also more debt, as the Congressional Budget Office found that the fiscal cliff deal increases the deficit by $4 trillion.
Yes, this is what Americans voted for in November. But if we're supposed to believe that this deal reflects a "balanced, responsible" approach as the president asserts, what does the future hold? The GOP has surrendered on its core issue: It voted for a tax hike. Obama? No spending cuts. No tax reform. No debt reduction. No entitlement reform. There is no balance. And none is coming.
How can we expect any useful policy to emerge from manufactured crisis, anyway? Nearly every decision made during Obama's presidency has been conducted under the canopy of catastrophe. The result is hastily assembled legislation that is larded up with goodies. It's no accident.
And a newly elected Congress will be immediately submerged into another round of "negotiations," this time centered on the debt ceiling (which we've already hit). Failure to surrender to the president's demands allows the media to portray Republicans as the ones pushing the nation into default/over cliffs/etc. Low-information voters will soon be informed by Democrats that the debt ceiling, rather than debt, is the villain.
Even if we concede that Republicans, with no leverage or leadership to speak of, did the best they could in averting even higher taxes, they still lost. And the dynamics of the debate have not changed. This might be politically fortuitous for the president, but it is a disaster for the rest of us. Obama is unserious about debt because anything that cuts the size of Washington threatens his agenda. But a looming $50 trillion unfunded entitlement crisis is real. And the party in charge hasn't offered any concrete ideas on how to deal with it.
So now that the rich pay more, it'd be nice if we could stop incessantly complaining about how dysfunctional Washington has become -- as if ideological unanimity were something to be desired in a free nation -- and start talking about how indifferent the president has been on one of the critical issues we face.
“Look! Look over here! We’re going to tax the rich more! (OK, Harry, grab their wallets now). Yes, we’re after the rich! (Suckers)”
Is it just me or is it never ending emergences and crises with Obama ,ALL ABOUT MONEY !!!!
“So What’s Next, Mr. President?”
Do we really want to know?
Judging from the cheers at President Odumbo's vistory lap, from the "middle class Americans" surrounding him, when he said he hiked taxes on the rich, I guess a lot of the Low Information Voters do.
They also need to communicate daily the additional taxes the low information voter is now paying as a result of Obamacare, putting it in front of their faces everyday until they start to get it.
And finally - those conservatives and supposed Republicans showing up on the Sunday shows need to start calling out the hosts and the producers of being an arm of the DNC and the administration - repeatedly.
Too much to ask I know but the answers and tactics to fight back are so easily defined - but those in DC who are supposed to be representing us don't have the balls to do it.
The “rich” got the major shaft, but EVERYBODY got a tax increase to pay for Obama’s lying socialism. And it does not even begin to pay for what he has done to this country.
The fools who voted this socialist America-hater back into office should be ashamed — but they are too selfish and stupid to be that.
So here we are — with a radical socialist in the White House and a dysfunctional, corrupt Congress willing to pass ANY America-busting legislation that the Dear Leader wants to suit his destructive agenda. Just wonderful.
Obama & company are orchestrating a movement across many fronts towards Communism.
America’s worst enemy is sitting in Hawaii soaking up the sun. Very soon he’ll be returning to HIS White Hut to be with his hand-picked immense retinue of freaks.
He will proceed to destroy this nation completely and make America the laughing stock of the world. I am ashamed of my ‘fellow Americans’ and of what we’ve caused to happen to our electoral process. How an utter marxist ninnyhammer could be elevated to the presidency with the worthless baggage he drags behind him is enough to make honest people (there are a few left) puke their guts out!
Given today’s dismal circumstances, we’d be better served by an Augusto Pinochet, Francisco Franco, or even a repentant Benito Mussolini. At least the godless queers and fanatics wouldn’t be allowed to run things and the supreme court would be cleansed of lesbians and leftist loons!
I finally managed to make my way up the ladder in my field through a combination of drive, determination, sacrifice, and luck over a 20 year career. While not close to being wealthy or having “screw you money”, I am grateful and cheerful for what I have. I don’t want to get into specifics, but let’s say I will be taxed another 20k a year. What did it accomplish? Well, unlike Washington, I merely adjusted my budget. I changed one of my vacations to a staycation, I made a resolution to stop eating out (for health reasons as well), and I cancelled some work that I was going to have done on my house that would have been nice but is not needed. I was a little peeved and thought about cutting back on charities but decided against that. Next year, I will make similiar cuts like driving my current car another year. Multiply that by a few thousand inmy position and who really got hurt? Waitresses, destination cities, carpenters, etc...I wasn’t punished at all. In fact, I am more determined than ever to enjoy life.
It's not just the cut back in your spending that hurts.
It's the cut back in capital investments.
If you invest money in your business, and you have bad luck, or make a mistake, your loss is 100%.
If you succeed, your federal tax rate is around 42%, and state and local taxes can easily push that over 50%.
Business creation absolutely depends on the wealthy investing their money.
When the risks outweigh the rewards, capital investment stops!
Here is some good news, Ted Cruz got sworn in as Senator from Texas today, awesome.
http://www.tedcruz.org/home/
Agreed. I am a salaried employee but your point is a good one
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