Skip to comments.Tax Hikes: You’re Next!
Posted on 01/07/2013 10:34:16 AM PST by Kaslin
South Carolinas James Clyburn, the third ranking Democrat in the House, appeared overwhelmed with joy. He proclaimed:
So here we are on New Years night, with the clock running out on the very existence of this Congress, finally considering bipartisan legislation to provide middle class tax cuts, require the wealthiest to, once again, pay their fair share so we can grow the economy, create jobs and protect the most vulnerable in our society.
The twenty-year House veteran appeared convinced that deal crafted less than 24 hours earlier satisfied President Obamas fair share campaign promise.
Mr. Clyburn was not alone, though. Moments before returning to his Hawaiian vacation, President Obama reminded bleary eyed Americans that a central promise of his campaign was to change the tax code that was too skewed towards the wealthy. Rather definitively, he added, Tonight we've done that.
You can see why Republicans like Michigans Dave Camp dared to hope this would be the end of President Obamas class warfare rhetoric. Camp, who also serves as Ways and Means chairman, explained, now that we have permanently settled how much revenue the government is going to take out of the economy we can proceed with comprehensive tax reform.
Not every Democrat agreed with President Obama and Mr. Clyburn, though.
Louise Slaughter, a New Yorker to the left of Nancy Pelosi, was infuriated because the deal protects too many wealthy Americans. Although she ultimately voted for the bill, this distant relative of Daniel Boone was helping to blaze a trail for the Democrats continued push to raise taxes.
Perhaps it was because of the late hour, but Mr. Camps counterpart on the Ways and Means Committee and fellow Michigander Sander Levin made clear more tax increases were on the way.
Despite achieving the Presidents goal of asking the wealthiest 2 percent of Americans to pay more, Levin said, The President has made clear there has to be a balanced approach, and no one should be misled into thinking otherwise, no one. In his eyes, the bill set an important precedent in terms of additional revenues
Heck, even President Obama doesnt really agree with himself. In a video to supporters, he promised to pursue a big balanced bargain that asks the wealthiest Americans to contribute and pay their fair share.
And despite being pushed aside by Vice President Joe Biden during the last minute fiscal cliff deal making, Senate Majority Leader Harry Reid was on message. After new senators were sworn in, Reid promised, Any future budget agreements must balance the need for thoughtful spending reductions with revenue from the wealthiest among us and closing wasteful tax loopholes.
[Aside: Because the text of the bill was not available to senators before they voted, perhaps Mr. Reid was unaware the deal he dutifully touted gave billion-dollar companies special tax breaks and left small businesses with a higher bill from the IRS.]
Despite Democrats near-unanimous promise of future tax increases, we are told not to worry. One conservative pundit confidently explained, the idea that they [Democrats] will raise rates again in the Obama years...is a fantasy.
Tax rates may or may not increase, but one thing is certain: you can raise taxes without raising rates. Dick Durbin, the Senates second ranking Democrat, reiterated his fellow Illinoisan is insistent that any future talks about deficit reduction include revenue. There will have to be some other aspect of it thats brought to the table, and if it isnt a rate increase, there are other ways.
AEIs James Pethokoukis notes White House economists thought a tax hike of around $500 billion was doable via broadening the tax base. He continues:
One potential Obama bargaining chip is the sequester, particularly the $500 billion in defense cuts that many GOPers loathe. So perhaps Obama can offer to turn off the defense cuts in exchange for $500 billion from limiting tax breaks for the rich.
Mr. Levin, who played chief antagonist to House Republicans on New Years night, explained they were setting the stage for a balanced approach from here on out by delaying sequestration through 1-1 revenue to spending cuts.
Our nation can no longer afford to play this game. Republicans must, as Mr. Camp and others indicated they would, take tax increases off the table. It will never be enough for the political left.
Case in point, left-wing heart throb and new Massachusetts Senator Elizabeth Warren refused to define what constituted the middle classing, saying, its not a numbers issue. Guess what middle class...youre next.
It’s never ‘enough’.
They are like heroin addicts, always needing ‘more’.
Even if the wealthy were totally bankrupted of their assets, we would still be in a hole with no one left to fill it in.....................
I would expect no less from The Worst Congress EVER.
Those tax hikes on the 1% were automatic(set into law Dec 2010), they required no house vote.
Additional tax increases will require the House pass it, which they wont.
Its apples and oranges.
RE One potential Obama bargaining chip is the sequester, particularly the $500 billion in defense cuts that many GOPers loathe. So perhaps Obama can offer to turn off the defense cuts in exchange for $500 billion from limiting tax breaks for the rich.
Now that would make perfect sense.... come on...these spending cuts resulted from Republicans holding off the debt limit increaes in 2011, so now they would raise taxes to repeal them??
Yup. And they wonder why Americans hide their money in Swiss bank accounts. Whenever I see an illegal using an EBT, the more I want to stash my money in the Caymans.
If the Pubbies had any stones AT ALL, they would shut down the government. But they don’t have any. What good is Constituionally holding the purse strings if you haven’t the spine to use that power? You’d better believe the Dems would, in a heartbeat.
Invest in lead and brass........in large quantities.......
And gold/silver and canned goods. The present direction cannot be sustained. There will be a collapse.
Oh how I wish I could use “adjectives” to really describe how I feel...
Coming soon to a podium on the Senate floor
If you have an IRA or a 401K or other investments or savings - you are among “the wealthiest among us”
If you have a second home mortgage and take deductions for the interest - you are “among the wealthiest among us”
If you have a large mortgage and take interest deductions - you are “among the wealthiest among us”
If you can afford to pay $30,000 to have dinner with obama and can round up another 100 dinner guests to boot- then you might just be qualified to be a US ambassador to a small country with a pleasant climate or that throws a lot of great parties
There’s an AMC show called The Preppers. They have the right idea..