The ugly truth about revenue sneaks out.

[SemiAuto]

The reason they’re not is because the fiscal long-game mostly favors liberals. To see this, let’s fast forward a decade or two and imagine a similar negotiation. I suspect that, if anything, Medicare and Social Security will be even more popular than they are today given the aging of the population, making them even harder to cut. It’s possible that raising taxes on the affluent will be less popular—some 60 percent supported Obama’s desire to do that in last month’s exit polls—but I doubt it. Historically, Americans have been sympathetic to the idea. And while it’s true that, as conservatives point out, you can’t fund the entire welfare state by raising taxes on the wealthy, it’s not the only source of revenue that’s likely to exist. If nothing else, I’d guess a future Democratic president could raise taxes on income well below $250,000—probably down to $100,000—without incurring major blowback.

TNR

If the dems win this war the taxpayers lose. The greed of the progressives cannot be satiated without significantly plundering the middle class.

[SemiAuto]

Soak the almost rich.

Unmitigated, insatiable greed.

Since the economic recovery is still shaky, it makes more sense to extend the cuts for most Americans. But it really isn’t necessary to extend them for the hautes. Because the top marginal rate is paid only on dollars exceeding the threshold, Obama’s $250,000 limit would actually benefit lots of households earning well in excess of $250,000. Obama’s tax increase would cut the deficit next year by $69 billion, which isn’t bad. But lowering the threshold to $100,000 would cut it by $93 billion, which is better. (Thanks to Citizens for Tax Justice, a labor-affiliated nonprofit, for working out these calculations.) Obama’s unwillingness to expel the hautes from the middle class will cost him $24 billion per year.

It will cost Obama $24 billion per year? Just whose money is it?

[flyboy56]

Soak the almost rich.

Unmitigated, insatiable greed.


It will cost Obama $24 billion per year? Just whose money is it?

Have you ever wondered how much we as taxpayers actually owe because of commitments politicians have made on our behalf? Turns out, the answer is not as simple as you might think.

The place to start is with a report put out annually by the U.S. Treasury. There I learned that the federal government officially recognizes an outstanding debt of $17.5 trillion. This amount consists of $10.2 trillion in government debt held by the public, plus pension and retirement benefits owed to federal employees.

On the one hand, that amount exceeds our country’s entire gross domestic product and that’s pretty bad. On the other hand I was surprised that the number wasn’t even higher because… Hey wait a minute.
What about Social Security? It’s not on the list. What about Medicare? It’s not there either.

On further investigation, I found out why. “Social Security promises are part of current law and can be changed by Congress at any time,” I was told. Ditto for Medicare. And disability insurance. And survivors insurance. Etc. Etc. That’s a bureaucratic way of saying, “We can break those promises any time we want to.”


http://townhall.com/columnists/johnc...owe/page/full/