Jim Hoft
GatewayPundit
11/27/2012
Charles Krauthammer weighed in on the ongoing fiscal talks in Washington DC on Special Report:
“Obama’s proposal to raise rates on the rich is a triviality…It would reduce the deficit from $1.1 trillion to $1.02 trillion. Eight cents on the dollar. It’s nothing. It’s lunch money. It’s a rounding error. And yet it’s all that we’re hearing. He’s not trying to fix our fiscal problems, he’s trying to destroy Republicans.”
And Republicans are helping him.
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Related: Why Economic Backwardness Persists. Elites prefer to rule an impoverished citizenry to not ruling at all.
Update: Blame Game and the Fiscal Cliff
…Nevertheless, when the hurt starts, it will be because of what R’s did or didn’t do. We’re damned no matter what.
I’ve argued that we should “compromise” and let the D’s have all the tax and spending hikes they want. Any of the meager compromises we could get right now would barely mitigate the economy to come anyway. The only way we might avoid being blamed, or more importantly, the only way people might learn that Keynesian policy doesn’t work, is to let the D’s go all in. It’s is a D economy now. Run it. Let’s see what happens…
Read the whole thing.
Also, Treat the Tax-Me-More Crowd to a Voluntary Additional Tax Leave rates and rules where they are, but add a line to tax returns for a VAT—a voluntary additional tax.
…Call it the Rattner-Tilson-Scaramucci Tax, or the Buffett Tax. The instruction lines could read something like, “If you think carried interest is an egregious and indefensible loophole, please enter the additional tax you would owe on your own carried interest if it were taxed as ordinary income here. And if you think the capital gains rate should more than double, please enter the additional tax you would owe here, too. Remember, this means you think the politicians and their lobbyist friends can spend this money better than you can invest it, spend it, or give it away yourself, or that you think for some reason that the politicians are not going to spend this money but are really going to use it for debt reduction.”…
Senator-elect and former Obama-czar Elizabeth Warren is mentioned in the article. You should read it.
And speaking of taxing “the rich”, Warren Buffett Doesn’t Tell You About How He’s A Master Of Tax Avoidance
Update: When Work Is Punished – The Sad State of Obama’s America
It’s an Obama World… For Every 1.25 People in Private Sector – 1 Person Gets a Government Check It’s worse than we thought. The country is broke and instead of electing politicians to fix the problem, we reelected Barack Obama…
