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Taxes and spending

By: CTJ in POPE | Recommend this post (0)
Fri, 27 Jul 12 12:48 PM | 244 view(s)
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Patriot Post

Government and Politics
News From the Swamp: Taxes and Spending

The White House released a new report that the expiration of numerous tax rates on Jan. 1 will hit 114 million families earning annual income below $250,000 with an average tax increase of $1,600 next year. The report's purpose is to blame Republicans for insisting on "cutting taxes once again for the wealthiest few." In fact, the GOP insists on extending the current tax rates for all income earners, recognizing that any tax increase in the current economic climate would spell disaster for the economy. The Democrat leadership says they are perfectly willing to let all taxes rise in January if Republicans don't go along and raise taxes only on top wage earners. This is nothing more than callous political brinksmanship.

The Democrat-controlled Senate followed through on its threat, voting 51-48 to raise taxes on those earning more than $250,000 a year, including roughly a million small businesses. The Democrats' plan also raises the death tax from 35 to 55 percent and expands the number of filers subject to it. Nor does the plan "fix" the Alternative Minimum Tax, which will hit the middle class. The bill has virtually no chance in the House, but Democrats are now on record approving what even the Senate Finance Committee admits "represents an almost $3,400 tax hike on 28.8 million middle-class families."

The U.S. Treasury recently published troubling news about federal spending and debt. Their report indicates that the federal government has already accumulated a budget deficit over $1 trillion for fiscal 2012 with less than one quarter remaining. Based on current spending, Treasury estimates the budget deficit for fiscal 2012, ending Sept. 30, at $1.35 trillion -- the fifth straight year of deficits over $1 trillion. During that time, the total federal debt has risen from $9 trillion to $15.87 trillion. But Democrats would have us believe the real problem is that small businesses don't pay enough tax.

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