This piece came out in yesterday's Wall Street Journal, but its content is too important to let it glide past without sufficient amplification. Its authors are Chris Cox (a former Congressman and SEC Chairman) and Bill Archer (the former Chair of the House Ways and Means Committee). Both were members of President Clinton's bipartisan commission on tax and entitlement reform in 1994. As today's politicians bicker over the minutiae of a deal to avert the man-made disaster known as the "fiscal cliff," Cox and Archer warn that America is headed toward a far more dangerous precipice if our...
Do you think Obama really cares about increasing Revenue to the US Treasury? I don't. He's talking about increasing taxes on the Evil Rich as a way to reduce the deficit. Even if we do it won't cover the rise in spending and Obama isn't talking about any spending cuts other than defense, which he hates. So if Revenue is the real issue why aren't we talking about producing all of our own oil and natural gas using Federal Land and collecting a 20% royalty for every barrel and every cubic foot? This alone will more than triple the Revenue of taxing the Rich. Then the Taxes from 10 million newly employed on top of that more than triples it again. We're talking nearly $450 Billion in new Revenue vs $82 Billion.
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