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What Soaking the Rich Gets: Deficits Forever

Frank98 Wrote: Dec 10, 2012 10:47 PM
Medicare needs to be fixed. Social Security needs to be fixed. The old-age entitlement programs are what are projected to drive us down the road to Greece. Soaking the rich won't help that. --- Don't sweat those minor details. The people have spoken.They want the rich to be soaked.By Obama/Davis Soetoro. BTW, they don't want Greece either. They want something muuuuch bigger.Greece is a small country. It would behooves US to do something much, much more spectacular since US is such a laaarge Kuntry.The people want something that will make Greece looks like a picnic.
Last week, the progressive think tank Center for American Progress (CAP) released their tax reform plan [pdf], supported by prominent left-wing budgeters and economists like Robert Rubin and Lawrence Summers. The net effect of this tax reform plan is a massive tax hike on "the rich" in order to fall far, far short of the revenue necessary to eliminate America's deficit.

The CAP plan would eliminate deductions, close loopholes raise rates, implement new taxes, increase sales taxes, create new taxes... basically every form of a tax hike you can think of, all implemented on households with income above...