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Democrats: Absent Tax Hikes, We're Totally Willing to Head Over the Fiscal Cliff

oldervoter68 Wrote: Nov 16, 2012 11:20 PM

Three comments Mr/Ms Moderate 1) Total net worth of Forbes 400 (USA Edition) is about $1.5 Trillion, barely enough to cover the deficit, let alone contribute to debt reduction. 2) Letting the top rate expire raises about $80B per year (enough to run the government for about a week-10 days, still leaves budget unbalanced by around $.9 Trillion. 3) Raising capital gains will raise maybe another $80B and will touch some in the lower brackets. Where are going to find the other $700-900 Billion without touching the Middle Class in some manner, whether it be taxes or "entitlement" reform?

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Democrats: Absent Tax Hikes, We're Totally Willing to Head Over the Fiscal Cliff

Profoundly irresponsible? Of course. Politically insane? Not really. I'll expound on the second point in a moment, but first, let's survey the brazen talk from Team Blue -- with massive, recession-inducing tax hikes hanging in the balance. Our new friend Patty Murray is at the front of the line:

Senator Patty Murray (D-WA) says that if Republicans do not agree to let tax cuts expire for Americans making over $250,000 per year, the country should go over the fiscal cliff, which would allow automatic cuts in spending and the expiration of all tax cuts to...

Related Tags: 2012 Election Tax Hikes Fairness Fiscal Cliff