$494 billion tax increase to hit in 2013

[Dammy]

http://dailycaller.com/2012/04/10/494-billion-tax-increase-to-hit-in-2013/

Dubay’s​

​

study​

​

of the looming $494 billion tax increase highlights the policies set to expire. These include the Bush tax cuts, the payroll tax cut, the Alternative Minimum Tax (AMT) patch, the tax cuts in the 2009 stimulus, tax extenders, the estate tax adjustment, and 100 percent business investment expensing.​

Additionally, Durbay points out, that five of the eighteen tax increases in Obamacare will begin next year.​

“Seventy percent of the tax hike falls directly on middle and low income families,” Dubay said. “That might surprise some people because you’ve heard for the last 12 years that the Bush tax cuts were just tax cuts for the rich, which is simply not true.”​

​

​

​

 

[Fade]

Quote
"Durbay points out, that five of the eighteen tax increases in Obamacare will begin next year."
------------------------------------


And here is what Obama said:
White House.gov

Quote
"And here's what you need to know. First, I will not sign a plan that adds one dime to our deficits -- either now or in the future. (Applause.) I will not sign it if it adds one dime to the deficit, now or in the future, period. And to prove that I'm serious, there will be a provision in this plan that requires us to come forward with more spending cuts if the savings we promised don't materialize."

"The plan will not add to our deficit. The middle class will realize greater security, not higher taxes. And if we are able to slow the growth of health care costs by just one-tenth of 1 percent each year -- one-tenth of 1 percent -- it will actually reduce the deficit by $4 trillion over the long term."
------------------------------------

Now that that has proven to be a lie, is he coming forward with more spending cuts to pay for it? Nope. Just more taxes!

And the poor ol' Dimocrats lap it up, and still believe in pie in the sky and that they will be exempt from footing the bill.

 

[Robert]

Now that that has proven to be a lie

It's disappointing that Obama tells lies but it makes him no worse than any US president since I've been old enough to know what one was. Every single one of them has been a demonstrable liar.

 

[faethor]

If we need to balance the budget this is a big step in the right direction.

 

[Dammy]

If we need to balance the budget this is a big step in the right direction.

Problem is that it would cripple the economy and reduce revenues to the federal government. There is no way we can tax our ways out of $1T+ annual deficit, even if we had 100% taxation rates on those earning more then $200K @ year.

 

[faethor]

Problem is that it would cripple the economy and reduce revenues to the federal government. There is no way we can tax our ways out of $1T+ annual deficit, even if we had 100% taxation rates on those earning more then $200K @ year.

I disagree it'll cripple the economy. We have had periods of much higher tax rates which coincided of periods of higher economic activity. While it sounds reasonable that higher taxes hurt everyone economically the reality of US experience does not agree.

And yes I gree there is no way we can tax our way out of the deficit. However, we also cannot only cut our way out of the deficit. We must do some of both. I also disagree that deficits are bad. Too huge of a deficit is likely bad. However, small deficits are a reality that the majority of Americans face in their daily lives with I'd say positive impact to their lives.