Obama: More Tax Increases to Come
BERT ATKINSON JR. JANUARY 2, 2013 10:48 AM
Just because a few rates got raised on the ‘wealthy' does not mean Congress is finished. President Obama gave this warning on Tuesday:
We can't simply cut our way to prosperity. Cutting spending has to go hand-in-hand with further reforms to our tax code so that the wealthiest corporations and individuals can't take advantage of loopholes and deductions that aren't available to most Americans. And we can't keep cutting things like basic research and new technology and still expect to succeed in a 21st century economy. So we're going to have to continue to move forward in deficit reduction, but we have to do it in a balanced way, making sure that we are growing even as we get a handle on our spending . . .
Today's agreement enshrines, I think, a principle into law that will remain in place as long as I am President: The deficit needs to be reduced in a way that's balanced. Everyone pays their fair share. Everyone does their part. That's how our economy works best. That's how we grow.
We can't simply cut our way to prosperity? HA! We can't tax our way to prosperity either, Mr. President. And you think this was balanced? HAHAHA! As Kyle Becker pointed out, the new fiscal cliff deal has $41 in tax increases for ever $1 of spending cuts. What about that says balance?
Obama is correct in saying that we need to reform the tax system to rid it of unnecessary loopholes, deductions, and shelters, but why couldn't, ya know, the president and Congressaddress this before? Craziest idea you may hear today: It's like he was just chasing tax rates with no concern for the bottom line.
As GE pays virtually nothing in federal taxes on billions in profit and the companies propped up by the stimulus continue their outstandingly horrid performance, it has never been more clear that Congress needs to start being responsible in so many ways. Their little ‘compromise' that no one likes is downright laughable in that it does nothing to lower the deficit - it only saves the economy from being slowed down by avoiding the across-the-board tax hikes.
Republicans clearly couldn't tell when a decent deal was in front of them, they were too divided to get anything substantial done, and now Democrats get the majority of what they wanted. Expect future tax/entitlement reform negotiations to go just as well with the crowd of loons in Washington as the fiscal cliff negotiations did.