By Skip Chatterson - January 8, 2013
Taxocalypse Now
Who thought the agreement for higher taxes during the fiscal cliff debate was the end of the tax increase discussion in Washington? Who thought the democrats would really be happy raising taxes on just those making $450 K and higher?
Who will be surprised to find the democrats are not done trying to raise taxes?
March will bring a new debate (actually the same old debate, just a different day) over the debt ceiling. Boehner has promised to not deal with Obama. We will see if he keeps his promise.
Right now the democrat leadership is looking to further increase taxes by $1trillion. The increased taxes on those who make $450 K and more will bring in $620 billion, so where do you suppose the dems will go to get an additional $1 trillion?
The fight over the Debt Ceiling is just beginning and republicans will of course be looking to cut spending without increasing taxes, but Obama is not willing to cut spending, looking to only tax increases. Even Candy Crowley noticed this. How will Boehner reconcile this, especially when pushed against the wall with a threatened government shut down? We know Boehner gave into Obama on the fiscal cliff debate, possibly thinking he could separate the taxes from the fiscal cliff debate and win on the battlefield known as the debt ceiling, but when you are debating against an opponent who has stated in response to a Boehner’s question:
John Boehner asked Obama, what do we get in exchange for the $800 billion in increased revenue? Obama’s response was, after re-election he gets those higher taxes “for free”.
Doesn’t sound like there is any thought of comprise there and you can bet there will be no sense of giving from the democrat side with new funding debates. The only comprise will be, as usual, the republicans giving in to the democrats wishes.
We may not have to worry anyway. Some democrat pundits are suggesting a solution if it looks like the republicans will force a government shut down by not increasing the Debt Ceiling. Create, out of the blue, a platinum $1 trillion coin. This coin would be used to allow the government to continue to spend. Why doesn’t this surprise me. Coming from the Obama administration that is famous for living in a fantasy land, they would be the first to create Monopoly money to pay for their spending.
I really want Boehner to hold fast now, on the debt ceiling (I did before this anyway). I want to see if the dems will create money out of unicorns and rainbows.
Why don’t they just make 16 coins and pay off the debt? This would allow them to claim Obama did something no other President could do–pay off the national debt. I wonder if the countries we owe money to, would be willing to accept a coin with….let’s see who’s face would be appropriate for a stupid idea….Joe Biden’s face on it?
Unfortunately for Obama (and Biden who will not get his face on any currency) this idea will end up in the trash heap, which means we (which means everybody who recieves a check from an employer) will be on the hook for all Obama’s spending dreams. Yes, they are coming after everybodies wallet. If your employeed, you are rich!
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alexdombroff@alexanderdombroff.com