GOP Congress continues fiscal irresponsibility
This week, the Republican House and Senate continued doing the one thing they're good at. Pass tax cuts that primarily benefit the wealthiest among us, and put the deficit and national debt at record levels in the process.
This plan includes $70 billion in tax cuts. Meanwhile, the deficit is projected to be more than $300 billion this year, and we're still fighting two wars. It's time to take the credit card away from the children.
The WaPo has an article detailing the plan, and includes this handy little chart about how the plan affects you.
Hat tip to Left on the Lake.
posted by Scott @ 10:09 PM
1 Comments:
Blah, Blah, Blah, the left will always say that these cuts primarly benefit the rich which perhaps they do, but increasing the capital gains taxes only forces individuals to hold the assets longer. When an asset is held longer and the gain isn't realized, this may come as a shock but you get zero revenue when the gain isn't being realized.
Hmm, I may be wrong but didn't lowering these taxes actually increase treasury revenues??? The reason we have such a high deficit is due to excessive spending and not these tax cuts. I agree that we have to cut up the credit cards and hold congress responsible for their excessive spending, but increasing taxable gains, dividend taxes, etc., will not be the answer. Do we really want to become a country like France, a socialist state, last time I checked their per capita income per person was decling. I guess if we want our economy to go into the toilet then i'm all for it raise taxes and punish the rich, hooray for socialism!!!
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