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Thread: 75 Percent of Obama's Proposed Tax Hikes to Go Toward New Spending

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  1. #1
    Super Moderator Newmexican's Avatar
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    75 Percent of Obama's Proposed Tax Hikes to Go Toward New Spending

    75 Percent of Obama's Proposed Tax Hikes to Go Toward New Spending

    10:04 AM, DEC 11, 2012 • BY DANIEL HALPER


    Seventy-five percent of the new revenue pulled in by President Barack Obama's "fiscal cliff" plan would go toward new spending, not toward deficit reduction, the Republican side of the Senate Budget Committee contends. Here's a chart, detailing how money from the new tax hikes would be distributed:

    According to the minority side of the Senate Budget Committee, $1.2 trillion of the proposed $1.6 trillion in tax hikes would go toward new spending, while only $400 billion would go toward deficit reduction.
    "The [president's] plan called for $1.6 trillion in new taxes, twice what the president asked for in the campaign. He asked for $800 billion during the campaign. Now he wants $1.6 trillion in new taxes," said Senator Jeff Sessions, the ranking member on the Senate Budget Committee, last week on the floor.
    "Spending under that plan would increase $1 trillion above the levels agreed to in the Budget Control Act, as signed into law. We agreed to the Budget Control Act 16 months ago, in August 2011, and we raised the debt ceiling and agreed to reduce spending. We raised the debt ceiling $2.1 trillion and agreed to reduce spending $2.1 trillion. The President's plan would take out over $1.1 trillion of those spending limitations that are in current law. I repeat, spending will increase more than $1 trillion above the already projected growth in spending," Sessions added.
    "Our spending is growing. It is not decreasing. It is already projected to grow, but the President's proposal is to have it grow even faster than the law currently calls for."

    75 Percent of Obama's Proposed Tax Hikes to Go Toward New Spending | The Weekly Standard

    Google pays 3% ncome tax, GE pays 0%. Before the rates are raised on individuals and small businesses the loop holes created by K Street need to be eliminated for BIG corporations - there is a bunch of them. JMO

    SEE:
    Google avoids $2B in global taxes with Bermuda shelter

    Last edited by Newmexican; 12-12-2012 at 09:33 AM.
    HAPPY2BME likes this.

  2. #2
    Senior Member oldguy's Avatar
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    Redistribution,cut military, divide classes and race, create confusion/angry,dumb down the schools, and last but not least confiscate firearms, hmmmm seem to remember this happening somewhere in history.
    I'm old with many opinions few solutions.

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    Senior Member AirborneSapper7's Avatar
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    Amnesty for 11 million will increase debt by $6.3 trillion And that doesn't count costs of 22 million additional legal immigrants in just 10 years!
    A Nation of of 3rd World Broke A@@es "AmeriKa" cannot afford an Invasion of Broke A@@es from the 3rd World

  4. #4
    Senior Member AirborneSapper7's Avatar
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    That's all Obama and the Democrat's / RINO's know how to do

    Pay Day Loan's from China and printing Funny Money devaluating the Dollar

    they dont have a clue that they need to stop the out of control spending

    well they do have a clue but they ain't going to cut the Gravy Train Meal Ticket
    Amnesty for 11 million will increase debt by $6.3 trillion And that doesn't count costs of 22 million additional legal immigrants in just 10 years!
    A Nation of of 3rd World Broke A@@es "AmeriKa" cannot afford an Invasion of Broke A@@es from the 3rd World

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