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Thursday, November 15, 2012

TAXES and the Fiscal Cliff:

                                                          TAXES and the Fiscal Cliff:

     Clearly Obama has little to lose here. He (and the lockstep Democrats behind him) claim they want this "Tax cut for the Rich" to expire in order to help with the deficit.

 Numbers being as they are even if one takes 100% of millionaire and billionaire incomes in the US it would only make a miniscule dent in our current debt. That is supposing Congress STOPS SPENDING TODAY.

 Well haha haha haha.
     Now lets suppose the Republicans refuse to "Compromise" (read that in the Democratic mindset as "do it our way") and all the tax cuts expire, alright then Obama can say "Them nasty ol Republicans raised your taxes and cut Medicare and everything else you hold dear" . And He's away clean. Congress has tons more income to play with that will most likely NOT be applied to the debt. When it comes to mandatory spending cuts Congress will blame the Republicans for that and just vote to re-fund only what they want anyway.

     Actually the only way he can lose is if he gets what wants and the Rich People taxes are proven to be insufficient to lift us out of the hole we're in.

Remember the current debt equals out to more than $50,000 for every living person in the US. So then he's going have to come up with a way to justify raising taxes on everyone else. I'll be curious to see how he spins that one out.