Tuesday, December 11, 2012

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

The Swash calls it for what it is; 

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."

I'm not keen to side with one party over the other, but this is just ridiculous. Budgetary debates within government tend to focus on decreases in future spending rate increases, which is hardly cutting back. It's like saying you are not going to spend $100 in the future, only $97. Adjusting future projected spending rates are not the same as cutting spending when we need immediate cuts to keep things from grinding to a halt as a result of career politicians and their partisan politics, not that anything has or will change while either party has their hands around the necks of taxpayers...

No comments:

Post a Comment