House Republicans cave on spending, embrace higher taxes
The definition of insanity is doing the same thing over and over again and expecting different results. That is exactly what just happened once again in Washington. The people that created the country’s economic problems are somehow going to fix them with our tax dollars that we can’t account for and without cutting spending? Even the great Harry Houdini couldn’t make that one happen.
America’s solution to fixing the economy rests in cutting spending not raising taxes. The fiscal cliff bill not only fails to cut spending it actually increases it. According to the Congressional Budget Office this new bill will increase our ever growing deficit by another 4 trillion dollars. But what’s another 4 trillion more when you already owe 16 trillion that you can’t pay for.
The new fiscal bill is a fiscal failure. It fails to cut spending instead it increases it. It fails to lower taxes for middle income Americans instead it raises them by $1,000 a year for incomes $50,000 and up and $2,000 a year for incomes of $100,000 and up. Based on this income bracket the middle class will be the group most affected by this legislation. The ironic element to this bill is it will hit the group the hardest it was designed to help the most. Not only are middle class Americans going to have their taxes increase but also their health insurance premiums due to the Affordable Care Act. Like the old game show Press Your Luck that is like getting hit with a double whammy.
Here’s how tax and spend Liberals and country club Republicans plan on fixing the economy:
First off they will raise taxes on higher income earners. You know the people that already pay the most in taxes. This means that a large percentage of small business owners will be affected by this bill. The fact is a lot of higher income earners are also small business owners. These are the people that hire the majority of workers in this country. And who are these people they mostly employ? Yup, you guessed it, middle and lower income Americans.
Business owners faced with shrinking profit margins, more intrusive government regulations, and higher operating costs will be forced to lay off more workers and close down their shops. Couple that with new taxes and health insurance mandates and small businesses will find it much harder to stay in business in the coming years. For more on this see this article:https://www.examiner.com/article/obamacare-is-bad-for-business-and-bad-for-your-health
Contrary to what Barack Obama may think he can not tax his way out of this mess that he created. The problem is not that our taxes are too low. The problem is that our spending is too high. By not holding firm to major spending cuts the Republicans allowed Congress and Barack Obama to kick the can down the road once again. The truth is the Democratic Party has never had any intention of stopping the out of control spending. That would be like trying to get a leopard to change its spots.
The Democratic Party is either morally insolvent or completely ignorant, or both. They would rather spend the next few generations of our children’s future earnings now in order to consolidate their power in Washington and protect their own self interests.
If both parties were serious about fixing the economy they would have cut all non military discretionary spending programs immediately. If they were serious about energizing the markets they would have set the capitol gains tax at zero for at least the next 90 days in order to spur more investment. If they were serious about allowing more Americans and their families to keep more of their money they would have abolished the inheritance tax completely and forever. If they were serious about avoiding future fiscal cliffs they would have adopted a balanced budget amendment as a requirement of these negotiations.
Instead they raised taxes on capitol gains and increased the inheritance tax from 35% to 40% without addressing the number one problem; reducing spending. If that wasn’t bad enough they actually had the audacity to sneak into this bill some outrageous earmarks too.
Here are your hard earned tax dollars at work:
Included in the final version of the bill was $222 million for rum producers, $59 million for algae growers, $248 million for Hollywood, $78 million for NASCAR and $7 million for electric motorcycles. The last one is particularly interesting as we already have wasted tax payer money on electric cars so we might as well waste it on electric motorcycles too. Maybe the next bill we can fund electric scooters for everyone over 75.
Talking about the fiscal cliff deal Barack Obama said this, “Last year we started reducing the deficit by cutting spending a trillion dollars. In the agreement we reached this week we’ve reduced the deficit even more by asking the wealthiest to pay two percent more.”
Let’s stop right there. None of what Barack Obama said is true. In fact it is the exact opposite. According to the Congressional Budget Office spending last year actually increased by $147 billion dollars. Furthermore, the CBO has stated this new legislation will add an additional 4 trillion more to the deficit.
“We’ve reduced the deficit even more by asking the wealthiest to pay two percent more.”
It is a fact that the wealthiest Americans pay the largest share of the taxes. So if that’s the case then when in a liberal’s mind is enough? How much more should the government take? Is it 50% of your income? Is it 75% of your income like in France? Why not a 100% of your income? Mr. President, when will you learn that confiscating wealth does not create more of it?
The Republican Party is just as guilty. They folded up like a cheap suit and went along just to get along instead of standing by their principles. If they rolled over and played dead on the fiscal cliff how on earth are they going to stand firm against Amnesty and Gun Control?
The answer is they won’t.
The sad part is I predicted this very scenario would unfold the way it did. I knew the Republicans didn’t have the intestinal fortitude to stand up to the Democratic Party and their leaders. https://www.examiner.com/article/amnesty-and-the-employees-free-choice-act-on-obama-s-wishlist-second-term
So if the Republicans in Congress will not stop the Democratic Party and Barack Obama then who will?
I’m afraid that task will fall on the shoulders of the 60,932,152 freedom loving Americans that voted to save the republic and the country from the 65,899,660 that are trying to destroy it.
In the end there is a powerful lesson all Americans must learn. If you take from the rich you give the rich less incentive. If you give what you have taken from the rich to the poor you make the poor more dependent. Nobody wins.
Republicans and the entire country would have been better off not doing anything rather than signing this bill. This bill does nothing except increase spending and the deficit. It does not solve the nation’s fiscal issues. The only thing this bill is guaranteed to do is lead to the next fiscal cliff.
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The “House” did not cave in, they ‘went along’. Before you can cave in, you need to stand for something. Every man, woman & in between knew for a year, this was comming. Whose voice did you hear speaking out before the deadline loomed? Most were just too busy with campaigns or hooking up with other legislators that could advance their own causes. As the witching hour approched Eric Cantor suddenly discovered his voice….sadly it was geared to his scooting Boehner over to make room for himself…with last minute fragments of ‘don’t give in’but nothing specific, or at least nothing he wished to share with us. The Democrats have learned to use the media to their advantage..sure it’s slanted, but if enough Republicans found a microphone & made noise, they could be heard..So what if they don’t like Boehner, ‘they’ choose him & as long as they wear his colors, they owe it to stand with him & US. If they, as a group of our representatives don’t have what it takes to get together & school him, then they need to pack up & go home. We need to re-think our vetting process.
Josh has layed it out in clear fashion, I particulary would suggest going back & reading the last few paragraphs…
I agree, no agreement would’ve been better. The harder you hit bottom the further up you bounce
Nice work, Josh