Advertisement

LJWorld.com weblogs Loyal Opposition

What You Didn’t Read

Advertisement

Perhaps some of you may have missed it as it was not covered clearly in the LJW. This week Mr. Harry Reid, the Democratic Majority Leader in the Senate, and clearly a leader in the Democratic Party announced that he would not accept any tax reform unless it generated at least a trillion dollars in new revenue.

That is a shame as a bipartisan group in the Senate was close to a compromise tax reform proposal that was revenue neutral but eliminated many of the more egregious tax breaks and would have made the tax system more equitable. This announcement essentially kills that effort.

But the real issue here is that the demand by Mr. Reid is a demand to double federal income taxes on those who pay them. We are not talking a few dollars here. We are talking an average increase of 15% of a family’s income in addition to the 15% we already take (for the 50% we do tax).

Is this not significant and worthy of some public debate?

Comments

George Lippencott 8 months, 2 weeks ago

In my comment above I assumed that Mr. Reid intended to increase taxes by a trillion per year. He was in fact silent on the time period. If we assume he was speaking government "speak" than that trillion is over ten years with $100 billion per year. That would be a 10% increase per year on those actually paying taxes (give or take based on how it would be levied).

Of course as long as Ms Jenkins is in the House with a Republican Majority that will probably not happen. Of course if the Republicans shut the government down over budgets or debt ceilings they will probably no longer be the majority and we will get taxed and taxed and taxed!

0

Commenting has been disabled for this item.