Step one: Scream that the GOP tax reform bill would be a “massive attack” on the middle class. Step two: Concede that actually yes, nearly all middle income earners would get a tax break under the bill. Step three: Call for its repeal anyway, effectively demanding a tax increase — a “massive attack,” one might even say — on middle class Americans and US businesses. It sounds like Bernie Sanders has picked up the same tax hike hymnal from which Nancy Pelosi was singing last week:
Sen. Bernie Sanders, I-Vt., called Monday for the Republican tax law to be repealed after the Congressional Budget Office projected that the deficit will hit $1 trillion in 2020. The CBO projected that the budget deficit will rise to $804 billion for 2018 before hitting the $1 trillion mark in 2020 — two years earlier than anticipated. The national debt is also expected to hit $33 trillion in ten years after it hit the $21 trillion mark last month. Democrats are laying blame at the acceleration of the deficit and debt with the tax law that was passed in December.
Regular readers know that I’m a national debt hawk and have expressed deep frustrations over the fact that neither political party is serious about tackling the looming debt crisis before it detonates. But I’ve also made the case that spending, not revenue, is the problem. The data bears that out. Entitlement reform is a mathematical necessity, yet one party is adamantly opposed to it, while the other only feigns seriousness on the subject, abandoning the cause when it’s inconvenient. Also, it’s also downright hilarious to see Bernie Sanders, whose stunningly reckless single-payer healthcare scheme would inflict tens of trillions in unfunded and debt-bloating federal liabilities upon America’s budget, pretending that the GOP tax law must be jettisoned due to deficit concerns. It’s not remotely credible. Meanwhile, Republicans are running short ads online, including on Facebook, highlighting the day-to-day impact of their tax cuts and warning about Democrats’ desire to turn back the clock with tax increases:
The goal of all socialists is higher taxes more taxes and taxes on everything from Big Macs and Pepsi Colas to SUV’s and 357’s Birdie Sander can not fly when all he has is a left wing
I guess they didn’t get the memo that Obama wasn’t strangling the economy anymore. If spending could be controlled, the debt could start being paid off.
So, since the left is suddenly interested in reducing deficits and addressing our debt, I’m sure they will now be more acceptable to spending reductions. I see this as a healthy change of attitude from the past 8 years of multi-trillion dollar deficits, for which all we have to show for is the accumulated debt.
December 4, 2019 – A Guide to Democrats’ Plans to Tax the Rich More
These are ideas that are being floated by Democratic hopefuls for consideration.
Things to remember:
Under the GOP plan currently in effect, the average American’s tax cuts are going to expire soon, while those for the wealthiest are permanent.
We’re presently running a one-trillion-dollar-per-year deficit at a time when the economy is booming. Consequently, there’s no way the average American’s tax cuts can be made permanent, so long as the tax cuts for the wealthiest continue.
The republican solution to the deficit problem is entitlement cuts. If you think that doesn’t mean programs the average American at some point depends upon, you’re not paying attention.
No, that is the DEMOCRAT plan. Republicans would have made them permanent with Democrat cooperation. Those cuts only expire because that’s how Democrats wanted it.
Refer to the pesky fact of our current $1 TRILLION PER YEAR deficit, even with the economy booming.
How would we pay for extending the tax cuts for everybody? We’re not paying for what we’ve already done.
@Greg: Cut the government make each dept account properly for every red cent. Eliminate depts that are duplicate at state level, and duplicate at federal level. No grants unless it benefits the entire US, clean bills ending pork. There are so many ways we can slash the budget bloated by billions and billions.
Spending is the issue, as you well know. We have had record tax revenues coming in but while Democrats waste time trying to impeach Trump on thin air, they will not pass vital trade agreements (an actual TREATY, not some pen and phone garbage) or a budget. Spending is out of control and Democrats bear the blame.
Obama added $10 trillion to the debt with nothing but terrible jobs, low pay, more on food stamps and more poverty to show for it. Stop your incessant whining.
March 15, 2021 – Biden Eyes First Major Tax Hike Since 1993 in Next Economic Plan
Of course he does, Cupcake.
@Greg: Anyone surprised? All Democrats know how to do is raise taxes and destroy the economy. Obama flushed $865 billion right down the toilet that was supposed to be for “shovel ready” infrastructure jobs. Now, we are still discussing infrastructure spending. No doubt, any spending for “infrastructure” the Democrats pass will go right into their own pockets, just like the last trillion bucks.
Hopefully the Republicans stand aside and allow the Democrats to destroy themselves. They will have NO ONE to blame but themselves though, as they are trying to misdirect from themselves on the border disaster created by the idiot Biden.
Socialists never learn the balance between taxation and prosperity.
Socialist countries are known for a lot of the first and very little or none of the second.