Let me be clear: the debt limit will be raised. Failure is not an option. Both sides understand what is at stake and will come to an agreement...The President has proposed some very sensible tax reforms that would eliminate loopholes and ask the wealthiest Americans to pay a modest additional share of the burden.Translation taxes increases are coming. They are going to call it tax reform, but it will an increase---tax revenue will climb, and if you think it will fall only on the rich, well then, I have a great fog making machine in San Francisco that I would like to sell you.
The only way to do this is in a balanced way, and I’m confident we’re going to get something accomplished soon that’s good for the country.
Tuesday, July 12, 2011
Geithner: Tax Increases Coming
Treasury Secretary Geithner spoke this morning at a Women in Finance Symposium. In his remarks he said:
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Let us now see if the die hard GOP tax deniers can hold their ground. They were elected on the no tax increase election. If this goes through there will be a blood call by the electorate. Let us see how much balls they got. I am not holding my breath.
ReplyDeleteGreat. Just the news I was looking for when I was already falling behind on my bills.
ReplyDeleteI think the WH will beg, bribe and blackmail anything to get the limit raised and push it off past 2012 where they expect to either already be reelected or leave the tsunami of "stuff" for the next guy to deal with.
ReplyDeleteRemember how the sec. 179 depreciation allowance was supposed to drop but they stalled it off, that's got to be coming back again and will result in huge tax increases for business owners.
ReplyDeleteI love how the Republicans' argument against tax increases is based on the premise that the targeted group for tax hikes might create jobs with the money and thus the government shouldn't take it from them. Forget fighting for the property rights that this nation was founded upon and which Capitalism depends. Nope, instead they accept the Marxist position on private property as if all property belongs to the state and its up to the state to determine how much of it you should be allowed to keep. How much you get to keep all depends on what you do might do with it and how it will benefit the state and the collective. Government education has done its job well to confuse American's about freedom and private property. We are a nation of thieves.
ReplyDeleteWe could truly fix this mess without tax increases of any form, but it would probably require the federal government to literally shrink, and a lot of unemployed people would be very unhappy. This is painful and makes for bad press and temporary chaos (as do many changes that are ultimately best).
ReplyDeleteThe current Republicans were elected to get rid of Obamacare and stop the deficit spending. They were not elected to prevent tax increases. The people understand that you cannot have 1 and 1.5 Trillion dollar deficits and have a viable currency. They want the deficits to stop. Modest tax increases will be welcome if it stops the red ink spending. As I've stated previously:
ReplyDeleteIt is a 100% mathematical certainty that you have only 2 choices to reduce the national deficit.
The 2 choices are:
1) Across-the-board, no-exceptions spending cuts AND across-the-board, no-exceptions tax increases.
2) Zimbabwe.
Take your pick.
The slimy, incompetent, low-life, immoral criminals (of both parties) that claim to be our leaders think they can save their favorite sacred cows and make points with their constituents. They are mistaken, and if they don't pull their heads out of their asses RIGHT NOW and start cutting spending across the board and raising taxes across the board, the nation is doomed. It is a mathematical certainty.
Tax increases are unnecessary; spending needs to be cut and that means ending military presence and abolishing most of the federal government.
ReplyDeleteBut, the uni party system cares nothing for us proles.
The sad truth is that they are arguing about where to put the deck chairs on the Titanic. All smoke and mirrors - just noise in the system designed to keep you from accepting the truth. Analogous to the fire, smoke and intimidating voice used by the Wizard of OZ.
ReplyDeleteIf they taxed 100% of everything we still could not pay off this debt load. The system is coming apart and will implode. We know it, they know it, get some popcorn and enjoy the show. Life goes on.